Company Registration No. 06322590 (England and Wales)
VERKLIZAN LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
VERKLIZAN LIMITED
CONTENTS
Page
Directors' report
1 - 2
Balance sheet
3
Notes to the financial statements
4 - 10
VERKLIZAN LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2021.

Principal activities

Verklizan Ltd started to use the name Enovation as a trading name from March 2020. The principal activity of the company continued to be the sale, installation and maintenance of the UMO software product, together with other Enovation software products for secure communication, aimed at the Technology Enabled Care (TEC) sector.

 

Verklizan Ltd t/a Enovation supports local authorities, housing associations and private companies in providing 24/7 emergency monitoring and response services for nearly 500,000 elderly or vulnerable people in the UK, Ireland, Denmark, Sweden and Norway. An ageing population across the UK and Europe increases the market size year upon year, and these essential services are only expanded during a pandemic such as Covid 19. Employees are identified as critical workers, supporting social care, health and housing in delivering key services.

 

Turnover increased by more than 25% in 2021, despite the general impact of Covid 19 on UK businesses in general, and staff have been successfully working from home since March 2020, which has helped to reduce costs associated with travel, subsistence and conference attendance.

 

Verklizan Ltd t/a Enovation continues to be accredited for ISO27001, ISO9001, Cyber Essentials Plus and the Telecare Services Association “Quality Standards Framework” as a TEC supplier.

 

Management have made the decision to combine the two entities, Verklizan Limited and E.Novation UK Limited from 1 Jan 2022, both of which are wholly owned subsidiaries of the Enovation Group. The directors look forward to further developing the hosted UMO solution in 2022, as part of fellow group company E.Novation, supporting customers in the digital transition of the telecare industry and continuing to develop web and app solutions for social care, housing and health.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr P Shead
Mr J O Van Rijswijk
Future developments

On 31 December 2021, the company transferred its trade and assets to a fellow group company, E.Novation UK Limited. E.Novation UK Limited will continue to provide the hosted UMO solution and continue to grow in the UK and overseas.

Auditor

MHA Moore and Smalley is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

VERKLIZAN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
On behalf of the board
Mr P Shead
Director
11 May 2022
VERKLIZAN LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 3 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
0
32,596
Investments
4
1
1
1
32,597
Current assets
Stocks
-
0
6,453
Debtors falling due after more than one year
5
-
0
25,537
Debtors falling due within one year
5
38,794
121,304
Cash at bank and in hand
-
0
233,610
38,794
386,904
Creditors: amounts falling due within one year
6
-
0
(288,199)
Net current assets
38,794
98,705
Net assets
38,795
131,302
Capital and reserves
Called up share capital
280,000
280,000
Profit and loss reserves
(241,205)
(148,698)
Total equity
38,795
131,302

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 11 May 2022 and are signed on its behalf by:
Mr P Shead
Director
Company Registration No. 06322590
VERKLIZAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
1
Accounting policies
Company information

Verklizan Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 17 Link 665 Business Centre, Todd Hall Road, Haslingden, Rossendale, BB4 5HU.

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. The principal accounting policies adopted are set out below.

The financial statements present information about the company as an individual entity and not about its group. The company and its subsidiary comprise a small group. The company has taken advantage of the exemption under section 398 of the Companies Act 2006 not to prepare group accounts.

1.2
Going concern

On 31 December 2021 the trade, assets and liabilities of the company were transferred out to another group company. As a result these financial statements have been drawn up on a basis other than going concern due to the cessation of trade. No adjustments arise as a result of applying the non-going concern basis.

1.3
Turnover

Turnover represents amounts receivable for goods and services provided by company net of VAT and trade discounts. Amounts receivable for services to be provided post year end are included within deferred income.

1.4
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% Straight line
Fixtures, fittings & equipment
20% Straight line
Motor vehicles
20% 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.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are 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.

VERKLIZAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.8
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.

1.9
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 balance sheet 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.

VERKLIZAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 6 -
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.

Other financial assets

The company does not have any instruments that are categorised as other financial assets.

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.

Other financial liabilities

The company does not have any instruments that are categorised as other financial liabilities.

1.10
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.

1.11
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 profit and loss account 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.

VERKLIZAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 7 -
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.

