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Unaudited Financial Statements for the Year Ended 31 March 2017 |
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Venture Entertainment Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 March 2017 |
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for |
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Venture Entertainment Limited |
Venture Entertainment Limited (Registered number: SC265189) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Accountants' Report | 8 |
Venture Entertainment Limited |
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Company Information |
for the Year Ended 31 March 2017 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
29 Portland Road |
Kilmarnock |
KA1 2BY |
Venture Entertainment Limited (Registered number: SC265189) |
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Balance Sheet |
31 March 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 7 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | 8 |
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SHAREHOLDERS' FUNDS |
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The director acknowledges her responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Venture Entertainment Limited (Registered number: SC265189) |
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Balance Sheet - continued |
31 March 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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Venture Entertainment Limited (Registered number: SC265189) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2017 |
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1. | STATUTORY INFORMATION |
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Venture Entertainment Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Equipment - 25% and 33% on reducing balance |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
Venture Entertainment Limited (Registered number: SC265189) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Equipment |
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COST |
At 1 April 2016 |
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Additions |
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Disposals | ( |
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At 31 March 2017 |
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DEPRECIATION |
At 1 April 2016 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax | 2,001 | 2,142 |
Venture Entertainment Limited (Registered number: SC265189) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
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7. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
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Balance at 1 April 2016 |
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Provided during year | ( |
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Balance at 31 March 2017 |
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8. | RESERVES |
Retained |
earnings |
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At 1 April 2016 |
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Profit for the year |
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Dividends | ( |
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At 31 March 2017 |
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9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 March 2017 and |
31 March 2016: |
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2017 | 2016 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Interest is charged on the above loan. The loan is unsecured and repayable on demand. The loan was repaid in |
full on 30 November 2017. |
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10. | RELATED PARTY DISCLOSURES |
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DVD Overstocks Limited is a company controlled by the director, L Burton. During the year the company sold |
goods and services to DVD Overstocks Limited to the value of £1,463,511 (2016 £1,480,118) on a normal |
commercial trading basis. At the year end the company owed DVD Overstocks Limited £157,796 (2016 |
£109,010) which is included in Other Creditors |
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11. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Ms L E Burton. |
Venture Entertainment Limited (Registered number: SC265189) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
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12. | FIRST YEAR ADOPTION |
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This is the first year that the company has presented its financial statements in accordance with the provisions of |
Section 1A "Small Entities" of FRS 102 issued by the Financial Reporting Council. The last financial statements |
under previous UK GAAP were for the year ended 31 March 2017 and the date of transition to FRS 102 was |
therefore 1 April 2016. |
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No changes were required to the financial statements for the year ended 31 March 2017 previously reported |
under UK GAAP. |
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Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Venture Entertainment Limited |
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The following reproduces the text of the report prepared for the director and members in respect of the |
company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is |
only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other |
primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Venture Entertainment Limited for the year ended 31 March 2017 which comprise the Income |
Statement, Balance Sheet and the related notes from the company's accounting records and from information and |
explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance. |
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This report is made solely to the director of Venture Entertainment Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Venture Entertainment Limited and state those matters that we have agreed to state to the director of Venture Entertainment Limited in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report. |
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It is your duty to ensure that Venture Entertainment Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Venture Entertainment Limited. You consider that Venture Entertainment Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Venture Entertainment 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 financial statements. |
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Chartered Accountants |
29 Portland Road |
Kilmarnock |
KA1 2BY |
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