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REGISTERED NUMBER: 13928330 (England and Wales)




















Financial Statements

FOR THE YEAR ENDED

31 December 2023

for

VERBIT UK LIMITED

VERBIT UK LIMITED (REGISTERED NUMBER: 13928330)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


VERBIT UK LIMITED

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: S Rothman
J P Son





REGISTERED OFFICE: 7 Savoy Court
London
WC2R 0EX





REGISTERED NUMBER: 13928330 (England and Wales)





AUDITORS: Melinek Fine LLP
Chartered Accountants
First Floor, Winston House
349 Regents Park Road
London
N3 1DH

VERBIT UK LIMITED (REGISTERED NUMBER: 13928330)

Balance Sheet
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 4 4,290,358 4,256,244

CURRENT ASSETS
Cash at bank 2,740 801

CREDITORS
Amounts falling due within one year 5 981,723 997,974
NET CURRENT LIABILITIES (978,983 ) (997,173 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,311,375

3,259,071

CAPITAL AND RESERVES
Called up share capital 1 1
Distributable reserves 3,267,019 3,267,019
Profit and loss account 44,355 (7,949 )
SHAREHOLDERS' FUNDS 3,311,375 3,259,071

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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2024 and were signed on its behalf by:





S Rothman - Director


VERBIT UK LIMITED (REGISTERED NUMBER: 13928330)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Verbit 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.

2. ACCOUNTING POLICIES

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

Preparation of consolidated financial statements
The financial statements contain information about Verbit Uk Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Verbit Inc, 950 7th Avenue, New York NY 10018.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual
provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounts at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost unless they are classified as receivable within one year in which case they are measured at the undiscounted amount of the cash or other consideration expected to be received net of impairment.

Financial liabilities that are classified as payable within one year are subsequently measured at the undiscounted amount of the cash or other consideration expected to be paid.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an
enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset or settle the liability simultaneously.

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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

The distributable reserves relate to capital provided by shareholders in a form other than shares.


VERBIT UK LIMITED (REGISTERED NUMBER: 13928330)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

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

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023 4,256,244
Additions 48,955
Reclassification/transfer (14,841 )
At 31 December 2023 4,290,358
NET BOOK VALUE
At 31 December 2023 4,290,358
At 31 December 2022 4,256,244

The company owns 100% of the share capital of Take Note Limited, a company registered in England and Wales.

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 972,183 3,529
Other creditors 9,540 994,445
981,723 997,974

VERBIT UK LIMITED (REGISTERED NUMBER: 13928330)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


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

The Report of the Auditors was unqualified.

Aryeh Melinek FCA (Senior Statutory Auditor)
for and on behalf of Melinek Fine LLP

7. ULTIMATE CONTROLLING PARTY

At 31 December 2023, the directors consider the immediate parent and ultimate controlling party of the company to be Verbit Inc., a company registered in United States of America.

Copies of Verbit Inc's consolidated financial statements are available upon request from Verbit Inc, 950 7th Avenue, New York NY 10018.

The most senior parent entity producing consolidated financial statement is Verbit Inc.

The parent of the smallest and largest group in which these financial statements are consolidated is Verbit Inc., incorporated in United States of America. The registered address of the parent company is as per the above paragraph.