 

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 profit and loss account, 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.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.16
Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

VERKLIZAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
11
10
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2021
103,660
15,661
40,654
159,975
Additions
3,247
-
0
-
0
3,247
Disposals
-
0
-
0
(36,686)
(36,686)
Transfers
(106,907)
(15,661)
(3,968)
(126,536)
At 31 December 2021
-
0
-
0
-
0
-
0
Depreciation and impairment
At 1 January 2021
83,510
14,145
29,724
127,379
Depreciation charged in the year
9,723
445
4,561
14,729
Eliminated in respect of disposals
-
0
-
0
(31,694)
(31,694)
Transfers
(93,233)
(14,590)
(2,591)
(110,414)
At 31 December 2021
-
0
-
0
-
0
-
0
Carrying amount
At 31 December 2021
-
0
-
0
-
0
-
0
At 31 December 2020
20,150
1,516
10,930
32,596
4
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
1
1
Fixed asset investments not carried at market value

The value of investment represents the investment in shares at cost.

VERKLIZAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
-
0
95,246
Amounts owed by group undertakings
38,794
-
0
Other debtors
-
0
26,058
38,794
121,304
2021
2020
Amounts falling due after more than one year:
£
£
Deferred tax asset
-
0
25,537
Total debtors
38,794
146,841
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
-
0
6,736
Amounts owed to group undertakings
-
0
188,352
Taxation and social security
-
0
71,048
Other creditors
-
0
22,063
-
0
288,199
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

 

Emphasis of matter- Non going concern basis of accounting

We draw attention to accounting policy note 1.2 which describes the preparation of the financial statements on a non-going concern basis. As described in the accounting policies, the trade assets and liabilities of the company were transferred to another group company on 31 December 2021 and the director has concluded that it is no longer appropriate to prepare the accounts on a going concern basis.

 

There have been no adjustments made to the financial statements as a result of the application of the non-going concern basis of accounting.

 

Our opinion is not modified in respect of this matter.

The senior statutory auditor was Paul Williams and the auditor was MHA Moore and Smalley.
VERKLIZAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 10 -
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2021
2020
£
£
50,293
54,704
9
Related party transactions

No guarantees have been given or received.

The company has taken the exemption available under Section 1A.35C from disclosing transactions entered into between two or more members of the group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

10
Parent company

The company is a wholly owned subsidiary of E.Novation Group B.V., a company incorporated in The Netherlands.

 

The largest and smallest group into which the company's financial statements are consolidated is that headed by E.Novation Group Holding B.V., also incorporated in The Netherlands. Copies of the group financial statements of E.Novation Group Holding B.V. are available from Riviun Quadrant 2, Capelle aan den IJssel, 2909LC.

 

In the opinion of the directors, the ultimate controlling party is Main Capital, a company incorporated in The Netherlands.

2021-12-312021-01-01false12 May 2022CCH SoftwareCCH Accounts Production 2022.200No description of principal activityThis audit opinion is unqualifiedMr P SheadMr J O Van Rijswijk063225902021-01-012021-12-3106322590bus:Director12021-01-012021-12-3106322590bus:Director32021-01-012021-12-3106322590bus:Director22021-01-012021-12-31063225902021-12-31063225902020-12-3106322590core:PlantMachinery2021-12-3106322590core:FurnitureFittings2021-12-3106322590core:MotorVehicles2021-12-3106322590core:PlantMachinery2020-12-3106322590core:FurnitureFittings2020-12-3106322590core:MotorVehicles2020-12-3106322590core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-3106322590core:Non-currentFinancialInstrumentscore:AfterOneYear2020-12-3106322590core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3106322590core:CurrentFinancialInstrumentscore:WithinOneYear2020-12-3106322590core:CurrentFinancialInstruments2021-12-3106322590core:CurrentFinancialInstruments2020-12-3106322590core:ShareCapital2021-12-3106322590core:ShareCapital2020-12-3106322590core:RetainedEarningsAccumulatedLosses2021-12-3106322590core:RetainedEarningsAccumulatedLosses2020-12-3106322590core:PlantMachinery2021-01-012021-12-3106322590core:FurnitureFittings2021-01-012021-12-3106322590core:MotorVehicles2021-01-012021-12-31063225902020-01-012020-12-3106322590core:PlantMachinery2020-12-3106322590core:FurnitureFittings2020-12-3106322590core:MotorVehicles2020-12-31063225902020-12-3106322590core:WithinOneYear2021-12-3106322590core:WithinOneYear2020-12-3106322590core:AfterOneYear2021-12-3106322590core:AfterOneYear2020-12-3106322590bus:PrivateLimitedCompanyLtd2021-01-012021-12-3106322590bus:SmallCompaniesRegimeForAccounts2021-01-012021-12-3106322590bus:FRS1022021-01-012021-12-3106322590bus:Audited2021-01-012021-12-3106322590bus:FullAccounts2021-01-012021-12-31xbrli:purexbrli:sharesiso4217:GBP