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Registered number: 13459096
Verino Properties Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
FB Accountancy Services Limited
Chartered Certified Accountants
Unit 16, Heronsgate Trading Estate
Paycocke Road
Basildon
Essex
SS14 3EU
Contents
Page
Accountant's Report 1
Statement of Financial Position 2—3
Notes to the Financial Statements 4—5
Page 1
Accountant's Report
Report to the director on the preparation of the unaudited statutory accounts of Verino Properties Limited For The Year Ended 30 June 2024
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Verino Properties Limited which comprise the Income Statement, the Statement of Financial Position and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the director of Verino Properties Limited , as a body, in accordance with the terms of our engagement letter dated 15 July 2021. Our work has been undertaken solely to prepare for your approval the accounts of Verino Properties Limited and state those matters that we have agreed to state to the director of Verino Properties Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Verino Properties Limited and its director as a body for our work or for this report.
It is your duty to ensure that Verino Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Verino Properties Limited . You consider that Verino Properties Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Verino Properties Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
04/02/2025
FB Accountancy Services Limited
Chartered Certified Accountants
Unit 16, Heronsgate Trading Estate
Paycocke Road
Basildon
Essex
SS14 3EU
Page 1
Page 2
Statement of Financial Position
Registered number: 13459096
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,164 1,552
Investment Properties 5 3,656,463 3,656,463
3,657,627 3,658,015
CURRENT ASSETS
Debtors 6 1,745 1,289
Cash at bank and in hand 23,602 34,917
25,347 36,206
Creditors: Amounts Falling Due Within One Year 7 (3,621,425 ) (3,664,283 )
NET CURRENT ASSETS (LIABILITIES) (3,596,078 ) (3,628,077 )
TOTAL ASSETS LESS CURRENT LIABILITIES 61,549 29,938
PROVISIONS FOR LIABILITIES
Deferred Taxation (221 ) (295 )
NET ASSETS 61,328 29,643
CAPITAL AND RESERVES
Called up share capital 8 100 100
Income Statement 61,228 29,543
SHAREHOLDERS' FUNDS 61,328 29,643
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Page 3
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Dino Forte
Director
04/02/2025
The notes on pages 4 to 5 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Verino Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13459096 . The registered office is 16 Heronsgate Trading Estate, Paycocke Road, Basildon, SS14 3EU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The accounts are prepared on a going concern basis with the continuing support of the director.
2.3. Turnover
Turnover is measured at the fair value of the consideration receivable in respect of letting activities.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 25% reducing balance basis
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the income statement.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
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4. Tangible Assets
Computer Equipment
£
Cost
As at 1 July 2023 2,065
As at 30 June 2024 2,065
Depreciation
As at 1 July 2023 513
Provided during the period 388
As at 30 June 2024 901
Net Book Value
As at 30 June 2024 1,164
As at 1 July 2023 1,552
5. Investment Property
2024
£
Fair Value
As at 1 July 2023 and 30 June 2024 3,656,463
The director believes no material change in the current market values at the balance sheet date.
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 1,495 1,039
Other debtors 250 250
1,745 1,289
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 8,667 7,672
Other creditors 3,612,106 3,636,558
Accruals and deferred income 652 20,053
3,621,425 3,664,283
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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