Vercara (UK) Limited
Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 05175575 (England and Wales)
Vercara (UK) Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 7
Vercara (UK) Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Current assets
Debtors
6
3,105,076
2,228,348
Cash at bank and in hand
34,532
24,931
3,139,608
2,253,279
Creditors: amounts falling due within one year
7
(772,126)
(472,357)
Net current assets
2,367,482
1,780,922
Creditors: amounts falling due after more than one year
8
(446,822)
-
0
Net assets
1,920,660
1,780,922
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
1,920,560
1,780,822
Total equity
1,920,660
1,780,922

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 28 March 2024 and are signed on its behalf by:
K Collins
Director
Company Registration No. 05175575
VERCARA (UK) LIMITED
Vercara (UK) Limited
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
Page 2
1
Accounting policies
Company information

Vercara (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 2 First Floor, 10 Temple Back, Bristol, England, BS1 6FL. The principal place of business is 21 Palmer Street, London, SW1H 0AD.

 

The company changed its name from Neustar (UK) Limited to Vecara (UK) Limited by resolution on 4 April 2023.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least a year from the signing of these financial statements.

 

The company's ongoing principal activity continues to be the provision of services to its parent entity, Vercara, LLC. The company's principal risks are therefore closely linked to those of the parent entity and it is consequently exposed to the parent entity’s willingness and capacity to provide financial support. Vercara, LLC has operated successfully for many years and has demonstrated its commitment to the long-term success of the group and view it as a critical component of its overall business strategy. The Directors have reviewed the financial standing of the parent entity and are confident it is able to continue supporting the business. Vercara, LLC have provided a letter of support for at least one year of the date from signing these financial statements.

1.3
Turnover

Turnover represents the fair value of services provided during the period. Fair value reflects the amount expected to be recoverable from the parent company and is based on services provided and expenses incurred, but excludes VAT.

1.4
Cash at bank and in hand

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 current liabilities.

VERCARA (UK) LIMITED
Vercara (UK) Limited
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 3
1.5
Debtors and creditors

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans and other debtors receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors and other current creditors payable on demand are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt within equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

VERCARA (UK) LIMITED
Vercara (UK) Limited
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

 

1.10
Share-based payments

For cash-settled share-based payments, a liability is recognised for the goods and services acquired, measured initially at the fair value of the liability. At the balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the year.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 16 (2022 - 17).

3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
114,520
-
0
Deferred tax
Origination and reversal of timing differences
(143,299)
21,302
Total tax (credit)/charge
(28,779)
21,302
VERCARA (UK) LIMITED
Vercara (UK) Limited
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 December 2023
Page 5
4
Intangible fixed assets
Other
£
Cost
At 1 January 2023
98,335
Disposals
(98,335)
At 31 December 2023
-
0
Amortisation and impairment
At 1 January 2023
98,335
Disposals
(98,335)
At 31 December 2023
-
0
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
1,678,135
Disposals
(1,678,135)
At 31 December 2023
-
0
Depreciation and impairment
At 1 January 2023
1,678,135
Eliminated in respect of disposals
(1,678,135)
At 31 December 2023
-
0
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
VERCARA (UK) LIMITED
Vercara (UK) Limited
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 December 2023
Page 6
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
24,773
90,928
Amounts owed by group undertakings
2,688,042
1,880,481
Other debtors
179,443
134,946
Prepayments and accrued income
-
0
52,474
2,892,258
2,158,829
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
212,818
69,519
Total debtors
3,105,076
2,228,348
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
7,802
7,978
Taxation and social security
471,096
59,315
Accruals
293,228
405,064
772,126
472,357
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Accruals
446,822
-
0
VERCARA (UK) LIMITED
Vercara (UK) Limited
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 December 2023
Page 7
9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2023
2022
Balances:
£
£
Accelerated capital allowances
102,728
68,318
Unpaid salary
111,706
-
Provisions
(1,616)
1,201
212,818
69,519
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
10,000 Ordinary of 1p each
100
100
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Andrew Grieve
Statutory Auditor:
Moore Kingston Smith LLP
12
Related party transactions

The company has taken advantage of the exemption from disclosing transactions with members within a wholly owned group.

 

No directors remuneration was payable by the company to the directors during the year for their services to the company. The directors, who are also a directors of other group companies, are remunerated elsewhere in the group.

13
Parent company

The immediate parent undertaking is Vecara, LLC (2022: Vecara, LLC ) a company incorporated in the UK.

The ultimate parent undertaking and controlling party is Aerial Blocker Corporation (2022: Aerial Blocker Corporation), a company incorporated in Delaware, USA.

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