Tees Valley Ventures Limited
UNAUDITED FINANCIAL STATEMENTS
for the year ended
31 December 2016
Company Registration No. 05612759
Tees Valley Ventures Limited
DIRECTORS AND OFFICERS
DIRECTORS
Robert Wadsworth
Trevor Cartner
REGISTERED OFFICE
Unit 3, First Floor
Woodside Mews
Woodside Court
Leeds
LS16 6QE
Page 1
Tees Valley Ventures Limited
BALANCE SHEET
As at 31 December 2016
Notes
2016
2015
£
£
CURRENT ASSETS
Stocks
1
4,445,000
4,445,000
Debtors
2
4,518
48,646
Cash at bank and in hand
31,907
60,729
4,481,425
4,554,375
CREDITORS: Amounts falling due within one year
3
(16,275,375)
(15,795,813)
NET CURRENT LIABILITIES
(11,793,950)
(11,241,438)
TOTAL ASSETS LESS CURRENT LIABILITIES
(11,793,950)
(11,241,438)
CAPITAL AND RESERVES
Called up share capital
4
2,000
2,000
Profit and loss account
(11,795,950)
(11,243,438)
SHAREHOLDERS' DEFICIT
(11,793,950)
(11,241,438)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 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 accounts
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
These financial statements were approved by the board of directors on
25 September 2017
25 September 2017
and were signed on its behalf by:
Robert Wadsworth
Director
Page 2
Tees Valley Ventures Limited
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2016
BASIS OF ACCOUNTING
The financial statements have been prepared under the historical cost convention.
COMPLIANCE
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
Under Financial Reporting Standard 1 the company is exempt from the requirement to prepare a cash flow statement on the grounds that it is a small company.
GOING CONCERN
The company incurred a loss for the year of £552,512 and at the balance sheet date had a shareholders' deficit of £11,793,950.
The company relies on the continued support of its shareholders who at the balance sheet date had made loans to the company amounting to £16,252,263. The shareholders have indicated their intentions to continue supporting the company.
The ability of the company to continue trading in the longer term is dependent on a recovery of the market value of the company's development property and/or the ability of the company to agree satisfactory terms with its lenders (including the shareholders) with regard to the repayment of their loans. This indicates the existence of conditions which could cast significant doubt on the company's ability, in the longer term, to continue as a going concern. These financial statements do not include any adjustments that would result if the company was unable to continue as a going concern.
WORK IN PROGRESS/PROPERTY STOCKS
Properties in the course of development are included under stocks in the balance sheet at the lower of cost or net realisable value.
Cost includes cost of acquisition and development to date, including directly attributable fees and expenses. All finance costs relating to properties in the course of development are expensed.
Property transactions are recognised on legal completion. Properties are transferred between categories at the estimated market value on the transfer date. Turnover and costs relating to sales under forward funding transactions are recognised on a percentage of completion basis in accordance with the long term contract provisions of SSAP9.
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 that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.
TURNOVER
Turnover represents the income derived from property development and management undertaken during the period, and is net of any applicable Value Added Tax.
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Tees Valley Ventures Limited
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2016
1
STOCKS
2016
2015
£
£
Land and Properties held for sale and development
4,445,000
4,445,000
2
DEBTORS:
2016
2015
£
£
Trade debtors
2,665
45,959
Prepayments and accrued income
1,853
2,687
4,518
48,646
3
CREDITORS: Amounts falling due within one year
2016
2015
£
£
Trade creditors
9,676
2,831
Other creditors including taxation and social security
13,436
25,273
Amounts owed to shareholders
16,252,263
15,754,963
Accruals and deferred income
-
12,746
16,275,375
15,795,813
The amounts owed to shareholders of £16,252,263 comprise £2,996,203 of unsecured borrowings and £13,256,060 of secured borrowings with a fixed and floating charge over the company's assets. One shareholder loan used to pay external bank loans carries an interest rate of 14%. Other shareholder loans carry interest rates of 5.79625%, & 4.636%. All other shareholder loans carry an interest rate of either 0% or 2% above the Bank of England base rate.
4
SHARE CAPITAL
2016
2015
£
£
Allotted, issued and fully paid:
1,000 A ordinary share of £1 each
1,000
1,000
1,000 B ordinary share of £1 each
1,000
1,000
2,000
2,000
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Tees Valley Ventures Limited
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2016
5
RELATED PARTY TRANSACTIONS
Transactions
Balance at 31 December
in year
Name
Relationship
Description
2016
2015
2016
2015
£
£
£
£
Aquila Developments Limited
Shareholder
Loan account
13,256,060
12,815,337
-
-
Loan interest
440,723
551,367
Helios Property Holdings Ltd
Shareholder
Loan account
2,996,203
2,939,625
-
-
Loan interest
56,578
58,144
Page 5