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COMPANY REGISTRATION NUMBER: 04303224
Veritas in Partnership Financial Services Limited
Filleted Unaudited Financial Statements
30 June 2023
Veritas in Partnership Financial Services Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
Fixed Assets
Tangible assets
5
1,673
1,229
Current Assets
Debtors
6
14,268
15,220
Cash at bank and in hand
231,839
225,192
-----------
-----------
246,107
240,412
Creditors: amounts falling due within one year
7
44,405
44,624
-----------
-----------
Net Current Assets
201,702
195,788
-----------
-----------
Total Assets Less Current Liabilities
203,375
197,017
Provisions
318
234
-----------
-----------
Net Assets
203,057
196,783
-----------
-----------
Capital and Reserves
Called up share capital
100
100
Capital redemption reserve
50
50
Profit and loss account
202,907
196,633
-----------
-----------
Shareholders Funds
203,057
196,783
-----------
-----------
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 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 members have 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 .
Veritas in Partnership Financial Services Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 27 November 2023 , and are signed on behalf of the board by:
S Millar
Director
Company registration number: 04303224
Veritas in Partnership Financial Services Limited
Notes to the Financial Statements
Year Ended 30 June 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 First Floor, 126 Derby Road, Long Eaton, Nottingham, NG10 4LS.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue Recognition
Turnover is measured at the fair value of the consideration received in commissions and fees from investment related services.
Income Tax
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 is recognised on taxable profit for the current and past periods. 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.
Operating Leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Office equipment and furniture
-
15% reducing balance
Computer equipment
-
25% straight line
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial Instruments
The company has only financial assets and financial liabilities of a kind that qualify as a basic financial instruments. 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. Debtors and creditors receivable / payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit or loss account.
Defined Contribution Plans
The company operates a defined contribution pension scheme.Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. The assets of the scheme are held separately from those of the company in an independently administered fund.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
5. Tangible Assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 July 2022
5,794
9,732
15,526
Additions
167
867
1,034
--------
---------
---------
At 30 June 2023
5,961
10,599
16,560
--------
---------
---------
Depreciation
At 1 July 2022
5,066
9,231
14,297
Charge for the year
134
456
590
--------
---------
---------
At 30 June 2023
5,200
9,687
14,887
--------
---------
---------
Carrying amount
At 30 June 2023
761
912
1,673
--------
---------
---------
At 30 June 2022
728
501
1,229
--------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
13,800
14,752
Other debtors
468
468
---------
---------
14,268
15,220
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,675
Corporation tax
39,481
41,679
Social security and other taxes
543
778
Other creditors
2,706
2,167
---------
---------
44,405
44,624
---------
---------