REGISTERED NUMBER: |
Verteco Power Ltd |
Unaudited Financial Statements |
For The Period 17 January 2023 to 31 January 2024 |
REGISTERED NUMBER: |
Verteco Power Ltd |
Unaudited Financial Statements |
For The Period 17 January 2023 to 31 January 2024 |
Verteco Power Ltd (Registered number: 14596956) |
Contents of the Financial Statements |
For The Period 17 January 2023 to 31 January 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Verteco Power Ltd |
Company Information |
For The Period 17 January 2023 to 31 January 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Sidings Court |
Lakeside |
Doncaster |
South Yorkshire |
DN4 5NU |
Verteco Power Ltd (Registered number: 14596956) |
Balance Sheet |
31 January 2024 |
Notes | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Verteco Power Ltd (Registered number: 14596956) |
Notes to the Financial Statements |
For The Period 17 January 2023 to 31 January 2024 |
1. | STATUTORY INFORMATION |
Verteco Power Ltd is a |
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
The financial statements reflect the first period of accounts for the company, being from incorporation on 17 January 2023 to 31 January 2024. Therefore no comparative figures are presented. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial instruments |
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. |
Financial assets and financial liabilities are recognised when the company becomes 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. |
The company’s policies for its major classes of financial assets and financial liabilities are set out below. |
Financial assets |
Basic financial assets, including other debtors and cash and bank balances, are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. |
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. |
Financial liabilities |
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Taxation |
Taxation for the period 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 balance sheet date. |
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. |
Share capital |
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
Verteco Power Ltd (Registered number: 14596956) |
Notes to the Financial Statements - continued |
For The Period 17 January 2023 to 31 January 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL. |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Other creditors |
6. | CAPITAL COMMITMENTS |
At the period end, the company had capital commitments of £478,871. |