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Registered number: 13863932









VERITY INTERNATIONAL LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
VERITY INTERNATIONAL LIMITED
REGISTERED NUMBER: 13863932

BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
59,388
48,686

Cash at bank and in hand
 5 
40,463
42,049

  
99,851
90,735

Creditors: amounts falling due within one year
 6 
(62,336)
(75,691)

Net current assets
  
 
 
37,515
 
 
15,044

Net assets
  
37,515
15,044


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
37,415
14,944

  
37,515
15,044


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
A Filipovic
Director

Date: 27 September 2024

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
VERITY INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Verity International Limited (the 'Company') is a company incorporated in the United Kingdom under the Companies Act. The Company is a private company limited by shares, registered in England and Wales. 
The registered office is Suite 4, 7th Floor 50 Broadway, London, United Kingdom, SW1H 0DB
The principal activity of the Company in the year under review was that of sales and marketing support for the Company's immediate parent company, Verity LLC.
The Company was incorporated on 21 January 2022 and commenced trading on that date. The year end was aligned with that of its parent company and thus the comparative in these financial statements reports the period from incorporation to 31 December 2022. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The Company has obtained a letter of support from Verity LLC, its parent company. The directors of Verity LLC have provided a commitment to provide any financial support which may be necessary in order that the Company can meet its liabilities, as they fall due and for the foreseeable future.
As a result of the above the directors of the Company have adopted the going concern basis in preparing these financial statements.

 
2.3

Foreign currency translation

The Company's functional and presentational currency is GBP.

 
2.4

Revenue

Turnover represents amounts charged to the Company's immediate parent company, Verity LLC, under a sales and marketing agreement, excluding value added taxation. Turnover is recognised when costs are incurred.

 
2.5

Pensions

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds

Page 2

 
VERITY INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 3

 
VERITY INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
VERITY INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 5

 
VERITY INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 5).


4.


Debtors

As restated
2023
2022
£
£


Amounts owed by group undertakings
55,349
44,894

Prepayments and accrued income
4,039
3,792

59,388
48,686



5.


Cash and cash equivalents

As restated
2023
2022
£
£

Cash at bank and in hand
40,463
42,049



6.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Trade creditors
2,179
5,346

Corporation tax
5,124
4,737

Other taxation and social security
13,549
13,194

Other creditors
2,252
4,770

Accruals and deferred income
39,232
47,644

62,336
75,691


Page 6

 
VERITY INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Prior year adjustment

During the audit for the year ended 31 December 2023, Directors idenitified that certain liabilities relating to payroll creditors and cash at bank were not correctly disclosed in the financial statements.
The net impact of the adjustments for the year ended 31 January 2022 are:
Decrease in amounts owed by group undertakings 24,085
Increase in cash at bank and in hand £42,049
Increase in other taxation and social security £13,194
Increase in other creditors £4,770
There was no impact on the profit for the period ended 31 December 2022 or reserves as at 31 December 2022 as previously reported.


8.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £6,221 (2022: £2,308). Contributions totalling £2,252 (2022: £4,770) were payable to the fund at the balance sheet date and are included in creditors.


9.


Controlling party

SmarterRMS Holdings LLC (incorporated in United States of America) is regarded by the directors as being the Company's ultimate parent company whose registered address is 3550 Peachtree Rd NE, Suite 900, Atlanta, GA 30326, USA.
The smallest and largest group in which the Company's financial statements are consolidated is that headed by SmarterRMS Holdings, LLC.


10.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 1 October 2024 by Karen Cairns (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.

 
Page 7