48 false false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 105,000 105,000 xbrli:pure xbrli:shares iso4217:GBP 04362784 2022-04-01 2023-03-31 04362784 2023-03-31 04362784 2022-03-31 04362784 2021-04-01 2022-03-31 04362784 2022-03-31 04362784 2021-03-31 04362784 core:NetGoodwill 2022-04-01 2023-03-31 04362784 core:FurnitureFittings 2022-04-01 2023-03-31 04362784 bus:Director3 2022-04-01 2023-03-31 04362784 core:NetGoodwill 2023-03-31 04362784 core:FurnitureFittings 2022-03-31 04362784 core:FurnitureFittings 2023-03-31 04362784 core:WithinOneYear 2023-03-31 04362784 core:WithinOneYear 2022-03-31 04362784 core:ShareCapital 2023-03-31 04362784 core:ShareCapital 2022-03-31 04362784 core:RetainedEarningsAccumulatedLosses 2023-03-31 04362784 core:RetainedEarningsAccumulatedLosses 2022-03-31 04362784 core:FurnitureFittings 2022-03-31 04362784 bus:SmallEntities 2022-04-01 2023-03-31 04362784 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 04362784 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 04362784 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04362784 bus:FullAccounts 2022-04-01 2023-03-31 04362784 core:ComputerEquipment 2022-04-01 2023-03-31 04362784 core:ComputerEquipment 2022-03-31 04362784 core:ComputerEquipment 2023-03-31
COMPANY REGISTRATION NUMBER: 04362784
Verytas Solutions Limited
Filleted Unaudited Financial Statements
31 March 2023
Verytas Solutions Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
2,988
2,486
Current assets
Debtors
7
124,003
79,774
Cash at bank and in hand
82,662
138,896
---------
---------
206,665
218,670
Creditors: amounts falling due within one year
8
103,874
116,274
---------
---------
Net current assets
102,791
102,396
---------
---------
Total assets less current liabilities
105,779
104,882
Provisions
370
220
---------
---------
Net assets
105,409
104,662
---------
---------
Capital and reserves
Called up share capital
1,006
1,006
Profit and loss account
104,403
103,656
---------
---------
Shareholder funds
105,409
104,662
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Verytas Solutions Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 24 November 2023 , and are signed on behalf of the board by:
Mr G J Paterson
Director
Company registration number: 04362784
Verytas Solutions Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1st Floor Clwyd House, Argoed Road, Buckley, Flintshire, CH7 3HZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax or deferred taxation assets and liabilites are not discounted. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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 measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2009 is amortised evenly over its estimated useful life of five years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Equipment
-
33% reducing balance
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
The following assets and liabilities within the accounts are classified as financial instruments - trade debtors, trade creditors and directors loans. Directors loans (being repayable upon demand), trade debtors and trade creditors, are measured at the undiscounted amount of cash or other consideration expected to be paid or received. Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of Income and Retained Earnings.
Defined contribution plans
The company operates a defined contribution pension scheme. Contributions to defined contribution plans are recognised as an expense in the period to which they relate.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 48 (2022: 49 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
105,000
---------
Amortisation
At 1 April 2022 and 31 March 2023
105,000
---------
Carrying amount
At 31 March 2023
---------
At 31 March 2022
---------
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 April 2022
3,413
7,913
11,326
Additions
1,498
1,498
-------
-------
--------
At 31 March 2023
3,413
9,411
12,824
-------
-------
--------
Depreciation
At 1 April 2022
3,085
5,755
8,840
Charge for the year
82
914
996
-------
-------
--------
At 31 March 2023
3,167
6,669
9,836
-------
-------
--------
Carrying amount
At 31 March 2023
246
2,742
2,988
-------
-------
--------
At 31 March 2022
328
2,158
2,486
-------
-------
--------
7. Debtors
2023
2022
£
£
Trade debtors
100,886
60,642
Amounts owed by group undertakings and undertakings in which the company has a participating interest
14,633
13,960
Other debtors
8,484
5,172
---------
--------
124,003
79,774
---------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
724
Social security and other taxes
62,555
73,039
Attachments of earnings
156
40
Other creditors
40,439
43,195
---------
---------
103,874
116,274
---------
---------
Bank facilities are secured by a fixed and floating charge over the assets of the company.
9. Directors' advances, credits and guarantees
In the year the directors operated a loan account with the company. There was movement in the year, so at the year end the account balance was £914 overdrawn (2022 £4,680 in credit). The loan is interest free and repayable upon demand.
10. Controlling party
The ultimate parent company is Verytas Homecare Limited (Company Number 08545844), which owns 100% of the shares in Verytas Solutions Limited . The registered office of the ultimate parent company is 1st Floor, Clwyd House, Argoed Road, Buckley, Flintshire CH7 3HZ