Silverfin false false 30/06/2023 01/07/2022 30/06/2023 Jason Glenn Mills 19/05/2021 Andrew David Payne 19/04/2023 19/05/2021 Stephen Pickering 19/05/2021 Sukhvinder Kaur Sahansara 19/04/2023 Kelly Jean Wright 19/05/2021 29 November 2023 The principal activity of the Company during the financial period was that of a legal software consultancy company. 13409666 2023-06-30 13409666 bus:Director1 2023-06-30 13409666 bus:Director2 2023-06-30 13409666 bus:Director3 2023-06-30 13409666 bus:Director4 2023-06-30 13409666 bus:Director5 2023-06-30 13409666 2022-06-30 13409666 core:CurrentFinancialInstruments 2023-06-30 13409666 core:CurrentFinancialInstruments 2022-06-30 13409666 core:ShareCapital 2023-06-30 13409666 core:ShareCapital 2022-06-30 13409666 core:RetainedEarningsAccumulatedLosses 2023-06-30 13409666 core:RetainedEarningsAccumulatedLosses 2022-06-30 13409666 core:PatentsTrademarksLicencesConcessionsSimilar 2022-06-30 13409666 core:PatentsTrademarksLicencesConcessionsSimilar 2023-06-30 13409666 core:OfficeEquipment 2022-06-30 13409666 core:ComputerEquipment 2022-06-30 13409666 core:OfficeEquipment 2023-06-30 13409666 core:ComputerEquipment 2023-06-30 13409666 2021-05-18 13409666 bus:OrdinaryShareClass1 2023-06-30 13409666 2022-07-01 2023-06-30 13409666 bus:FilletedAccounts 2022-07-01 2023-06-30 13409666 bus:SmallEntities 2022-07-01 2023-06-30 13409666 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 13409666 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 13409666 bus:Director1 2022-07-01 2023-06-30 13409666 bus:Director2 2022-07-01 2023-06-30 13409666 bus:Director3 2022-07-01 2023-06-30 13409666 bus:Director4 2022-07-01 2023-06-30 13409666 bus:Director5 2022-07-01 2023-06-30 13409666 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2022-07-01 2023-06-30 13409666 core:PatentsTrademarksLicencesConcessionsSimilar 2022-07-01 2023-06-30 13409666 core:OfficeEquipment core:TopRangeValue 2022-07-01 2023-06-30 13409666 core:ComputerEquipment core:TopRangeValue 2022-07-01 2023-06-30 13409666 2021-05-19 2022-06-30 13409666 core:OfficeEquipment 2022-07-01 2023-06-30 13409666 core:ComputerEquipment 2022-07-01 2023-06-30 13409666 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 13409666 bus:OrdinaryShareClass1 2021-05-19 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13409666 (England and Wales)

VERLATA CONSULTING LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

VERLATA CONSULTING LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

VERLATA CONSULTING LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2023
VERLATA CONSULTING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2023
Note 30.06.2023 30.06.2022
£ £
Fixed assets
Intangible assets 3 723 814
Tangible assets 4 4,079 2,773
4,802 3,587
Current assets
Debtors 5 55,588 68,511
Cash at bank and in hand 13,984 4,767
69,572 73,278
Creditors: amounts falling due within one year 6 ( 160,820) ( 118,273)
Net current liabilities (91,248) (44,995)
Total assets less current liabilities (86,446) (41,408)
Net liabilities ( 86,446) ( 41,408)
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account ( 86,546 ) ( 41,508 )
Total shareholder's deficit ( 86,446) ( 41,408)

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Verlata Consulting Limited (registered number: 13409666) were approved and authorised for issue by the Director on 29 November 2023. They were signed on its behalf by:

Stephen Pickering
Director
VERLATA CONSULTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
VERLATA CONSULTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 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 period, unless otherwise stated.

General information and basis of accounting

Verlata Consulting 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 9 Deverills Way, Langley, SL3 8WN, 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 £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £86,445. The Company is supported through loans from the Parent Company of £117,278. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 10 years straight line
Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of 10 years which is their estimated useful economic life. Provision is made for any impairment.

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. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Office equipment 5 years straight line
Computer equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Year ended
30.06.2023
Period from
19.05.2021 to
30.06.2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 4

3. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 July 2022 896 896
At 30 June 2023 896 896
Accumulated amortisation
At 01 July 2022 82 82
Charge for the financial year 91 91
At 30 June 2023 173 173
Net book value
At 30 June 2023 723 723
At 30 June 2022 814 814

4. Tangible assets

Office equipment Computer equipment Total
£ £ £
Cost
At 01 July 2022 472 2,577 3,049
Additions 495 1,681 2,176
At 30 June 2023 967 4,258 5,225
Accumulated depreciation
At 01 July 2022 5 271 276
Charge for the financial year 177 693 870
At 30 June 2023 182 964 1,146
Net book value
At 30 June 2023 785 3,294 4,079
At 30 June 2022 467 2,306 2,773

5. Debtors

30.06.2023 30.06.2022
£ £
Trade debtors 28,526 44,918
Amounts owed by directors 0 10,000
Deferred tax asset 25,050 13,593
Other debtors 2,012 0
55,588 68,511

6. Creditors: amounts falling due within one year

30.06.2023 30.06.2022
£ £
Trade creditors 791 28,800
Amounts owed to Group undertakings 117,278 82,026
Accruals 3,000 2,500
Other taxation and social security 39,621 4,498
Other creditors 130 449
160,820 118,273

7. Deferred tax

30.06.2023 30.06.2022
£ £
At the beginning of financial year/period 13,593 0
Credited to the Statement of Income and Retained Earnings 11,457 13,593
At the end of financial year/period 25,050 13,593

8. Called-up share capital

30.06.2023 30.06.2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

30.06.2023 30.06.2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 0 119

10. Related party transactions

Transactions with owners holding a participating interest in the entity

30.06.2023 30.06.2022
£ £
Verlata Consulting Pty ltd (117,278) (82,026)

No interest is payable on the outstanding balance.

Transactions with the entity's directors

30.06.2023 30.06.2022
£ £
Amounts owed by a director at the period end 0 10,000

There is no set repayment date and interest is not charged on the loan.