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Registered Number: 11734834
England and Wales

 

 

 

VERSO LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 January 2022

End date: 31 December 2022
 
 
Notes
 
2022
£
  2021
£
Fixed assets      
Tangible fixed assets 3 2,291    3,635 
Investments 4 2    2 
2,293    3,637 
Current assets      
Debtors 13,751    24,542 
Cash at bank and in hand 19,446    25,910 
33,197    50,452 
Creditors: amount falling due within one year (46,192)   (32,404)
Net current liabilities (12,995)   18,048 
 
Total assets less current liabilities (10,702)   21,685 
Creditors: amount falling due after more than one year (25,812)   (35,812)
Net liabilities (36,514)   (14,127)
 

Capital and reserves
     
Called up share capital 1,000    1,000 
Profit and loss account (37,514)   (15,127)
Shareholder's funds (36,514)   (14,127)
 


For the year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 22 July 2023 and were signed on its behalf by:


-------------------------------
Mark William Newton
Director
1
General Information
VERSO LIMITED is a private company, limited by shares, registered in England and Wales, registration number 11734834, registration address Albert House, 256-260 Old Street,, London, EC1V 9DD.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 25% Straight Line
Computer Equipment 25% Straight Line
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed fir impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence whee it has the power to participate in the financial and operating decisions of the associate.
Financial instruments
The company has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measure at fair value.
2.

Average number of employees

Average number of employees during the year was 6 (2021 : 6).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Total
  £   £   £
At 01 January 2022 575    6,668    7,243 
Additions    
Disposals    
At 31 December 2022 575    6,668    7,243 
Depreciation
At 01 January 2022 198    2,943    3,141 
Charge for year 144    1,667    1,811 
On disposals    
At 31 December 2022 342    4,610    4,952 
Net book values
Closing balance as at 31 December 2022 233    2,058    2,291 
Opening balance as at 01 January 2022 377    3,258    3,635 


4.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 January 2022 2    2 
Additions  
Transfer to/from tangible fixed assets  
Disposals  
At 31 December 2022 2    2 

5.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2022
£
 2021
£
 2022
£
 2021
£
M W Newton6,562 9,546 
New Citizens Limited12,000 11,170 1,200 2,200 
Oya Space Limited7,660 17,003 

At the year end the company was due £6,562 (2021: £9,546 owed) to Mr M W Newton a director of the company.
During the year the company made a sales of £12,000 to New Citizens Limited. Included in the trade debtors at the year end is £1,200 due from New Citizens Limited. New Citizens Limited is a related party by virtue of commo directorship.
During the year the company paid £7,660 to Oya Space Limited as rent. Oya Space Limited is a related party by virtue of common directorship.
2