Company Registration No. 04077169 (England and Wales)
Veromia Limited
UNAUDITED ACCOUNTS FOR FILING WITH THE REGISTRAR
for the year ended 31 March 2024
Veromia Limited
UNAUDITED ACCOUNTS FOR FILING WITH THE REGISTRAR
Contents
Veromia Limited
Statement of financial position
as at 31 March 2024
Tangible assets
8,178
7,517
Inventories
103,019
113,371
Cash at bank and in hand
30,930
38,442
Creditors: amounts falling due within one year
(829,360)
(780,384)
Net current assets
163,456
111,920
Total assets less current liabilities
171,634
119,437
Creditors: amounts falling due after more than one year
(138,561)
(148,428)
Provisions for liabilities
Net assets/(liabilities)
31,519
(28,991)
Called up share capital
223,000
223,000
Share premium
1,557,000
1,557,000
Profit and loss account
(1,748,481)
(1,808,991)
Shareholders' funds
31,519
(28,991)
For the year ending 31 March 2024 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 23 October 2024 and were signed on its behalf by
Sik Chong
Director
Company Registration No. 04077169
Veromia Limited
Notes to the Accounts
for the year ended 31 March 2024
Veromia Limited is a private company, limited by shares, registered in England and Wales, registration number 04077169. The registered office is UNIT E11 LOUGHTON SEEDBED CENTRE, LANGSTON ROAD, LOUGHTON, IG10 3TQ, ENGLAND.
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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:
Land & buildings
10% on cost
Fixtures & fittings
25% on reducing balance
Computer equipment
33.33% on cost
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.
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.
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.
Veromia Limited
Notes to the Accounts
for the year ended 31 March 2024
4
Tangible fixed assets
Land & buildings
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2023
18,859
50,789
4,362
74,010
At 31 March 2024
18,859
54,787
4,362
78,008
At 1 April 2023
18,859
46,988
646
66,493
Charge for the year
-
1,883
1,454
3,337
At 31 March 2024
18,859
48,871
2,100
69,830
At 31 March 2024
-
5,916
2,262
8,178
At 31 March 2023
-
3,801
3,716
7,517
Amounts falling due within one year
Trade debtors
611,744
669,945
Accrued income and prepayments
237,326
67,437
6
Creditors: amounts falling due within one year
2024
2023
Trade creditors
305,045
257,414
Taxes and social security
8,868
6,643
Other creditors
277,062
205,237
7
Creditors: amounts falling due after more than one year
2024
2023
Other creditors
107,462
107,462
As at the balance sheet date, the company owed £107,463 (2023: £107,463) to the directors. There are no specific terms of repayment for this loan.
Veromia Limited
Notes to the Accounts
for the year ended 31 March 2024
9
Transactions with related parties
During the year the company entered into the following transactions with related parties:
KNT Limited £493,527 (2023: £796,558)
The balance owed to KNT Limited as at 31 March 2024 was £243,803 (2023: £213,275).
KNT Limited is a company incorporated in Hong Kong of which S Chong is a director.
10
Average number of employees
During the year the average number of employees was 6 (2023: 6).