Silverfin false 31/03/2023 01/04/2022 31/03/2023 Dr Z Wang 14/09/2015 Mrs Z Yang 26/11/2021 12 February 2024 no description of principal activity 09762534 2023-03-31 09762534 bus:Director1 2023-03-31 09762534 bus:Director2 2023-03-31 09762534 2022-03-31 09762534 core:CurrentFinancialInstruments 2023-03-31 09762534 core:CurrentFinancialInstruments 2022-03-31 09762534 core:Non-currentFinancialInstruments 2023-03-31 09762534 core:Non-currentFinancialInstruments 2022-03-31 09762534 core:ShareCapital 2023-03-31 09762534 core:ShareCapital 2022-03-31 09762534 core:RetainedEarningsAccumulatedLosses 2023-03-31 09762534 core:RetainedEarningsAccumulatedLosses 2022-03-31 09762534 core:FurnitureFittings 2022-03-31 09762534 core:ComputerEquipment 2022-03-31 09762534 core:FurnitureFittings 2023-03-31 09762534 core:ComputerEquipment 2023-03-31 09762534 2022-04-01 2023-03-31 09762534 bus:FullAccounts 2022-04-01 2023-03-31 09762534 bus:SmallEntities 2022-04-01 2023-03-31 09762534 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 09762534 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09762534 bus:Director1 2022-04-01 2023-03-31 09762534 bus:Director2 2022-04-01 2023-03-31 09762534 core:FurnitureFittings 2022-04-01 2023-03-31 09762534 core:ComputerEquipment core:TopRangeValue 2022-04-01 2023-03-31 09762534 2021-04-01 2022-03-31 09762534 core:ComputerEquipment 2022-04-01 2023-03-31 09762534 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: 09762534 (England and Wales)

VEREER LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

VEREER LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

VEREER LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2023
VEREER LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2023
DIRECTORS Dr Z Wang
Mrs Z Yang
REGISTERED OFFICE 3000 Hillswood Drive
Chertsey
England
KT16 0RS
United Kingdom
COMPANY NUMBER 09762534 (England and Wales)
CHARTERED ACCOUNTANTS GRAVITA III LLP
66 Prescot Street
London
E1 8NN
United Kingdom
VEREER LIMITED

BALANCE SHEET

As at 31 March 2023
VEREER LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,147 1,530
1,147 1,530
Current assets
Stocks 231,422 184,613
Debtors 4 276,050 203,096
Cash at bank and in hand 1,462,012 1,203,094
1,969,484 1,590,803
Creditors: amounts falling due within one year 5 ( 649,127) ( 854,716)
Net current assets 1,320,357 736,087
Total assets less current liabilities 1,321,504 737,617
Creditors: amounts falling due after more than one year 6 ( 500,000) 0
Net assets 821,504 737,617
Capital and reserves
Called-up share capital 100 100
Profit and loss account 821,404 737,517
Total shareholders' funds 821,504 737,617

For the financial 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 financial statements of Vereer Limited (registered number: 09762534) were approved and authorised for issue by the Board of Directors on 12 February 2024. They were signed on its behalf by:

Dr Z Wang
Director
VEREER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
VEREER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 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 year, unless otherwise stated.

General information and basis of accounting

Vereer 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 3000 Hillswood Drive, Chertsey, England, KT16 0RS, 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 £.

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 Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account 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 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

Short term benefits
The costs of short-term employee benefits are recognised as a liability as an expense.

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 Balance Sheet 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 25 % reducing balance
Computer equipment 4 years straight line
Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounts to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is estimated to be less than its recoverable amount. The impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment loss are reversed if, and only if, the reasons for the impairment loss have ceased to apply, where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 1

3. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 April 2022 3,366 1,036 4,402
At 31 March 2023 3,366 1,036 4,402
Accumulated depreciation
At 01 April 2022 2,527 345 2,872
Charge for the financial year 210 173 383
At 31 March 2023 2,737 518 3,255
Net book value
At 31 March 2023 629 518 1,147
At 31 March 2022 839 691 1,530

4. Debtors

2023 2022
£ £
Trade debtors 275,979 103,025
Other debtors 71 100,071
276,050 203,096

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 71,682 0
Taxation and social security 72,408 149,405
Other creditors 505,037 705,311
649,127 854,716

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 500,000 0

There are no amounts included above in respect of which any security has been given by the small entity.

7. Related party transactions

The company owed £504,133 to the director. £500,000 of this balance is included within long term creditors at the year end. The balance accrues interest at 7%.

During the year dividends of £80,000 (2022: £60,000) were paid to the company's shareholders.