Venture Properties Group Limited (formerly Matore Management Limited)
Registered number: 07136496
Information for filing with the registrar
For the year ended 31 March 2020
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VENTURE PROPERTIES GROUP LIMITED (FORMERLY MATORE MANAGEMENT LIMITED)
REGISTERED NUMBER:
07136496
BALANCE SHEET
AS AT
31 MARCH 2020
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Creditors: Amounts falling due within one year
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Creditors: Amounts falling due after more than one year
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Total equity and liabilities
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The Director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The Director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
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VENTURE PROPERTIES GROUP LIMITED (FORMERLY MATORE MANAGEMENT LIMITED)
REGISTERED NUMBER:
07136496
BALANCE SHEET
(CONTINUED)
AS AT
31 MARCH 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 3 to 6 form part of these financial statements.
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VENTURE PROPERTIES GROUP LIMITED (FORMERLY MATORE MANAGEMENT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
Venture Properties Group Limited is a private company, limited by shares and incorporated in England. The Company's registered number is 07136496. The address of its registered office is 6 Dominus Way, Meridian Business Park, Leicester, LE19 1RP.
The principal activity of the Company continued to be that of property development and investment.
The financial statements have been presented in Pounds Sterling (£) as this is the currency of the primary economic environment in which the Company operates and is rounded to the nearest pound.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102 ("FRS 102"), the Financial Reporting Standard applicable inthe UK and the Republic of Ireland and the Companies Act 2006
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The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The Director considers that the Company has adequate resources to continue in operational existence for the foreseeable future. The key potential source of uncertainty noted by the Director is the Coronavirus and COVID-19 pandemic. However at the date of this report it is not possible to reliably determine the effects that these developments will have on the Company. Accordingly the Director has continued to prepare the financial statements on the going concern basis.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙
the amount of turnover can be measured reliably;
∙
it is probable that the Company will receive the consideration due under the contract;
∙
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙
the costs incurred and the costs to complete the contract can be measured reliably.
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VENTURE PROPERTIES GROUP LIMITED (FORMERLY MATORE MANAGEMENT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.
Accounting policies (continued)
Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Investment property is carried at fair value determined annually by management and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the profit and loss account.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to and from related parties.
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VENTURE PROPERTIES GROUP LIMITED (FORMERLY MATORE MANAGEMENT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.
Accounting policies (continued)
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.
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The average monthly number of employees, including Directors, during the year was
1
(2019 -
1
)
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VENTURE PROPERTIES GROUP LIMITED (FORMERLY MATORE MANAGEMENT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Creditors: Amounts falling due within one year
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Creditors: Amounts falling due after more than one year
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Allotted, called up and fully paid
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1
(2019 -
1
)
Ordinary
share of £
1.00
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Profit and loss account
The profit and loss account represents the cumulative profits and losses of the Company.
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Post balance sheet events
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The Director considers the Coronavirus pandemic and the associated household isolation measures introduced by the UK government to have begun on 23 March 2020. Although this was prior to the year end of the Company, the resultant economic deterioration in the United Kingdom is considered to have materialised after year end. Insofar as he is able, the Director has reflected the effects of these developments in the balance sheet of the Company as at 31 March 2020. But it is noted that changes to the economy that have been triggered by the pandemic mitigation measures do continue to manifest beyond year end. The position of the Company at 31 March 2020 should be viewed in this context.
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