Company registration number 09559676 (England and Wales)
VEREVO SOLUTIONS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
VEREVO SOLUTIONS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
VEREVO SOLUTIONS LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
674,817
677,264
Current assets
Debtors
4
1
1,001
Cash at bank and in hand
5,604
368
5,605
1,369
Creditors: amounts falling due within one year
5
(207,755)
(217,504)
Net current liabilities
(202,150)
(216,135)
Total assets less current liabilities
472,667
461,129
Creditors: amounts falling due after more than one year
6
(276,013)
(287,279)
Net assets
196,654
173,850
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
196,653
173,849
Total equity
196,654
173,850
VEREVO SOLUTIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 2 December 2024 and are signed on its behalf by:
Mr A Adams
Mr M Skilton
Director
Director
Company Registration No. 09559676
The notes on pages 4 to 7 form part of these financial statements
VEREVO SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information
Verevo Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is F1 Daedalus Park, Daedalus Drive, Lee-on-the-Solent, Hampshire, PO13 9FX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is the rental income receivable for services provided during the period, and is recognised at the fair value of the consideration receivable net of VAT.
1.3
Tangible fixed assets
The company's tangible fixed assets relate to property which is rented to another group entity. Hence in accordance with FRS 102 Section 16.4A the company accounts for its property under the cost model. Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Over 50 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
VEREVO SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons employed by the company during the year was:
2024
2023
Number
Number
Total
VEREVO SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 May 2023 and 30 April 2024
689,504
Depreciation and impairment
At 1 May 2023
12,240
Depreciation charged in the year
2,447
At 30 April 2024
14,687
Carrying amount
At 30 April 2024
674,817
At 30 April 2023
677,264
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,000
Other debtors
1
1
1
1,001
5
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
22,525
28,182
Amounts due to group undertakings
174,305
170,805
Corporation tax
10,741
18,333
Other taxation and social security
184
184
207,755
217,504
The bank loan is secured on the company's freehold land and buildings.
VEREVO SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
276,013
287,279
The bank loan is secured on the company's freehold land and buildings.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
135,026
170,378
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
James Blake FCA
Statutory Auditor:
TC Group
8
Related party transactions
In accordance with FRS 102 Section 33.1A the company has applied the exemption from disclosing transactions with fellow wholly owned group undertakings.