S.V. Venni and Son Limited Small abbreviated accounts
S.V. Venni and Son Limited Small abbreviated accounts
COMPANY REGISTRATION NUMBER
03650522
for the year ended
Report to the Directors on the Preparation of the
Unaudited Statutory Accounts of
S.V. Venni
and Son
Limited
for the year ended 31st October 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of S.V. Venni and Son Limited for the year ended 31st October 2016 as set out on pages 2 to 5 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of S.V. Venni and Son Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the abbreviated accounts of S.V. Venni and Son Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 02/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than S.V. Venni and Son Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that S.V. Venni and Son Limited has kept adequate accounting records and to prepare statutory abbreviated accounts that give a true and fair view of the assets, liabilities, financial position and profit of S.V. Venni and Son Limited. You consider that S.V. Venni and Son Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the abbreviated accounts of S.V. Venni and Son Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abbreviated accounts.
........................
Abbreviated Balance Sheet
as at 31st October 2016
|
2016 |
2015 |
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|
Note |
£ |
£ |
£ |
£ |
|
Fixed assets |
2 |
||||
|
Tangible assets |
1,711,414 |
1,400,335 |
|||
Current assets
|
Stocks |
|
|
||
|
Debtors |
|
|
||
|
Cash at bank and in hand |
|
|
||
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------------ |
------------ |
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2,179,798 |
2,342,575 |
|||
|
Creditors: amounts falling due within one year |
|
|
||
|
------------ |
------------ |
|||
|
Net current assets |
1,943,494 |
2,116,665 |
||
|
------------ |
------------ |
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Total assets less current liabilities |
3,654,908 |
3,517,000 |
||
|
Provisions for liabilities |
|
|
||
|
------------ |
------------ |
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|
3,641,401 |
3,499,851 |
|||
|
------------ |
------------ |
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Capital and reserves
|
Called-up equity share capital |
4 |
100 |
100 |
||
|
Profit and loss account |
3,641,301 |
3,499,751 |
|||
|
------------ |
------------ |
||||
|
Shareholders' funds |
3,641,401 |
3,499,851 |
|||
|
------------ |
------------ |
||||
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These abbreviated accounts were approved by the directors and authorised for issue on
3 January 2017
, and are signed on their behalf by:
Company Registration Number:
03650522
Notes to the Abbreviated Accounts
for the year ended 31st October 2016
1.
Accounting policies
Basis of accounting
Turnover
Fixed assets
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Depreciation is not provided on freehold land and property or improvements to leasehold property where, in the opinion of the directors, the residual value of that land and property is such that any depreciation charge would be immaterial.
Investment properties
Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
This is in accordance with the FRSSE which does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Pension costs
The company operates a defined contribution pension scheme for the benefit of the employees and directors. The assets of the scheme are administered by trustees in a fund independent from those of the company. The pension costs charged against profits represent the amount of the contributions payable to the scheme in respect of the accounting period.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
2.
Fixed assets
|
Tangible Assets |
|
|
£ |
|
Cost
|
At 1st November 2015 |
|
|
Additions |
|
|
Disposals |
(
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|
------------ |
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At 31st October 2016 |
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|
------------ |
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Depreciation
|
At 1st November 2015 |
|
|
Charge for year |
|
|
On disposals |
(
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|
----------- |
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|
At 31st October 2016 |
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----------- |
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Net book value
|
At 31st October 2016 |
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|
------------ |
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At 31st October 2015
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|
|
|
------------ |
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3.
Transactions with the directors
During the year the maximum balance overdrawn by S.V. Venni was £9,862 (2015 - £3,935).
4.
Share capital
Allotted, called up and fully paid:
|
2016 |
2015 |
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|
No. |
£ |
No. |
£ |
|
|
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