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Registered number: 03428873
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Venuscare Ltd
Directors' report and financial statements
Information for filing with the registrar
31 March 2023
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The company's principal activity for the year was that of property and car park rentals.
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Balance sheet
At 31 March 2023
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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1
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Balance sheet (continued)
At 31 March 2023
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 December 2023.
Company registered number: 03428873
The notes on pages 3 to 8 form part of these financial statements.
2
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Notes to the financial statements
Year ended 31 March 2023
Venuscare Ltd is a private company limited by shares incorporated in England & Wales. The company registration number is 03428873. The registered office and principal place of business is Edenwood, Linstock, Carlisle, Cumbria CA6 4PY.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. These include rental and management income from owned real estate.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
3
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Notes to the financial statements
Year ended 31 March 2023
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as shown below.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
4
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Notes to the financial statements
Year ended 31 March 2023
2.Accounting policies (continued)
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Revaluation of tangible fixed assets
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Individual freehold assets are carried at fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence by the directors.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recongised in profit or loss.
Investment property is carried at fair value determined annually by the directors. No depreciation is provided. Changes in fair value are recognised in profit or loss.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including directors, during the year was 4 (2022 - 4).
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5
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Notes to the financial statements
Year ended 31 March 2023
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The freehold land and property valuations were made by the directors on an open market and existing use basis.
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6
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Notes to the financial statements
Year ended 31 March 2023
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Freehold investment property
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The 2023 valuations were made by the directors, on an open market and existing use basis.
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Prepayments and accrued income
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Creditors: amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Included within the bank loans the amount of £914,811 is secured by way of a fixed charge over the assets to which they relate.
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7
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Notes to the financial statements
Year ended 31 March 2023
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Creditors: amounts falling due after more than one year
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Included within the bank loans the amount of £525,000 is secured by way of a fixed charge over the assets to which they relate.
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Allotted, called up and fully paid
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249 (2022 - 26) ordinary A Shares shares of £1.00 each
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249 (2022 - 26) ordinary B shares shares of £1.00 each
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251 (2022 - 24) ordinary C shares shares of £1.00 each
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251 (2022 - 24) ordinary D shares shares of £1.00 each
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On 9th June 2022 a further 900 shares were issued 234 ordinary A shares, 234 ordinary B shares, 216 ordinary C shares and 216 ordinary D shares. On 10th June 2022 11 ordinary A shares were allocated to ordinary C shares and 11 ordinary B shares allocated to ordinary D shares.
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Related party transactions
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At the reporting date £877,624 (2022: £1,625,006) was owed to the directors in respect of loans with the company. Interest of £46,410 (2022: £47,219) was paid on these loans at a rate of 7%. These loans are included within other creditors, and are unsecured and repayable on demand.
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8
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