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REGISTERED NUMBER: 10993007 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

VERANEX UK LIMITED

VERANEX UK LIMITED (REGISTERED NUMBER: 10993007)






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 3


VERANEX UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: D Mathews
D Dockhorn
P Donnelly





REGISTERED OFFICE: 2 Jardine House
The Harrovian Business Village
Bessborough Road
Harrow
HA1 3EX





REGISTERED NUMBER: 10993007 (England and Wales)





AUDITORS: Barber & Company (Statutory Auditors)
A trading name of PCM Accounting Limited
2 Jardine House
Harrovian Business Village
Bessborough Road
Harrow
Middlesex
HA1 3EX

VERANEX UK LIMITED (REGISTERED NUMBER: 10993007)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 19,557 29,355

CURRENT ASSETS
Stocks - 61,573
Debtors 5 740,868 800,820
Cash at bank 98,078 65,277
838,946 927,670
CREDITORS
Amounts falling due within one year 6 684,861 688,520
NET CURRENT ASSETS 154,085 239,150
TOTAL ASSETS LESS CURRENT
LIABILITIES

173,642

268,505

CREDITORS
Amounts falling due after more than one
year

7

-

83,527
NET ASSETS 173,642 184,978

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 9 173,542 184,878
SHAREHOLDERS' FUNDS 173,642 184,978

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





D Mathews - Director


VERANEX UK LIMITED (REGISTERED NUMBER: 10993007)

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

1. STATUTORY INFORMATION

Veranex UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
During the year under review, the company has made a loss before taxation amounting to £11,106 and at the balance sheet date, the company had net current assets amounting to £154,085 and net assets amounting to £173,642.

The company provides services within the United Kingdom in support of both contracts held with the company's parent company based in the United State of America and external third party clients.

The board continues to explore trading opportunities directly from the United Kingdom.

The company meets its day to day management and working capital requirements with the support of its parent company, Veranex Inc. The board of Veranex Inc. have confirmed that it is their intention to continue to support Veranex UK Limited for the foreseeable future, both financially and otherwise for a period of at least twelve months from the date of this report.

The board of Veranex UK Limited have taken this into account in there decision to prepare these Financial Statements on a Going Concern Basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 33% on cost
Plant and machinery - 10% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 33% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.


VERANEX UK LIMITED (REGISTERED NUMBER: 10993007)

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

2. ACCOUNTING POLICIES - continued
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 17 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 6,445 9,161 18,022 11,707 45,335
Additions - - 1,229 - 1,229
At 31 December 2023 6,445 9,161 19,251 11,707 46,564
DEPRECIATION
At 1 January 2023 3,581 3,608 4,816 3,975 15,980
Charge for year 1,969 2,100 4,060 2,898 11,027
At 31 December 2023 5,550 5,708 8,876 6,873 27,007
NET BOOK VALUE
At 31 December 2023 895 3,453 10,375 4,834 19,557
At 31 December 2022 2,864 5,553 13,206 7,732 29,355

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 396,072 124,844
Amounts owed by group undertakings 210,199 400,552
Other debtors 50,717 27,990
Prepayments and accrued income 83,880 247,434
740,868 800,820

The amount due from the Parent Company, Veranex Inc., amounts to £210,199 (2022: £400,552).

VERANEX UK LIMITED (REGISTERED NUMBER: 10993007)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Finance leases 83,527 163,907
Trade creditors 12,255 9,586
Corporation tax 230 37,422
Social security and other taxes 21,112 119,842
Other creditors 10,797 9,647
Accruals and deferred income 556,940 348,116
684,861 688,520

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Finance leases - 83,527

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100 Ordinary £1 100 100

9. RESERVES
Retained
earnings
£   

At 1 January 2023 184,878
Deficit for the year (11,336 )
At 31 December 2023 173,542

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Christopher Horsley (Senior Statutory Auditor)
for and on behalf of Barber & Company (Statutory Auditors)

11. RELATED PARTY DISCLOSURES

The profit and loss account includes costs recharged to the parent company, Veranex Inc., amounting to £1,288,132 (2022: £1,551,174).

12. ULTIMATE CONTROLLING PARTY

The controlling party is Veranex Inc..

Veranex UK Limited is a wholly owned subsidiary of Veranex Inc.

The ultimate controlling party is Varanex Group Holdings, L.P., registered in the United States of America.