Company registration number 06002113 (England and Wales)
VENTRA 15 LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
VENTRA 15 LIMITED
CONTENTS
Page
Directors' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 9
VENTRA 15 LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -
The directors present their annual report and financial statements for the year ended 30 June 2023.
Principal activities
The principal activity of the company continued to be that of renting out properties.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr V Palasuntheram
Mrs N Palasuntheram
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mrs N Palasuntheram
Director
27 March 2024
VENTRA 15 LIMITED
STATEMENT OF FINANCIAL POSITION
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
6,910,000
7,248,041
Current assets
Debtors
5
1,019,413
967,036
Cash at bank and in hand
54,799
53,498
1,074,212
1,020,534
Creditors: amounts falling due within one year
6
(897,106)
(964,237)
Net current assets
177,106
56,297
Total assets less current liabilities
7,087,106
7,304,338
Creditors: amounts falling due after more than one year
7
(2,983,195)
(3,161,166)
Provisions for liabilities
(728,097)
(587,194)
Net assets
3,375,814
3,555,978
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
3,375,714
3,555,878
Total equity
3,375,814
3,555,978
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
VENTRA 15 LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 27 March 2024 and are signed on its behalf by:
Mrs N Palasuntheram
Director
Company registration number 06002113 (England and Wales)
VENTRA 15 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
1
Accounting policies
Company information
Ventra 15 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, Watson House, 54-60 Baker Street, London, United Kingdom, W1U 7BU.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts 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 investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
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.
Rental income is recognised on as accrual basis.
1.3
Investment property
Investment properties, which are property held to earn rentals and/or for capital appreciation, are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently they are measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
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.
1.5
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.
VENTRA 15 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
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 payments 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. Amounts 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.
1.6
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.
1.7
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 2023
1
Accounting policies
(Continued)
- 6 -
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.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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.
VENTRA 15 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
4
Investment property
2023
£
Fair value
At 1 July 2022
7,248,041
Disposals
(338,041)
At 30 June 2023
6,910,000
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 slightly changed during the year.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,717
Other debtors
1,019,413
960,319
1,019,413
967,036
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
7,868
20,074
Corporation tax
26,566
39,195
Other taxation and social security
5,337
4,709
Other creditors
847,335
890,259
897,106
964,237
Included in bank loan is £10,000 (2022: £10,000) Bounce back loan. Interest is charged at 2.5% per annum. The term of the loan is 72 months expiring in May 2026.
VENTRA 15 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,983,195
3,161,166
The revolving credit facility of £5,000,000 to cover funding of investment properties. Interest is charged at Bank of England base rate plus 2.7% on the drawn-down amount and accrue on monthly basis. The credit facility is due to expire on 28th June 2024 and therefore all the drawn down loan will be payable at that date.
The facility is secured by a fixed and floating charge over all the assets of the company.
Included in bank loan is £19,166 (2022: £29,166) Bounce back loan. Interest is charged at 2.5% per annum. The term of the loan is 72 months expiring in May 2026.
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
During the year management charge of £36,000 was paid to Swiss Management Ltd. As at statement of financial position date amount receivable from Swiss Management Ltd was £34,419 (2022:£39,465)
By virtue of common directorships, the company is associated with Ventra 27 Limited, a company incorporated in England. As at statement of financial position date amount receivable from Ventra 27 Limited was £889,922 (2022: £820,532).
By virtue of common directorships, the company is associated with H.E. Webber & Sons Ltd a company incorporated in England. As at statement of financial position date amount receivable from H.E. Webber & Sons Ltd was £9,252 (2022: £9,252)
By virtue of common directorships, the company is associated with International vehicle Logistics Limited a company incorporated in England. As at statement of financial position date amount receivable from International vehicle Logistics Limited was £5,960 (2022: £5,960)
By virtue of common directorships, the company is associated with Ventra 36 Limited, a company incorporated in England. As at statement of financial position date amount payable to Ventra 36 Limited was £492,491 (2022: £554,425).
By virtue of common directorships, the company is associated with Ventra Asset Management Limited, a company incorporated in England. As at statement of financial position date amount payable to Ventra Asset Management Limited was £400 (2022: £400).
9
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 2023
- 9 -
10
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.