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REGISTERED NUMBER: 12409072 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

FOR

VERSO GARMS LTD

VERSO GARMS LTD (REGISTERED NUMBER: 12409072)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


VERSO GARMS LTD

COMPANY INFORMATION
for the year ended 31 January 2023







DIRECTOR: P Ferguson





REGISTERED OFFICE: Preston Park House
South Road
Brighton
East Sussex
BN1 6SB





REGISTERED NUMBER: 12409072 (England and Wales)





ACCOUNTANTS: Plus Accounting
Chartered Accountants
Preston Park House
South Road
Brighton
East Sussex
BN1 6SB

VERSO GARMS LTD (REGISTERED NUMBER: 12409072)

BALANCE SHEET
31 January 2023

31.1.23 31.1.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,103 1,969

CURRENT ASSETS
Stocks 70,000 3,500
Debtors 5 3,619 1,680
Investments 6 25,859 -
Cash at bank 8,858 120,322
108,336 125,502
CREDITORS
Amounts falling due within one year 7 (63,796 ) (43,961 )
NET CURRENT ASSETS 44,540 81,541
TOTAL ASSETS LESS CURRENT
LIABILITIES

45,643

83,510

CREDITORS
Amounts falling due after more than one
year

8

(8,863

)

(38,333

)
NET ASSETS 36,780 45,177

CAPITAL AND RESERVES
Called up share capital 9 1 1
Retained earnings 36,779 45,176
SHAREHOLDERS' FUNDS 36,780 45,177

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

VERSO GARMS LTD (REGISTERED NUMBER: 12409072)

BALANCE SHEET - continued
31 January 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 October 2023 and were signed by:





P Ferguson - Director


VERSO GARMS LTD (REGISTERED NUMBER: 12409072)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 January 2023

1. STATUTORY INFORMATION

Verso Garms Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the fair value of consideration received or receivable net of VAT and trade discounts.

Revenue from the sale of clothing is recognised at the point of dispatch.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment-33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
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 entity after deducting all of its financial liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern
The director have a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

VERSO GARMS LTD (REGISTERED NUMBER: 12409072)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023

2. ACCOUNTING POLICIES - continued

Impairment
At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Investments
Investments includes NFT purchases of art work. These investments are measured at cost less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 February 2022
and 31 January 2023 2,623
DEPRECIATION
At 1 February 2022 654
Charge for year 866
At 31 January 2023 1,520
NET BOOK VALUE
At 31 January 2023 1,103
At 31 January 2022 1,969

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Other debtors 3,619 1,680

6. CURRENT ASSET INVESTMENTS
31.1.23 31.1.22
£    £   
Other 25,859 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 479 453
Taxation and social security 9,249 16,709
Other creditors 44,068 16,799
63,796 43,961

VERSO GARMS LTD (REGISTERED NUMBER: 12409072)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.23 31.1.22
£    £   
Bank loans 8,863 38,333

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.23 31.1.22
value: £    £   
1 Ordinary £1 1 1