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Company Registration No. 12918660 (England and Wales)
VERACO LTD Unaudited accounts for the year ended 31 October 2023
VERACO LTD Unaudited accounts Contents
Page
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VERACO LTD Company Information for the year ended 31 October 2023
Directors
Charles Allan Churchman George Eric Strong
Company Number
12918660 (England and Wales)
Registered Office
3-4 Baird Road ENFIELD EN1 1SJ UNITED KINGDOM
Accountants
Stoke Newington Accountants & Tax Consultants Ltd 4 Baird Road Enfield Middlesex EN1 1SJ
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VERACO LTD Statement of financial position as at 31 October 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
23,457 
9,224 
Current assets
Inventories
25,650 
20,650 
Debtors
11,110 
44,732 
Cash at bank and in hand
(19,556)
16,884 
17,204 
82,266 
Creditors: amounts falling due within one year
(71,836)
(98,256)
Net current liabilities
(54,632)
(15,990)
Net liabilities
(31,175)
(6,766)
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
(31,275)
(6,866)
Shareholders' funds
(31,175)
(6,766)
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2024 and were signed on its behalf by
Charles Allan Churchman Director Company Registration No. 12918660
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VERACO LTD Notes to the Accounts for the year ended 31 October 2023
1
Statutory information
VERACO LTD is a private company, limited by shares, registered in England and Wales, registration number 12918660. The registered office is 3-4 Baird Road, ENFIELD, EN1 1SJ, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% Reducing balance method
Motor vehicles
25% Reducing Balance Method
Fixtures & fittings
15% Reducing balance method
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
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 accounts. 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.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
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VERACO LTD Notes to the Accounts for the year ended 31 October 2023
Foreign exchange
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Going concern
The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 November 2022
- 
- 
12,666 
12,666 
Additions
940 
19,167 
- 
20,107 
At 31 October 2023
940 
19,167 
12,666 
32,773 
Depreciation
At 1 November 2022
- 
- 
3,442 
3,442 
Charge for the year
141 
3,833 
1,900 
5,874 
At 31 October 2023
141 
3,833 
5,342 
9,316 
Net book value
At 31 October 2023
799 
15,334 
7,324 
23,457 
At 31 October 2022
- 
- 
9,224 
9,224 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
4,575 
12,943 
Trade debtors
6,535 
31,789 
11,110 
44,732 
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VERACO LTD Notes to the Accounts for the year ended 31 October 2023
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Trade creditors
699 
38,260 
Taxes and social security
257 
8,406 
Other creditors
297 
- 
Loans from directors
69,083 
49,090 
Accruals
1,500 
2,500 
71,836 
98,256 
7
Transactions with related parties
At the balance sheet date, where the director Charles Allan Churchman held the majority shareholding, the company owed him £69,083.
8
Controlling party
The company's controlling party is Mr. Charles Allan Churchman by virtue of his majority of the issued share capital of the company.
9
Average number of employees
During the year the average number of employees was 2 (2022: 2).
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