Verso Communications Limited 5766254 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is that of graphic design consultants. Digita Accounts Production Advanced 6.30.9574.0 true true 5766254 2022-06-01 2023-05-31 5766254 2023-05-31 5766254 bus:OrdinaryShareClass1 2023-05-31 5766254 bus:OrdinaryShareClass2 2023-05-31 5766254 core:CurrentFinancialInstruments 2023-05-31 5766254 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 5766254 core:Non-currentFinancialInstruments 2023-05-31 5766254 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 5766254 core:MoreThanFiveYears 1 2023-05-31 5766254 core:FurnitureFittingsToolsEquipment 2023-05-31 5766254 core:LandBuildings 2023-05-31 5766254 bus:SmallEntities 2022-06-01 2023-05-31 5766254 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 5766254 bus:FullAccounts 2022-06-01 2023-05-31 5766254 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 5766254 bus:RegisteredOffice 2022-06-01 2023-05-31 5766254 bus:CompanySecretaryDirector1 2022-06-01 2023-05-31 5766254 bus:Director1 2022-06-01 2023-05-31 5766254 bus:Director2 2022-06-01 2023-05-31 5766254 bus:Director4 2022-06-01 2023-05-31 5766254 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 5766254 bus:OrdinaryShareClass2 2022-06-01 2023-05-31 5766254 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 5766254 core:FurnitureFittingsToolsEquipment 2022-06-01 2023-05-31 5766254 core:LandBuildings 2022-06-01 2023-05-31 5766254 countries:AllCountries 2022-06-01 2023-05-31 5766254 2022-05-31 5766254 core:FurnitureFittingsToolsEquipment 2022-05-31 5766254 core:LandBuildings 2022-05-31 5766254 2021-06-01 2022-05-31 5766254 2022-05-31 5766254 bus:OrdinaryShareClass1 2022-05-31 5766254 bus:OrdinaryShareClass2 2022-05-31 5766254 core:CurrentFinancialInstruments 2022-05-31 5766254 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 5766254 core:Non-currentFinancialInstruments 2022-05-31 5766254 core:Non-currentFinancialInstruments core:AfterOneYear 2022-05-31 5766254 core:MoreThanFiveYears 1 2022-05-31 5766254 core:FurnitureFittingsToolsEquipment 2022-05-31 5766254 core:LandBuildings 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 5766254

Verso Communications Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Verso Communications Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Verso Communications Limited

Company Information

Directors

Mr Greg Smith

Mr Gary Lloyd Botten

Mrs S L Smith

Mrs Karen Botten

Company secretary

Mrs S L Smith

Registered office

26 Eastgate Street
Stafford
Staffordshire
ST16 2LZ

Accountants

Winton Bath Group Limited
Chartered Accountants
First Floor
6 Ferranti Court
Staffordshire Technology Park
Stafford
Staffordshire
ST18 0LQ

 

Verso Communications Limited

(Registration number: 5766254)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fiixed assets

 

Tangible assets

4

232,319

237,301

Current assets

 

Debtors

5

11,171

37,036

Cash at bank and in hand

 

162,771

112,833

 

173,942

149,869

Creditors: Amounts falling due within one year

6

(195,488)

(165,223)

Net current liabilities

 

(21,546)

(15,354)

Total assets less current liabilities

 

210,773

221,947

Creditors: Amounts falling due after more than one year

6

(122,323)

(138,014)

Provisions for liabilities

(1,843)

(2,335)

Net assets

 

86,607

81,598

Capital and reserves

 

Called up share capital

7

200

200

Share premium reserve

9,900

9,900

Retained earnings

76,507

71,498

Shareholders' funds

 

86,607

81,598

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Verso Communications Limited

(Registration number: 5766254)
Balance Sheet as at 31 May 2023

Approved and authorised by the Board on 29 September 2023 and signed on its behalf by:
 

.........................................
Mr Gary Lloyd Botten
Director

 

Verso Communications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
26 Eastgate Street
Stafford
Staffordshire
ST16 2LZ
England

These financial statements were authorised for issue by the Board on 29 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Verso Communications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings & equipment

15% reducing balance basis

Freehold property

2% straight line on buildings

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Verso Communications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. The share capital disclosed on the balance sheet is allotted, called up and fully paid.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

239,375

28,369

267,744

At 31 May 2023

239,375

28,369

267,744

Depreciation

At 1 June 2022

14,364

16,079

30,443

Charge for the year

2,394

2,588

4,982

At 31 May 2023

16,758

18,667

35,425

Carrying amount

At 31 May 2023

222,617

9,702

232,319

At 31 May 2022

225,011

12,290

237,301

Included within the net book value of land and buildings above is £222,617 (2022 - £225,011) in respect of freehold land and buildings.
 

 

Verso Communications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

5

Debtors

Current

2023
£

2022
£

Trade debtors

9,712

35,372

Prepayments

1,459

1,664

 

11,171

37,036

 

Verso Communications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

19,100

21,100

Trade creditors

 

10,031

13,089

Taxation and social security

 

49,077

51,722

Accruals and deferred income

 

50,600

600

Other creditors

 

66,680

78,712

 

195,488

165,223

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

122,323

138,014

2023
£

2022
£

Due after more than five years

After more than five years by instalments

65,123

63,214

-

-

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

100

100

100

100

Ordinary B shares of £1 each

100

100

100

100

 

200

200

200

200

 

Verso Communications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

122,323

138,014

2023
£

2022
£

Current loans and borrowings

Bank borrowings

19,100

21,100

Bank - Bounce back loan with a carrying amount of £28,800 (2022 - £38,400) is denominated in with a nominal interest rate of 2.5% after the first 12 months. The final instalment is due on 31 May 2026.

The company's bank borrowing with a carrying amount of £112,623 (2022: £120,714) is secured by a first charge on land and buildings. Interest is charged at the rate of 4.2% per annum on bank borrowings. The final installment is due on 31 January 2027.