Company Registration No. SC377242 (Scotland)
Deeside Ventures Ltd
Unaudited financial statements
for the year ended 31 March 2019
Pages for filing with registrar
Deeside Ventures Ltd
Chartered Accountants' Report to the director on the preparation of the
unaudited statutory financial statements of Deeside Ventures Ltd
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Deeside Ventures Ltd for the year ended 31 March 2019 which comprise, the Statement Of Financial Position and the related notes from the company’s accounting records and from information and explanations you have given us.
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.com/technical-resources/framework-for-the-preparation-of-accounts-revised-january-2017.
This report is made solely to the
d
irectors of Deeside Ventures Ltd, in accordance with the terms of our engagement letter dated 9 February 2011. Our work has been undertaken solely to prepare for your approval the financial statements of Deeside Ventures Ltd and state those matters that we have agreed to state to the
d
irector of Deeside Ventures Ltd, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/technical-resources/framework-for-the-preparation-of-accounts-revised-january-2017. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Deeside Ventures Ltd and its
d
irector, for our work or for this report.
It is your duty to ensure that Deeside Ventures Ltd 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 Deeside Ventures Ltd. You consider that Deeside Ventures Ltd is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Deeside Ventures Ltd. 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.
James Milne
Chartered Accountants
5 Bon Accord Square
Aberdeen
AB11 6XZ
26 November 2019
Deeside Ventures Ltd
Statement of financial position
at 31 March 2019
2
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,040
135
Investments
3
884
884
1,924
1,019
Current assets
Debtors
3,643
16,785
Cash at bank and in hand
24,247
20,738
27,890
37,523
Creditors: amounts falling due within one year
(12,005)
(12,588)
Net current assets
15,885
24,935
Total assets less current liabilities
17,809
25,954
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
17,709
25,854
Total equity
17,809
25,954
In accordance with section 444 of the Companies Act 2006 all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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.
Deeside Ventures Ltd
Statement of financial position (continued)
at 31 March 2019
3
The financial statements were approved and signed by the director and authorised for issue on 22 November 2019
Dr Sandra Willigers
Director
Company Registration No. SC377242
Deeside Ventures Ltd
Notes to the financial statements
for the year ended 31 March 2019
4
1
Accounting policies
Company information
Deeside Ventures Ltd is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
272 Bath Street, Glasgow, G2 4JR.
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents revenue recognised in the accounts. Revenue is recognised when the company fulfils its contractual obligations to customers by supplying services and excludes value added tax.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Fixed asset investments
In
vestments
a
re initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
1.5
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.
Deeside Ventures Ltd
Notes to the financial statements (continued)
for the year ended 31 March 2019
1
Accounting policies (continued)
5
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.
1.6
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 are included in the income statement for the period.
2
Tangible fixed assets
Total
£
Cost
At 1 April 2018
2,159
Additions
1,286
Disposals
(2,159)
At 31 March 2019
1,286
Depreciation and impairment
At 1 April 2018
2,024
Depreciation charged in the year
381
Eliminated in respect of disposals
(2,159)
At 31 March 2019
246
Carrying amount
At 31 March 2019
1,040
At 31 March 2018
135
Deeside Ventures Ltd
Notes to the financial statements (continued)
for the year ended 31 March 2019
6
3
Fixed asset investments
2019
2018
£
£
Investments
884
884
4
Directors' transactions
During the year the director entered into the following advances and credits with the company:
Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Dr Sandra Willigers - Director's loan
7,260
8,176
(7,740)
7,696
7,260
8,176
(7,740)
7,696
5
Controlling party
Dr Sandra Willigers, director, controls the company by virtue of a controlling interest of 100% of the issued ordinary share capital.