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REGISTERED NUMBER: 09557497 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

VERITAS EDUCATION RECRUITMENT LTD

VERITAS EDUCATION RECRUITMENT LTD (REGISTERED NUMBER: 09557497)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


VERITAS EDUCATION RECRUITMENT LTD (REGISTERED NUMBER: 09557497)

STATEMENT OF FINANCIAL POSITION
31 AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 105,156 149,222
Property, plant and equipment 5 69,314 92,419
174,470 241,641

CURRENT ASSETS
Debtors 6 31,500 39,710
Cash at bank 2,724 615
34,224 40,325
CREDITORS
Amounts falling due within one year 7 570,356 388,200
NET CURRENT LIABILITIES (536,132 ) (347,875 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(361,662

)

(106,234

)

CREDITORS
Amounts falling due after more than one year 8 - 144,888
NET LIABILITIES (361,662 ) (251,122 )

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings (361,862 ) (251,322 )
(361,662 ) (251,122 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

VERITAS EDUCATION RECRUITMENT LTD (REGISTERED NUMBER: 09557497)

STATEMENT OF FINANCIAL POSITION - continued
31 AUGUST 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 February 2025 and were signed on its behalf by:





Mr P Poole - Director


VERITAS EDUCATION RECRUITMENT LTD (REGISTERED NUMBER: 09557497)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1. STATUTORY INFORMATION

Veritas Education Recruitment Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 09557497

Registered office: The Leadenhall Building,
Leadenhall Street
London
EC3V 4AB

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis as the directors are satisfied that the company will have adequate resources to meet its liabilities to third parties as they fall due.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are 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 where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax.

Revenue is recognised when services are rendered to the customers.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of 5 years once the service comes into use.

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and machinery - 25% on reducing balance

The company has adopted the policy of not to depreciate the asset in the year of purchase, however full depreciation will be provided in the year of disposal.

VERITAS EDUCATION RECRUITMENT LTD (REGISTERED NUMBER: 09557497)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research is written off in the year in which it is incurred.

Development costs are recognised as an asset, and amortised over the periods expected to benefit from them. Amortisation will begin once the service comes into use.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

Factored debts
The company has all of its sales invoices subjected to factoring. The company's factoring arrangements can neither be called as derecognition nor linked presentation. Hence a separate presentation has been adopted whereby gross debts are shown as an asset on the balance sheet and proceeds from the factors are included within creditors as a liability.

Change in comparatives
The accounts have been prepared for a period of 12 months whereas the comparatives are for a period of 13 months.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 26 ).

VERITAS EDUCATION RECRUITMENT LTD (REGISTERED NUMBER: 09557497)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 September 2022
and 31 August 2023 220,330
AMORTISATION
At 1 September 2022 71,108
Charge for year 44,066
At 31 August 2023 115,174
NET BOOK VALUE
At 31 August 2023 105,156
At 31 August 2022 149,222

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
£   
COST
At 1 September 2022
and 31 August 2023 155,980
DEPRECIATION
At 1 September 2022 63,561
Charge for year 23,105
At 31 August 2023 86,666
NET BOOK VALUE
At 31 August 2023 69,314
At 31 August 2022 92,419

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 31,500 39,710

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 7,390 41,251
Amounts owed to group undertakings 495,248 52,448
Taxation and social security 448 143,856
Other creditors 67,270 150,645
570,356 388,200

VERITAS EDUCATION RECRUITMENT LTD (REGISTERED NUMBER: 09557497)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 106,466
Other creditors - 38,422
- 144,888

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Other loans 27,260 24,397

Other loans related to loans from the investors is secured by a floating charge over the assets of the company.

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Included in other creditors due within one year is an amount of £29,663 (2022: £26,800) relating to loans from directors of the company. The loan is interest-free and repayable on demand. The loan amount of £27,260 (2022: £24,397) is secured by a floating charge over the assets of the company.