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REGISTERED NUMBER: 01046548 (England and Wales)















VERANUM LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023






VERANUM LIMITED (REGISTERED NUMBER: 01046548)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


VERANUM LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: F R Cowap
J A Simpkin



SECRETARY: C Pell



REGISTERED OFFICE: The Exchange
5 Bank Street
Bury
BL9 0DN



REGISTERED NUMBER: 01046548 (England and Wales)



ACCOUNTANTS: DTE Business Advisers Limited
The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN



BANKERS: The Royal Bank of Scotland plc
38 Market Place
Wigan
WN1 1PJ

VERANUM LIMITED (REGISTERED NUMBER: 01046548)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 3,284 3,332
Investment property 5 660,650 660,650
663,934 663,982

CURRENT ASSETS
Debtors 6 4,586 7,322
Cash at bank 94,958 79,309
99,544 86,631
CREDITORS
Amounts falling due within one year 7 (7,179 ) (7,368 )
NET CURRENT ASSETS 92,365 79,263
TOTAL ASSETS LESS CURRENT
LIABILITIES

756,299

743,245

PROVISIONS FOR LIABILITIES (33,097 ) (33,857 )
NET ASSETS 723,202 709,388

CAPITAL AND RESERVES
Called up share capital 35,000 35,000
Other reserves 418,985 418,985
Retained earnings 269,217 255,403
SHAREHOLDERS' FUNDS 723,202 709,388

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

VERANUM LIMITED (REGISTERED NUMBER: 01046548)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by:





F R Cowap - Director


VERANUM LIMITED (REGISTERED NUMBER: 01046548)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Veranum Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 01046548. The registered office is The Exchange, 5 Bank Street, Bury, BL9 0DN.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has net assets of £723k (2022: 709k) and cash reserves of £95k (2022: 79k) and is therefore well placed to withstand any rental shortfalls that may occur. Accordingly, the directors consider it is appropriate to prepare the financial statements on the going concern basis.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Estimating the fair value of investment property is considered to be a key judgement.

Revenue
Revenue represents rental income receivable for the occupation of residential properties. Revenue is recognised as those services are provided to the occupants of the properties.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on reducing balance

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

Investment properties
The investment property portfolio comprises of a number of residential properties which are included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided.

A reserves transfer from retained earnings to other reserves is made to distinguish between distributable reserves and non distributable reserves.

VERANUM LIMITED (REGISTERED NUMBER: 01046548)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Dividends
Equity dividends are recognised when they become legally payable and are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

VERANUM LIMITED (REGISTERED NUMBER: 01046548)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 January 2023 3,990
Additions 3,999
Disposals (3,990 )
At 31 December 2023 3,999
DEPRECIATION
At 1 January 2023 658
Charge for year 1,219
Eliminated on disposal (1,162 )
At 31 December 2023 715
NET BOOK VALUE
At 31 December 2023 3,284
At 31 December 2022 3,332

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 660,650
NET BOOK VALUE
At 31 December 2023 660,650
At 31 December 2022 660,650

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2012 442,429
Valuation in 2022 10,414
Cost 207,807
660,650

The investment properties were professionally valued on an open market basis on 22 November 2022 by Regan & Hallworth, Estate Agents.

The directors valued the properties as at 31 December 2023 at the same carrying value.

VERANUM LIMITED (REGISTERED NUMBER: 01046548)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 4,220 6,860
Other debtors 366 462
4,586 7,322

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 2,126 2,126
Taxation and social security 3,111 3,298
Other creditors 1,942 1,944
7,179 7,368