Silverfin false false 31/12/2023 01/01/2023 31/12/2023 J Anderson 26/03/2002 E Keane 08/11/2001 26 September 2024 The principal activity of the Company during the financial year continued to be that of information technology consultancy services. SC224487 2023-12-31 SC224487 bus:Director1 2023-12-31 SC224487 bus:Director2 2023-12-31 SC224487 2022-12-31 SC224487 core:CurrentFinancialInstruments 2023-12-31 SC224487 core:CurrentFinancialInstruments 2022-12-31 SC224487 core:Non-currentFinancialInstruments 2023-12-31 SC224487 core:Non-currentFinancialInstruments 2022-12-31 SC224487 core:ShareCapital 2023-12-31 SC224487 core:ShareCapital 2022-12-31 SC224487 core:CapitalRedemptionReserve 2023-12-31 SC224487 core:CapitalRedemptionReserve 2022-12-31 SC224487 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC224487 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC224487 core:ComputerSoftware 2022-12-31 SC224487 core:ComputerSoftware 2023-12-31 SC224487 core:LeaseholdImprovements 2022-12-31 SC224487 core:Vehicles 2022-12-31 SC224487 core:ComputerEquipment 2022-12-31 SC224487 core:LeaseholdImprovements 2023-12-31 SC224487 core:Vehicles 2023-12-31 SC224487 core:ComputerEquipment 2023-12-31 SC224487 bus:OrdinaryShareClass1 2023-12-31 SC224487 bus:OrdinaryShareClass2 2023-12-31 SC224487 bus:OrdinaryShareClass3 2023-12-31 SC224487 bus:OrdinaryShareClass4 2023-12-31 SC224487 bus:OrdinaryShareClass5 2023-12-31 SC224487 2023-01-01 2023-12-31 SC224487 bus:FilletedAccounts 2023-01-01 2023-12-31 SC224487 bus:SmallEntities 2023-01-01 2023-12-31 SC224487 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC224487 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC224487 bus:Director1 2023-01-01 2023-12-31 SC224487 bus:Director2 2023-01-01 2023-12-31 SC224487 core:ComputerSoftware 2023-01-01 2023-12-31 SC224487 core:LeaseholdImprovements 2023-01-01 2023-12-31 SC224487 core:Vehicles core:TopRangeValue 2023-01-01 2023-12-31 SC224487 core:ComputerEquipment 2023-01-01 2023-12-31 SC224487 2022-01-01 2022-12-31 SC224487 core:Vehicles 2023-01-01 2023-12-31 SC224487 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 SC224487 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC224487 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 SC224487 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 SC224487 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 SC224487 bus:OrdinaryShareClass3 2023-01-01 2023-12-31 SC224487 bus:OrdinaryShareClass3 2022-01-01 2022-12-31 SC224487 bus:OrdinaryShareClass4 2023-01-01 2023-12-31 SC224487 bus:OrdinaryShareClass4 2022-01-01 2022-12-31 SC224487 bus:OrdinaryShareClass5 2023-01-01 2023-12-31 SC224487 bus:OrdinaryShareClass5 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC224487 (Scotland)

VERSKO LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

VERSKO LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

VERSKO LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
VERSKO LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 12,781 40,594
12,781 40,594
Current assets
Debtors 5 109,698 60,122
Cash at bank and in hand 403,099 418,717
512,797 478,839
Creditors: amounts falling due within one year 6 ( 153,167) ( 152,511)
Net current assets 359,630 326,328
Total assets less current liabilities 372,411 366,922
Creditors: amounts falling due after more than one year 7 ( 10,758) ( 22,494)
Provision for liabilities 8 0 ( 6,570)
Net assets 361,653 337,858
Capital and reserves
Called-up share capital 9 556 556
Capital redemption reserve 348 348
Profit and loss account 360,749 336,954
Total shareholders' funds 361,653 337,858

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

Directors' responsibilities:

The financial statements of Versko Limited (registered number: SC224487) were approved and authorised for issue by the Board of Directors on 26 September 2024. They were signed on its behalf by:

J Anderson
Director
VERSKO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
VERSKO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Versko Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 4 Lynedoch Place, Glasgow, G3 6AB, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

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

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

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 33 % reducing balance
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 4 % reducing balance
Vehicles 4 years straight line
Computer equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 11 11

3. Intangible assets

Computer software Total
£ £
Cost
At 01 January 2023 7,625 7,625
At 31 December 2023 7,625 7,625
Accumulated amortisation
At 01 January 2023 7,625 7,625
At 31 December 2023 7,625 7,625
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Tangible assets

Leasehold improve-
ments
Vehicles Computer equipment Total
£ £ £ £
Cost
At 01 January 2023 9,928 103,980 34,032 147,940
At 31 December 2023 9,928 103,980 34,032 147,940
Accumulated depreciation
At 01 January 2023 4,496 80,110 22,740 107,346
Charge for the financial year 217 23,870 3,726 27,813
At 31 December 2023 4,713 103,980 26,466 135,159
Net book value
At 31 December 2023 5,215 0 7,566 12,781
At 31 December 2022 5,432 23,870 11,292 40,594

5. Debtors

2023 2022
£ £
Trade debtors 63,479 43,809
Other debtors 46,219 16,313
109,698 60,122

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 11,736 11,736
Trade creditors 3,159 8,727
Taxation and social security 95,170 62,457
Other creditors 43,102 69,591
153,167 152,511

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 10,758 22,494

There are no amounts included above in respect of which any security has been given by the small entity.

8. Provision for liabilities

2023 2022
£ £
Deferred tax 0 6,570

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
306 B ordinary shares of £ 1.00 each 306 306
178 D ordinary shares of £ 1.00 each 178 178
1 G ordinary share of £ 1.00 1 1
1 I ordinary share of £ 1.00 1 1
70 E ordinary shares of £ 1.00 each 70 70
556 556

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 46,100 46,100