2024-03-312024-12-312024-12-31false12050874VERIFYMY LIMITED2025-02-0762012falseiso4217:GBPxbrli:pure120508742024-03-31120508742024-12-31120508742024-03-312024-12-31120508742023-07-01120508742024-03-30120508742023-07-012024-03-3012050874bus:SmallEntities2024-03-312024-12-3112050874bus:AuditExempt-NoAccountantsReport2024-03-312024-12-3112050874bus:AbridgedAccounts2024-03-312024-12-3112050874bus:PrivateLimitedCompanyLtd2024-03-312024-12-3112050874core:WithinOneYear2024-12-3112050874core:AfterOneYear2024-12-3112050874core:WithinOneYear2024-03-3012050874core:AfterOneYear2024-03-301205087412024-03-312024-12-3112050874core:ShareCapital2024-12-3112050874core:SharePremium2024-12-3112050874core:RevaluationReserve2024-12-3112050874core:OtherReservesSubtotal2024-12-3112050874core:RetainedEarningsAccumulatedLosses2024-12-3112050874core:ShareCapital2024-03-3012050874core:SharePremium2024-03-3012050874core:RevaluationReserve2024-03-3012050874core:OtherReservesSubtotal2024-03-3012050874core:RetainedEarningsAccumulatedLosses2024-03-3012050874core:LandBuildings2024-12-3112050874core:PlantMachinery2024-12-3112050874core:Vehicles2024-12-3112050874core:FurnitureFittings2024-12-3112050874core:OfficeEquipment2024-12-3112050874core:NetGoodwill2024-12-3112050874core:IntangibleAssetsOtherThanGoodwill2024-12-3112050874core:ListedExchangeTraded2024-12-3112050874core:UnlistedNon-exchangeTraded2024-12-3112050874core:LandBuildings2024-03-3012050874core:PlantMachinery2024-03-3012050874core:Vehicles2024-03-3012050874core:FurnitureFittings2024-03-3012050874core:OfficeEquipment2024-03-3012050874core:NetGoodwill2024-03-3012050874core:IntangibleAssetsOtherThanGoodwill2024-03-3012050874core:ListedExchangeTraded2024-03-3012050874core:UnlistedNon-exchangeTraded2024-03-3012050874core:LandBuildings2024-03-312024-12-3112050874core:PlantMachinery2024-03-312024-12-3112050874core:Vehicles2024-03-312024-12-3112050874core:FurnitureFittings2024-03-312024-12-3112050874core:OfficeEquipment2024-03-312024-12-3112050874core:NetGoodwill2024-03-312024-12-3112050874core:IntangibleAssetsOtherThanGoodwill2024-03-312024-12-3112050874core:ListedExchangeTraded2024-03-312024-12-3112050874core:UnlistedNon-exchangeTraded2024-03-312024-12-3112050874core:MoreThanFiveYears2024-03-312024-12-3112050874core:Non-currentFinancialInstruments2024-12-3112050874core:Non-currentFinancialInstruments2024-03-3012050874dpl:CostSales2024-03-312024-12-3112050874dpl:DistributionCosts2024-03-312024-12-3112050874core:LandBuildings2024-03-312024-12-3112050874core:PlantMachinery2024-03-312024-12-3112050874core:Vehicles2024-03-312024-12-3112050874core:FurnitureFittings2024-03-312024-12-3112050874core:OfficeEquipment2024-03-312024-12-3112050874dpl:AdministrativeExpenses2024-03-312024-12-3112050874core:NetGoodwill2024-03-312024-12-3112050874core:IntangibleAssetsOtherThanGoodwill2024-03-312024-12-3112050874dpl:GroupUndertakings2024-03-312024-12-3112050874dpl:ParticipatingInterests2024-03-312024-12-3112050874dpl:GroupUndertakingscore:ListedExchangeTraded2024-03-312024-12-3112050874core:ListedExchangeTraded2024-03-312024-12-3112050874dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2024-03-312024-12-3112050874core:UnlistedNon-exchangeTraded2024-03-312024-12-3112050874dpl:CostSales2023-07-012024-03-3012050874dpl:DistributionCosts2023-07-012024-03-3012050874core:LandBuildings2023-07-012024-03-3012050874core:PlantMachinery2023-07-012024-03-3012050874core:Vehicles2023-07-012024-03-3012050874core:FurnitureFittings2023-07-012024-03-3012050874core:OfficeEquipment2023-07-012024-03-3012050874dpl:AdministrativeExpenses2023-07-012024-03-3012050874core:NetGoodwill2023-07-012024-03-3012050874core:IntangibleAssetsOtherThanGoodwill2023-07-012024-03-3012050874dpl:GroupUndertakings2023-07-012024-03-3012050874dpl:ParticipatingInterests2023-07-012024-03-3012050874dpl:GroupUndertakingscore:ListedExchangeTraded2023-07-012024-03-3012050874core:ListedExchangeTraded2023-07-012024-03-3012050874dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-07-012024-03-3012050874core:UnlistedNon-exchangeTraded2023-07-012024-03-3012050874core:NetGoodwill2024-12-3112050874core:IntangibleAssetsOtherThanGoodwill2024-12-3112050874core:LandBuildings2024-12-3112050874core:PlantMachinery2024-12-3112050874core:Vehicles2024-12-3112050874core:FurnitureFittings2024-12-3112050874core:OfficeEquipment2024-12-3112050874core:AfterOneYear2024-12-3112050874core:WithinOneYear2024-12-3112050874core:ListedExchangeTraded2024-12-3112050874core:UnlistedNon-exchangeTraded2024-12-3112050874core:ShareCapital2024-12-3112050874core:SharePremium2024-12-3112050874core:RevaluationReserve2024-12-3112050874core:OtherReservesSubtotal2024-12-3112050874core:RetainedEarningsAccumulatedLosses2024-12-3112050874core:NetGoodwill2024-03-3012050874core:IntangibleAssetsOtherThanGoodwill2024-03-3012050874core:LandBuildings2024-03-3012050874core:PlantMachinery2024-03-3012050874core:Vehicles2024-03-3012050874core:FurnitureFittings2024-03-3012050874core:OfficeEquipment2024-03-3012050874core:AfterOneYear2024-03-3012050874core:WithinOneYear2024-03-3012050874core:ListedExchangeTraded2024-03-3012050874core:UnlistedNon-exchangeTraded2024-03-3012050874core:ShareCapital2024-03-3012050874core:SharePremium2024-03-3012050874core:RevaluationReserve2024-03-3012050874core:OtherReservesSubtotal2024-03-3012050874core:RetainedEarningsAccumulatedLosses2024-03-3012050874core:NetGoodwill2023-07-0112050874core:IntangibleAssetsOtherThanGoodwill2023-07-0112050874core:LandBuildings2023-07-0112050874core:PlantMachinery2023-07-0112050874core:Vehicles2023-07-0112050874core:FurnitureFittings2023-07-0112050874core:OfficeEquipment2023-07-0112050874core:AfterOneYear2023-07-0112050874core:WithinOneYear2023-07-0112050874core:ListedExchangeTraded2023-07-0112050874core:UnlistedNon-exchangeTraded2023-07-0112050874core:ShareCapital2023-07-0112050874core:SharePremium2023-07-0112050874core:RevaluationReserve2023-07-0112050874core:OtherReservesSubtotal2023-07-0112050874core:RetainedEarningsAccumulatedLosses2023-07-0112050874core:AfterOneYear2024-03-312024-12-3112050874core:WithinOneYear2024-03-312024-12-3112050874core:Non-currentFinancialInstrumentscore:CostValuation2024-03-312024-12-3112050874core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2024-03-312024-12-3112050874core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2024-03-312024-12-3112050874core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2024-03-312024-12-3112050874core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2024-03-312024-12-3112050874core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2024-03-312024-12-3112050874core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2024-03-312024-12-3112050874core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2024-03-312024-12-3112050874core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2024-03-312024-12-3112050874core:Non-currentFinancialInstrumentscore:CostValuation2024-12-3112050874core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2024-12-3112050874core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2024-12-3112050874core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2024-12-3112050874core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2024-12-3112050874core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2024-12-3112050874core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2024-12-3112050874core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2024-12-3112050874core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2024-12-3112050874core:Non-currentFinancialInstrumentscore:CostValuation2024-03-3012050874core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2024-03-3012050874core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2024-03-3012050874core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2024-03-3012050874core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2024-03-3012050874core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2024-03-3012050874core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2024-03-3012050874core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2024-03-3012050874core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2024-03-3012050874bus:Director12024-03-312024-12-3112050874bus:Director22024-03-312024-12-3112050874bus:Director32024-03-312024-12-3112050874bus:Director42024-03-312024-12-31

