Company Registration No. SC377242 (Scotland)
Deeside Ventures Ltd
Unaudited financial statements
for the year ended 31 March 2021
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 2021 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 ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-j
une
-20
20
.
This report is made solely to the Board of Directors of Deeside Ventures Ltd, as a body, 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 Board of Directors of Deeside Ventures Ltd, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-j
une
-20
20
.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Deeside Ventures Ltd and its Board of Directors as a body, 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 loss
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
22 November 2021
Deeside Ventures Ltd
Statement of financial position
as at 31 March 2021
31 March 2021
2
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,540
905
Investments
3
884
1,540
1,789
Current assets
Debtors
7,439
4,202
Cash at bank and in hand
1,190
2,504
8,629
6,706
Creditors: amounts falling due within one year
(19,677)
(8,008)
Net current liabilities
(11,048)
(1,302)
Net (liabilities)/assets
(9,508)
487
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(9,608)
387
Total equity
(9,508)
487
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 2021 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)
as at 31 March 2021
31 March 2021
3
The financial statements were approved and signed by the director and authorised for issue on 18 November 2021
Dr Sandra Willigers
Director
Company Registration No. SC377242
Deeside Ventures Ltd
Notes to the financial statements
for the year ended 31 March 2021
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
.
Deeside Ventures Ltd
Notes to the financial statements (continued)
for the year ended 31 March 2021
5
2
Tangible fixed assets
Total
£
Cost
At 1 April 2020
1,695
Additions
1,456
At 31 March 2021
3,151
Depreciation and impairment
At 1 April 2020
790
Depreciation charged in the year
821
At 31 March 2021
1,611
Carrying amount
At 31 March 2021
1,540
At 31 March 2020
905
3
Fixed asset investments
2021
2020
£
£
Other investments other than loans
884
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2020
884
Disposals
(884)
At 31 March 2021
-
Carrying amount
At 31 March 2021
-
At 31 March 2020
884
4
Going concern
The company has net liabilities of £9,508, but included in creditors is the sum of £16,917 owed to the director. The director has confirmed that she will not call in this amount for as long as necessary to ensure the ongoing viability of the company. The director therefore considers it to be appropriate for the accounts to be prepared on the going concern basis.