Company registration number 03905209 (England and Wales)
VERSEVELD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
VERSEVELD LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
VERSEVELD LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
495,069
565,793
Tangible assets
4
1,732
2,362
496,801
568,155
Current assets
Debtors
5
264,414
385,729
Cash at bank and in hand
36
183
264,450
385,912
Creditors: amounts falling due within one year
6
(918,401)
(1,093,473)
Net current liabilities
(653,951)
(707,561)
Total assets less current liabilities
(157,150)
(139,406)
Creditors: amounts falling due after more than one year
7
(17,521)
(25,855)
Net liabilities
(174,671)
(165,261)
Capital and reserves
Called up share capital
8
21,875
21,875
Profit and loss reserves
(196,546)
(187,136)
Total equity
(174,671)
(165,261)
VERSEVELD LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 28 August 2024 and are signed on its behalf by:
Mr Marc Wray
Director
Company registration number 03905209 (England and Wales)
VERSEVELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Verseveld Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hanbury View, Hadzor Court, Hadzor Lane, Droitwich, WR9 7DR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The accounts are prepared on the going concern basis on the assumption that the company's creditors, in particular the company's directors, continue to provide financial support to the company.true

1.3
Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied, and in the trading of EU licences, exclusive of Value Added Tax and trade discounts.

1.4
Intangible fixed assets - goodwill

Goodwill is being amortised over its remaining useful life of ten years.

1.5
Tangible fixed assets

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% on cost
Fixtures and fittings
25% on reducing balance
1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

VERSEVELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
4
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
707,241
Amortisation and impairment
At 1 January 2023
141,448
Amortisation charged for the year
70,724
At 31 December 2023
212,172
Carrying amount
At 31 December 2023
495,069
At 31 December 2022
565,793
VERSEVELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
18,601
11,199
29,800
Depreciation and impairment
At 1 January 2023
16,618
10,820
27,438
Depreciation charged in the year
529
101
630
At 31 December 2023
17,147
10,921
28,068
Carrying amount
At 31 December 2023
1,454
278
1,732
At 31 December 2022
1,983
379
2,362
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
264,414
385,729
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,776
9,802
Trade creditors
331,820
334,092
Corporation tax
19,427
18,111
Other taxation and social security
1,196
13,124
Other creditors
556,182
718,344
918,401
1,093,473
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
17,521
25,855
VERSEVELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'B' Ordinary shares of £1 each
12,500
12,500
12,500
12,500
Ordinary shares of £1 each
37,500
37,500
9,375
9,375
50,000
50,000
21,875
21,875

As regards income, the Ordinary shares and 'B' Ordinary shares shall rank pari passu with regards to entitlement to dividend except that the directors may at any time resolve to declare dividends on one class of shares and not the other or as to differing amounts on each class.

9
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
M Wray
-
-
21,187
21,187
-
21,187
21,187
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