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Registration number: 00827815

Verivide Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Verivide Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Verivide Limited

Company Information

Directors

P. G. Dakin

J. K. Dakin

J. K. Dakin

D. B. Healey - Dakin

S. D. Tongue

A. P. Dakin

Registered office

Unit B, Quartz Close
Warrens Business Park
Enderby
Leicester
LE19 4SG

Accountants

Robert Whowell & Partners LLP
Chartered Accountants
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

 

Verivide Limited

(Registration number: 00827815)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

295,343

340,995

Investments

5

151,260

151,260

 

446,603

492,255

Current assets

 

Stocks

6

1,500,199

1,238,720

Debtors

7

1,835,374

1,067,117

Cash at bank and in hand

 

418,890

1,681,509

 

3,754,463

3,987,346

Creditors: Amounts falling due within one year

8

(992,307)

(999,439)

Net current assets

 

2,762,156

2,987,907

Total assets less current liabilities

 

3,208,759

3,480,162

Provisions for liabilities

(65,209)

(74,674)

Net assets

 

3,143,550

3,405,488

Capital and reserves

 

Called up share capital

9

74

74

Capital redemption reserve

26

26

Retained earnings

3,143,450

3,405,388

Shareholders' funds

 

3,143,550

3,405,488

 

Verivide Limited

(Registration number: 00827815)
Balance Sheet as at 30 November 2023

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 July 2024 and signed on its behalf by:
 

.........................................
P. G. Dakin
Director

 

Verivide Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit B, Quartz Close
Warrens Business Park
Enderby
Leicester
LE19 4SG

These financial statements were authorised for issue by the Board on 12 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

 

Verivide Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

25% reducing balance

Fixtures, fittings and equipment

25% reducing balance

Motor vehicles

25% reducing balance

Plant and machinery

25% reducing balance

 

Verivide Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in the profit and loss account.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Verivide Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 39 (2022 - 36).

 

Verivide Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Leasehold improvements
£

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 December 2022

102,966

261,019

282,696

263,557

910,238

Additions

-

28,419

-

13,436

41,855

At 30 November 2023

102,966

289,438

282,696

276,993

952,093

Depreciation

At 1 December 2022

101,368

207,127

40,006

220,742

569,243

Charge for the year

400

15,501

60,672

10,934

87,507

At 30 November 2023

101,768

222,628

100,678

231,676

656,750

Carrying amount

At 30 November 2023

1,198

66,810

182,018

45,317

295,343

At 30 November 2022

1,598

53,892

242,690

42,815

340,995

5

Investments

2023
£

2022
£

Investments in subsidiaries

151,260

151,260

Subsidiaries

£

Cost or valuation

At 1 December 2022

151,260

At 30 November 2023

151,260

Carrying amount

At 30 November 2023

151,260

At 30 November 2022

151,260

 

Verivide Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Stocks

2023
£

2022
£

Raw materials and consumables

1,500,199

1,238,720

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

553,147

789,855

Amounts owed by related parties

10

1,143,425

136,432

Prepayments

 

87,339

73,568

Other debtors

 

51,463

67,262

   

1,835,374

1,067,117

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

616,956

608,982

Amounts owed to group undertakings

10

152,392

152,392

Taxation and social security

 

63,336

218,151

Accruals and deferred income

 

22,216

19,716

Other creditors

 

137,407

198

 

992,307

999,439

 

Verivide Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

26

26

26

26

Ordinary B shares of £1 each

30

30

30

30

Ordinary C shares of £1 each

18

18

18

18

 

74

74

74

74

10

Related party transactions

Summary of transactions with other related parties

During the year the directors received dividends of £334,000 (2022 - £360,000).

During the year the company paid rent of £104,772 (2022 - £91,551) to a company of which some of the directors of Verivide Limited are also directors.

At the year end Verivide Limited was owed £1,143,425 (2022 - £136,432) by a company of which some of the directors of Verivide Limited are also directors.

At the year end Verivide Limited owed £152,392 (2022 - £152,392) to a wholly owned subsidiary.