Company Registration No. 06002113 (England and Wales)
VENTRA 15 LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
PAGES FOR FILING WITH REGISTRAR
King & King
Chartered Accountants & Statutory Auditors
First Floor Roxburghe House
273 - 287 Regent Street
London
W1B 2HA
VENTRA 15 LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
Notes to the financial statements
2 - 8
VENTRA 15 LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2019
30 June 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Investment properties
4
6,142,019
6,258,000
Current assets
Debtors
5
772,584
542,018
Cash at bank and in hand
444,156
34,875
1,216,740
576,893
Creditors: amounts falling due within one year
6
(174,903)
(243,471)
Net current assets
1,041,837
333,422
Total assets less current liabilities
7,183,856
6,591,422
Creditors: amounts falling due after more than one year
7
(3,091,200)
(2,499,700)
Provisions for liabilities
9
(624,244)
(558,486)
Net assets
3,468,412
3,533,236
Capital and reserves
Called up share capital
12
100
100
Profit and loss reserves
3,468,312
3,533,136
Total equity
3,468,412
3,533,236
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 March 2020 and are signed on its behalf by:
Mr V Palasuntheram
Director
Company Registration No. 06002113
VENTRA 15 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
- 2 -
1
Accounting policies
Company information
Ventra 15 Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
First Floor, Roxburghe House, 273-287 Regent Street, LONDON, W1B 2HA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
VENTRA 15 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
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. A
m
ounts 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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
VENTRA 15 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Auditor's remuneration
2019
2018
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
5,250
5,250
4
Investment property
2019
£
Fair value
At 1 July 2018
6,258,000
Additions through external acquisition
187,019
Disposals
(277,018)
Net gains or losses through fair value adjustments
(25,982)
At 30 June 2019
6,142,019
VENTRA 15 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
4
Investment property
(Continued)
- 5 -
The portfolio of investment properties are valued by the directors, in whose opinion, the market value of the properties at the balance sheet date reflect ongoing economic conditions and the value of the properties has not changed during the year.
There has been no valuation of investment properties by an independent valuer.
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
2,343
2,634
Other debtors
770,241
539,384
772,584
542,018
6
Creditors: amounts falling due within one year
2019
2018
Notes
£
£
Trade creditors
7,720
29,958
Corporation tax
25,456
74,579
Other taxation and social security
875
1,115
Deferred income
11
5,955
-
Other creditors
120,447
125,569
Accruals and deferred income
14,450
12,250
174,903
243,471
7
Creditors: amounts falling due after more than one year
2019
2018
Notes
£
£
Bank loans and overdrafts
8
2,814,500
2,223,000
Other creditors
276,700
276,700
3,091,200
2,499,700
8
Loans and overdrafts
2019
2018
£
£
Bank loans
2,814,500
2,223,000
The long-term loans are secured by fixed charges over all the assets of the company.
VENTRA 15 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
8
Loans and overdrafts
(Continued)
- 6 -
The loans is for a fixed period of 3 years ending in September 2019. The rate of interest is the percentage rate per annum which is aggregated of margin 2.85% plus LIBOR.
9
Provisions for liabilities
2019
2018
Notes
£
£
Deferred tax liabilities
10
624,244
558,486
10
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2019
2018
Balances:
£
£
Revaluations
624,244
558,486
2019
Movements in the year:
£
Liability at 1 July 2018
558,486
Charge to profit or loss
65,758
Liability at 30 June 2019
624,244
The deferred tax liability set out above is expected to reverse within [12 months] and relates to accelerated capital allowances that are expected to mature within the same period.
11
Deferred income
2019
2018
£
£
Other deferred income
5,955
-
12
Share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
VENTRA 15 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 7 -
13
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Milankumar H Patel.
The auditor was King & King.
14
Summary of audit opinion
The auditor's reports for the year dated 24 March 2019 was unqualified.
The senior statutory auditor was Mr Milankumar H Patel, for and on behalf of King & King.
15
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
2019
2018
Amounts due to related parties
£
£
Ventra Assets Management Limited
400
400
Ventra 36 Limited
89,660
101,472
The following amounts were outstanding at the reporting end date:
2019
2018
Amounts due from related parties
£
£
Swiss Management Limited
15,064
15,064
Ventra 27 Limited
711,755
499,341
International Vehicle Logistics Limited
5,960
5,960
H.E. Webber & Sons (Accessories) Limited
9,252
-
During the year management charges of £46,900 (2018: £36,000) were charged by Swiss Management Limited, a company under common control.
The companies are related by virtue of common control.
16
Parent company
The parent company is Ventra Group Limited, a company incorporated in England and Wales.
The controlling parties are Mr V Palasuntheram and Mrs N Palasuntheram who are the directors of the company.
VENTRA 15 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 8 -
17
Going Concern
The Financial Statements have been prepared on a going concern basis. The company is reliant upon the continued support of its Bankers and the shareholders. The directors have an expectation that the company will continue in operational existence for the foreseeable future so long as it continues to receive support from its Bankers. They have confirmed that they have not received any indication from the bankers that they will not continue to support the company.