Registered number
05134837
Verbalise Limited
Filleted Accounts
31 May 2024
Verbalise Limited
Registered number: 05134837
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 297,140 296,621
Current assets
Stocks 173,215 192,322
Debtors 5 10,233 4,118
Cash at bank and in hand 22,509 76,448
205,957 272,888
Creditors: amounts falling due within one year 6 (44,698) (77,654)
Net current assets 161,259 195,234
Total assets less current liabilities 458,399 491,855
Creditors: amounts falling due after more than one year 7 (271,245) (320,624)
Net assets 187,154 171,231
Capital and reserves
Called up share capital 1 1
Profit and loss account 187,153 171,230
Shareholder's funds 187,154 171,231
As at 31/05/2024 there is a charge held over the company assets to the value of £294,375 by HSBC UK Bank PLC.
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M. Begg
Director
Approved by the board on 12 August 2024
Verbalise Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% Reducing Balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2023 17,000
At 31 May 2024 17,000
Amortisation
At 1 June 2023 17,000
At 31 May 2024 17,000
Net book value
At 31 May 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 June 2023 280,308 54,579 334,887
Additions - 4,727 4,727
At 31 May 2024 280,308 59,306 339,614
Depreciation
At 1 June 2023 - 38,266 38,266
Charge for the year - 4,208 4,208
At 31 May 2024 - 42,474 42,474
Net book value
At 31 May 2024 280,308 16,832 297,140
At 31 May 2023 280,308 16,313 296,621
5 Debtors 2024 2023
£ £
Trade debtors 3,346 4,118
Other debtors 6,887 -
10,233 4,118
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 37,355 -
Trade creditors 6,952 11,360
Taxation and social security costs 391 10,681
Other creditors - 55,613
44,698 77,654
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 38,688 94,565
Other creditors 232,557 226,059
271,245 320,624
8 Other information
Verbalise Limited is a private company limited by shares and incorporated in England. Its registered office is:
Lower Ground Floor
51 Woodlands Road
Lytham St. Annes
Lancashire
FY8 1DA
Verbalise Limited 05134837 false 2023-06-01 2024-05-31 2024-05-31 VT Final Accounts April 2024 M. Begg No description of principal activity 05134837 2022-06-01 2023-05-31 05134837 core:WithinOneYear 2023-05-31 05134837 core:AfterOneYear 2023-05-31 05134837 core:ShareCapital 2023-05-31 05134837 core:RetainedEarningsAccumulatedLosses 2023-05-31 05134837 2023-06-01 2024-05-31 05134837 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 05134837 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 05134837 bus:Director40 2023-06-01 2024-05-31 05134837 1 2023-06-01 2024-05-31 05134837 2 2023-06-01 2024-05-31 05134837 core:LandBuildings 2023-06-01 2024-05-31 05134837 core:PlantMachinery 2023-06-01 2024-05-31 05134837 countries:England 2023-06-01 2024-05-31 05134837 bus:FRS102 2023-06-01 2024-05-31 05134837 bus:FilletedAccounts 2023-06-01 2024-05-31 05134837 2024-05-31 05134837 core:WithinOneYear 2024-05-31 05134837 core:AfterOneYear 2024-05-31 05134837 core:ShareCapital 2024-05-31 05134837 core:RetainedEarningsAccumulatedLosses 2024-05-31 05134837 core:Goodwill 2024-05-31 05134837 core:LandBuildings 2024-05-31 05134837 core:PlantMachinery 2024-05-31 05134837 2023-05-31 05134837 core:Goodwill 2023-05-31 05134837 core:LandBuildings 2023-05-31 05134837 core:PlantMachinery 2023-05-31 iso4217:GBP xbrli:pure