Versatile Venues Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 08430829 (England and Wales)

VERSATILE VENUES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

6

DIRECTORS:

D J Clarke

C S Ellis

T S Cook

REGISTERED OFFICE:

Wireless House Wireless Hill

South Luffenham

Oakham

Rutland

LE15 8NF

REGISTERED NUMBER:

08430829 (England and Wales)

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

3 Castlegate

Grantham

Lincs

NG31 6SF

FIXED ASSETS

Tangible assets

4

1,366,063

1,236,442

CURRENT ASSETS

Debtors

5

823,593

1,171,719

Cash at bank

88,477

176,744

912,070

1,348,463

CREDITORS

Amounts falling due within one year

6

1,817,972

2,353,643

NET CURRENT LIABILITIES

(905,902

)

(1,005,180

)

TOTAL ASSETS LESS CURRENT LIABILITIES

460,161

231,262

CREDITORS

Amounts falling due after more than one year

7

(64,268

)

-

PROVISIONS FOR LIABILITIES

(230,030

)

(230,030

)

NET ASSETS

165,863

1,232

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

165,763

1,132

SHAREHOLDERS' FUNDS

165,863

1,232

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 January 2024 and were signed on its behalf by:

C S Ellis - Director

1.	STATUTORY INFORMATION

Versatile Venues Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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. The following criteria must also be met before revenue is recognised:

Revenue from haulage and freight transport services is recognised in the period in which the services are provided.

Tangible fixed assets

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 the assets less their residual value over their estimated useful economic lives, using the straight-line method.

Long term leasehold property

10% per annum

Plant, machinery and media structures

20 - 25% per annum

Motor vehicles

17 - 50% per annum

Computer equipment

25% per annum

The assets' residual values, useful economic 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive income.

Financial instruments

The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 July 2022

58,475

2,613,347

2,671,822

Additions

1,603

796,609

798,212

Disposals

-

(339,702

)

(339,702

)

At 30 June 2023

60,078

3,070,254

3,130,332

DEPRECIATION

At 1 July 2022

5,647

1,429,733

1,435,380

Charge for year

5,928

569,892

575,820

Eliminated on disposal

-

(246,931

)

(246,931

)

At 30 June 2023

11,575

1,752,694

1,764,269

NET BOOK VALUE

At 30 June 2023

48,503

1,317,560

1,366,063

At 30 June 2022

52,828

1,183,614

1,236,442

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

481,615

445,045

Amounts owed by group undertakings

36,526

34,160

Other debtors

305,452

692,514

823,593

1,171,719

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Hire purchase contracts

28,748

-

Trade creditors

110,665

402,383

Amounts owed to group undertakings

1,308,466

1,420,870

Taxation and social security

77,963

73,877

Other creditors

292,130

456,513

1,817,972

2,353,643

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Hire purchase contracts

64,268

-

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

85

Ordinary C shares

£1

85

85

10

Ordinary B shares

£1

10

10

5

Ordinary C shares

£1

5

5

100

100

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Alistair W. Main (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

10.	CONTINGENT LIABILITIES

The Company is a party to a cross guarantee with C S Ellis (Holdings) Limited, C S Ellis (Group) Limited, and Pacwolf Fulfilment Limited, relating to certain debt facilities.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is T C Ellis.

The ultimate and immediate parent company is C. S. Ellis (Holdings) Limited, a Company incorporated and registered in England and Wales. The largest and smallest group in which the consolidated results of the Company are available is headed by C. S. Ellis (Holdings) Limited. Copies of its consolidated financial statements are available from Companies House.