Verita Consultancy Limited
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 10504456 (England and Wales)
Verita Consultancy Limited
Company Information
Directors
P Killwick
E Marsden
D Scott
Company number
10504456
Registered office
338 City Road
London
EC1V 2PY
Accountants
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Verita Consultancy Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Verita Consultancy Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,643
205
Investments
5
2
2
2,645
207
Current assets
Debtors
7
185,119
301,352
Cash at bank and in hand
31,070
8,819
216,189
310,171
Creditors: amounts falling due within one year
8
(103,535)
(160,779)
Net current assets
112,654
149,392
Total assets less current liabilities
115,299
149,599
Creditors: amounts falling due after more than one year
9
-
0
(3,574)
Net assets
115,299
146,025
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
115,199
145,925
Total equity
115,299
146,025

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

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 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.

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.

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

Verita Consultancy Limited
Balance Sheet (Continued)
As at 31 December 2023
Page 2
The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
P Killwick
Director
Company Registration No. 10504456
Verita Consultancy Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 3
1
Accounting policies
Company information

Verita Consultancy Limited is a private company limited by shares incorporated in England and Wales. The registered office is 338 City Road, London, EC1V 2PY.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue to trade in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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
3 Years Straight Line
Computers
3 Years Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Verita Consultancy Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

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

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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Verita Consultancy Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 5
1.11
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
5
5
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
40,722
Amortisation and impairment
At 1 January 2023 and 31 December 2023
40,722
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
Verita Consultancy Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
3,529
Additions
3,779
At 31 December 2023
7,308
Depreciation and impairment
At 1 January 2023
3,324
Depreciation charged in the year
1,341
At 31 December 2023
4,665
Carrying amount
At 31 December 2023
2,643
At 31 December 2022
205
5
Fixed asset investments
2023
2022
£
£
Investments
2
2
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2023 & 31 December 2023
2
Carrying amount
At 31 December 2023
2
At 31 December 2022
2
Verita Consultancy Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 7
6
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Eva Applications Limited
338 City Road, London, England,          EC1V 2PY
Business and domestic software development
Ordinary
100.00
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
14,598
61,310
Amounts owed by group undertakings
118,495
159,996
Other debtors
3,200
3,200
Prepayments and accrued income
48,826
76,846
185,119
301,352
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
3,574
40,849
Trade creditors
51,295
38,096
Corporation tax
1,792
19,422
Other taxation and social security
15,401
26,661
Other creditors
21,523
22,533
Accruals and deferred income
9,950
13,218
103,535
160,779
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
3,574
Verita Consultancy Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 8
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
11
Related party transactions

Verita Consultancy Limited has taken the exemption to disclose related party transactions under the same 100% control in accordance with FRS102 - Section 33 "Related Party Disclosures" paragraph 33.7.

 

Included within other creditors is an amount of £13,535 (2022: £22,285) due to the directors of the company.

 

During the year, interest of £nil (2022: £2,791) was charged on the amounts due to the company.

 

During the year dividends of £nil (2022: £120,000) were paid to the directors of the company.

12
Controlling party

The company is under the control of Edwin Mardsen, a director of the company, by virtue of his majority shareholding.

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