Silverfin false 31/03/2023 01/04/2022 31/03/2023 G Silver 12/11/2012 23 November 2023 The principal activity of the Company is that of property consultants and property trading and developers. 08290038 2023-03-31 08290038 bus:Director1 2023-03-31 08290038 2022-03-31 08290038 core:CurrentFinancialInstruments 2023-03-31 08290038 core:CurrentFinancialInstruments 2022-03-31 08290038 core:Non-currentFinancialInstruments 2023-03-31 08290038 core:Non-currentFinancialInstruments 2022-03-31 08290038 core:ShareCapital 2023-03-31 08290038 core:ShareCapital 2022-03-31 08290038 core:RetainedEarningsAccumulatedLosses 2023-03-31 08290038 core:RetainedEarningsAccumulatedLosses 2022-03-31 08290038 core:CostValuation 2022-03-31 08290038 core:CostValuation 2023-03-31 08290038 core:ProvisionsForImpairmentInvestments 2022-03-31 08290038 core:ProvisionsForImpairmentInvestments 2023-03-31 08290038 bus:OrdinaryShareClass1 2023-03-31 08290038 2022-04-01 2023-03-31 08290038 bus:FullAccounts 2022-04-01 2023-03-31 08290038 bus:SmallEntities 2022-04-01 2023-03-31 08290038 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 08290038 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 08290038 bus:Director1 2022-04-01 2023-03-31 08290038 2021-04-01 2022-03-31 08290038 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 08290038 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08290038 (England and Wales)

VERARY LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

VERARY LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

VERARY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
VERARY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Investments 3 150 150
150 150
Current assets
Debtors 4 2,342,512 1,896,817
Cash at bank and in hand 71,407 53,018
2,413,919 1,949,835
Creditors: amounts falling due within one year 5 ( 467,752) ( 916,459)
Net current assets 1,946,167 1,033,376
Total assets less current liabilities 1,946,317 1,033,526
Creditors: amounts falling due after more than one year 6 ( 27,541) ( 39,785)
Net assets 1,918,776 993,741
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 1,918,676 993,641
Total shareholder's funds 1,918,776 993,741

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

Director's responsibilities:

The financial statements of Verary Limited (registered number: 08290038) were approved and authorised for issue by the Director. They were signed on its behalf by:

G Silver
Director

23 November 2023

VERARY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
VERARY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Verary Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, N3 1XW, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Fixed asset investments

Other investments Total
£ £
Carrying value before impairment
At 01 April 2022 150 150
At 31 March 2023 150 150
Provisions for impairment
At 01 April 2022 0 0
At 31 March 2023 0 0
Carrying value at 31 March 2023 150 150
Carrying value at 31 March 2022 150 150

4. Debtors

2023 2022
£ £
Other debtors 2,342,512 1,896,817

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 12,711 10,000
Accruals 4,501 9,000
Other taxation and social security 41,782 479,537
Other creditors 408,758 417,922
467,752 916,459

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 27,541 39,785

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Related party transactions

Transactions with the entity's director

Advances

The company advanced £942,419 to one of the directors who repaid £1,634,836 during the year, leaving a balance at the year end of £nil owed by the director (2022: £692,417 owed by the director). Interest has been charged at 2% and this balance is unsecured.