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Registration number: 12958257

Vermion UK Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Vermion UK Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Vermion UK Limited

(Registration number: 12958257)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

5

214,661

214,661

Current assets

 

Cash at bank and in hand

 

22,269

22,269

Creditors: Amounts falling due within one year

6

(10,670)

(9,781)

Net current assets

 

11,599

12,488

Total assets less current liabilities

 

226,260

227,149

Creditors: Amounts falling due after more than one year

6

(229,763)

(225,428)

Net (liabilities)/assets

 

(3,503)

1,721

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(3,603)

1,621

Shareholders' (deficit)/funds

 

(3,503)

1,721

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 October 2024
 

.........................................
Y Kyriacou
Director

 

Vermion UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
64 Games Road
Cockfosters
Barnet
EN4 9HT

These financial statements were authorised for issue by the director on 24 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The accounts are prepared in the company's functional currency of British Pounds (£) and rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Vermion UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Trade creditors

Creditors with no stated interest rate and payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Vermion UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

UK corporation tax

(191)

191

5

Investment properties

2023
£

At 1 November

214,661

At 31 October

214,661

The investment properties were valued on 31 October 2023 by the director at £214,661 on an open market basis and had a cost of £214,661 (2022- £214,661).

There has been no valuation of investment property by an independent valuer.

 

Vermion UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

8,901

8,901

Taxation and social security

189

380

Accruals and deferred income

1,580

500

10,670

9,781

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

229,763

225,428

7

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

229,763

225,428