VENTURE INNOVATORS LIMITED Filleted accounts for Companies House (small and micro)

VENTURE INNOVATORS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 05116672

VENTURE INNOVATORS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2018

VENTURE INNOVATORS LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2018

CONTENTS	PAGES

Statement of financial position	1 to 2

Notes to the financial statements	3 to 5

VENTURE INNOVATORS LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2018

	2018	2017
Note	£	£

Fixed assets

Tangible assets	4	87	175

Current assets

Debtors	5	1,493	5,418
Cash at bank and in hand		16,233	13,193
		--------	--------
		17,726	18,611

Creditors: amounts falling due within one year	6	( 8,717)	( 8,867)
		--------	--------
Net current assets		9,009	9,744
		-------	-------
Total assets less current liabilities		9,096	9,919

Creditors: amounts falling due after more than one year	7	( 10,000)	( 10,000)
		--------	--------
Net liabilities		( 904)	( 81)
		--------	--------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	( 1,904)	( 1,081)
	-------	-------
Shareholders deficit	( 904)	( 81)
	-------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

VENTURE INNOVATORS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2018

These financial statements were approved by the board of directors and authorised for issue on 11 December 2018 , and are signed on behalf of the board by:

J C Acklam

Director

Company registration number: 05116672

VENTURE INNOVATORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Taintree House, 6 Salford, Audlem, Crewe, CW3 0AT.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

At 31 March 2018 the company has net liabilities in the sum of £904. However the director, Mr J Acklam has a directors loan account with the company in the sum of £8,717 and the director has provided the company with written confirmation that he will not call in his directors loan account as shown in long term creditors totalling £10,000. Accordingly, the directors consider it appropriate to prepare the financial statements on the going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. (i) Estimated useful lives and residual values of fixed assets Depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during the current and prior accounting periods.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

4. Tangible assets

	Fixtures and fittings
	£
Cost
At 1 April 2017 and 31 March 2018	2,477
	-------
Depreciation
At 1 April 2017	2,302
Charge for the year	88
	-------
At 31 March 2018	2,390
	-------
Carrying amount
At 31 March 2018	87
	-------
At 31 March 2017	175
	-------

5. Debtors

	2018	2017
	£	£
Other debtors	1,493	5,418
	-------	-------

6. Creditors: amounts falling due within one year

	2018	2017
	£	£
Other creditors	8,717	8,867
	-------	-------

7. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Other creditors	10,000	10,000
	--------	--------

8. Related party transactions

All transactions undertaken with the directors are deemed to be conducted under normal market conditions and/or are not material.