Company Registration No. 03907973 (England and Wales)
Veratec Limited
Unaudited accounts
for the year ended 30 September 2023
Veratec Limited
Unaudited accounts
Contents
Veratec Limited
Company Information
for the year ended 30 September 2023
Directors
Mr J Tuite
Ms N M Harrington
Company Number
03907973 (England and Wales)
Registered Office
140 Arlington Road
London
NW1 7HP
Accountants
Tuite Tang Wong
Chartered Certified Accountants
Alliance House
2nd floor 29-30 High Holborn
London
WC1V 6AZ
Veratec Limited
Statement of financial position
as at 30 September 2023
Cash at bank and in hand
678
18,894
Creditors: amounts falling due within one year
(8)
(67)
Net current assets
80,965
113,969
Net assets
153,132
176,092
Called up share capital
200,000
200,000
Profit and loss account
(46,869)
(23,909)
Shareholders' funds
153,132
176,092
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 1 November 2023 and were signed on its behalf by
Mr J Tuite
Director
Company Registration No. 03907973
Veratec Limited
Notes to the Accounts
for the year ended 30 September 2023
Veratec Limited is a private company, limited by shares, registered in England and Wales, registration number 03907973. The registered office is 140 Arlington Road, London, NW1 7HP.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Research expenditure is written off to the profit and loss account in the year in which it is incurred.
Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period which the company is expected to benefit.
Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments.
Recognition and measurement
Investments in non-convertible shares and non-puttable ordinary and preference shares are measured:
i) At fair value with changes recognised in profit or loss if the shares are publicly traded or their fair value can otherwise, be measured reliably;
ii) At cost less impairment for all other investments.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment.
Veratec Limited
Notes to the Accounts
for the year ended 30 September 2023
4
Intangible fixed assets
Other
At 30 September 2023
100,704
At 30 September 2023
100,703
5
Tangible fixed assets
Computer equipment
6
Investments
Other investments
Valuation at 1 October 2022
62,122
Fair value adjustments
(14,956)
Valuation at 30 September 2023
72,166
Financial assets measured at fair value
Loan to T&G Timber Ltd
10-year interest-free loan discounted to its NPV at the market rate of interest.
The notional amount of £75,100 was discounted at the market rate of interest of 8% over the remaining term of 7.5 years.
The change in value was taken to P&L.
The fair value is £42,166 (2022 - £39,621) and the change in value included in profit and loss is £(14,956) (2022 - £(5,934)).
Veratec Limited
Notes to the Accounts
for the year ended 30 September 2023
Amounts falling due within one year
8
Investments held as current assets
2023
2022
Unlisted investments
80,000
95,000
9
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
-
59
10
Transactions with related parties
Loans to related parties
2023
At start of the period £39,622
Advanced £17,500
Fair value change to P&L £(14,956)
At end of period £42,166
Terms of loans to related parties
A 10-year interest-free loan repayable on 31/03/31 was advanced to T&G Timber Ltd.
Veratec Ltd owes 25% of the shares in T&G Timber Ltd
The company's immediate parent is Snowjack Ltd, incorporated in Jersey.
The ultimate controlling party is John Tuite.
12
Average number of employees
During the year the average number of employees was 2 (2022: 2).