Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01truefalseNo description of principal activity37trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07584044 2023-04-01 2024-03-31 07584044 2022-04-01 2023-03-31 07584044 2024-03-31 07584044 2023-03-31 07584044 2022-04-01 07584044 c:Director1 2023-04-01 2024-03-31 07584044 d:OfficeEquipment 2023-04-01 2024-03-31 07584044 d:OfficeEquipment 2024-03-31 07584044 d:OfficeEquipment 2023-03-31 07584044 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07584044 d:CurrentFinancialInstruments 2024-03-31 07584044 d:CurrentFinancialInstruments 2023-03-31 07584044 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 07584044 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07584044 d:ShareCapital 2023-04-01 2024-03-31 07584044 d:ShareCapital 2024-03-31 07584044 d:ShareCapital 2022-04-01 2023-03-31 07584044 d:ShareCapital 2023-03-31 07584044 d:ShareCapital 2022-04-01 07584044 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 07584044 d:RetainedEarningsAccumulatedLosses 2024-03-31 07584044 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 07584044 d:RetainedEarningsAccumulatedLosses 2023-03-31 07584044 d:RetainedEarningsAccumulatedLosses 2022-04-01 07584044 c:OrdinaryShareClass1 2023-04-01 2024-03-31 07584044 c:OrdinaryShareClass1 2024-03-31 07584044 c:OrdinaryShareClass1 2023-03-31 07584044 c:OrdinaryShareClass2 2023-04-01 2024-03-31 07584044 c:OrdinaryShareClass2 2024-03-31 07584044 c:OrdinaryShareClass2 2023-03-31 07584044 c:FRS102 2023-04-01 2024-03-31 07584044 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 07584044 c:FullAccounts 2023-04-01 2024-03-31 07584044 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07584044 2 2023-04-01 2024-03-31 07584044 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07584044









VERUS PARTNERS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
VERUS PARTNERS LIMITED
REGISTERED NUMBER: 07584044

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,911
3,508

  
4,911
3,508

Current assets
  

Debtors: amounts falling due within one year
 5 
65,083
484,608

Cash at bank and in hand
 6 
3,384,812
3,136,234

  
3,449,895
3,620,842

Creditors: amounts falling due within one year
 7 
(2,398,594)
(2,698,959)

Net current assets
  
 
 
1,051,301
 
 
921,883

Total assets less current liabilities
  
1,056,212
925,391

Provisions for liabilities
  

Deferred tax
  
(2,700)
(2,700)

  
 
 
(2,700)
 
 
(2,700)

Net assets
  
1,053,512
922,691


Capital and reserves
  

Called up share capital 
  
1,050
1,050

Profit and loss account
  
1,052,462
921,641

  
1,053,512
922,691


Page 1

 
VERUS PARTNERS LIMITED
REGISTERED NUMBER: 07584044
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
A R W Elliott
Director

Date: 16 August 2024

The notes on pages 4 to 10 form part of these financial statements

Page 2

 
VERUS PARTNERS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
2,100
957,429
959,529


Comprehensive income for the year

Loss for the year
-
(36,838)
(36,838)
Total comprehensive income for the year
-
(36,838)
(36,838)

Purchase of own shares
-
1,050
1,050

Shares cancelled during the year
(1,050)
-
(1,050)


Total transactions with owners
(1,050)
1,050
-



At 1 April 2023
1,050
921,641
922,691


Comprehensive income for the year

Profit for the year
-
130,821
130,821
Total comprehensive income for the year
-
130,821
130,821


At 31 March 2024
1,050
1,052,462
1,053,512


The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
VERUS PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Verus Partners Limited is a company limited by shares incorporated in England within the United Kingdom. The address of the registered office is given in the company information page of these financial statements. The company's principal activity is financial advisors.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
VERUS PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 April 2022 to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

 
VERUS PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 6

 
VERUS PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans 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.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors 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.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 7).

Page 7

 
VERUS PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 April 2023
8,771


Additions
3,873



At 31 March 2024

12,644



Depreciation


At 1 April 2023
5,263


Charge for the year on owned assets
2,470



At 31 March 2024

7,733



Net book value



At 31 March 2024
4,911



At 31 March 2023
3,508


5.


Debtors

2024
2023
£
£


Trade debtors
-
387,369

Other debtors
-
90,224

Prepayments and accrued income
65,083
7,015

65,083
484,608


Page 8

 
VERUS PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,384,812
3,136,234

Less: bank overdrafts
-
(42)

3,384,812
3,136,192



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
42

Trade creditors
129
4,135

Corporation tax
32,000
-

Other taxation and social security
37,395
31,363

Other creditors
2,322,820
2,654,887

Accruals and deferred income
6,250
8,532

2,398,594
2,698,959


Page 9

 
VERUS PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



50 (2023 - 50) Ordinary shares of £1.00 each
50
50
1,000 (2023 - 1,000) Ordinary A shares of £1.00 each
1,000
1,000

1,050

1,050



9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £5,772 (2023 - £14,641). Contributions totalling £Nil (2023 - £2,532) were payable to the fund at the balance sheet date.

 
Page 10