VERIFYMY LIMITED

(formerly KYC AVC UK LTD)

Registered Number
12050874
(England and Wales)

Unaudited Financial Statements for the Period ended
31 December 2024

VERIFYMY LIMITED
Company Information
for the period from 31 March 2024 to 31 December 2024

Directors

JD Baillieu
Walt Macnee
Ryan Shaw
Gavin Wiseman

Registered Address

213 The Frames 1 Phipp Street
London
EC2A 4PS

Registered Number

12050874 (England and Wales)
VERIFYMY LIMITED
Balance Sheet as at
31 December 2024

Notes

31 Dec 2024

30 Mar 2024

£

£

£

£

Fixed assets
Intangible assets35,873,3704,143,046
Tangible assets483,83279,362
5,957,2024,222,408
Current assets
Debtors5957,358562,318
Cash at bank and on hand1,177,4502,805,887
2,134,8083,368,205
Creditors amounts falling due within one year6(618,586)(524,154)
Net current assets (liabilities)1,516,2222,844,051
Total assets less current liabilities7,473,4247,066,459
Creditors amounts falling due after one year7(78,864)(115,342)
Net assets7,394,5606,951,117
Capital and reserves
Called up share capital153138
Share premium9,024,9066,917,248
Profit and loss account(1,630,499)33,731
Shareholders' funds7,394,5606,951,117
The financial statements were approved and authorised for issue by the Board of Directors on 7 February 2025, and are signed on its behalf by:
JD Baillieu
Director
Registered Company No. 12050874
VERIFYMY LIMITED
Notes to the Financial Statements
for the period ended 31 December 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Employee benefits
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account. Other intangible assets - 10 years (straight line)
Research and development
All research costs are expensed. Costs related to the development of products are capitalised when they meet the criteria stated in FRS 102, Section 18 Intangible assets other than Goodwill. All other development expenditure is recognised as an expense in the period in which it is incurred.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows: Computer equipment - 3 years (straight line) Office equipment - 4 years (straight line)
2.Average number of employees

20242024
Average number of employees during the year2318
3.Intangible assets

Total

£
Cost or valuation
At 31 March 244,772,535
Additions2,088,264
At 31 December 246,860,800
Amortisation and impairment
At 31 March 24629,489
Charge for year357,940
At 31 December 24987,429
Net book value
At 31 December 245,873,370
At 30 March 244,143,046
4.Tangible fixed assets

Total

£
Cost or valuation
At 31 March 24155,834
Additions36,496
At 31 December 24192,330
Depreciation and impairment
At 31 March 2476,472
Charge for year32,026
At 31 December 24108,498
Net book value
At 31 December 2483,832
At 30 March 2479,362
5.Debtors: amounts due within one year

2024

2024

££
Trade debtors / trade receivables277,65759,967
Other debtors559,711379,838
Prepayments and accrued income119,990122,513
Total957,358562,318
6.Creditors: amounts due within one year

2024

2024

££
Trade creditors / trade payables239,055186,158
Bank borrowings and overdrafts48,07847,451
Taxation and social security185,537229,708
Other creditors14,88110,653
Accrued liabilities and deferred income131,03550,184
Total618,586524,154
7.Creditors: amounts due after one year

2024

2024

££
Bank borrowings and overdrafts78,864115,342
Total78,864115,342
8.Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of going the amount of the obligation. Provisions are charged as an expense to the profit and loss account in the year that the company becomes aware of the obligation and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet.