Company Registration No. 10998554 (England and Wales)
Veratrak Limited
Unaudited accounts
for the year ended 31 December 2024
Veratrak Limited
Unaudited accounts
Contents
Veratrak Limited
Company Information
for the year ended 31 December 2024
Directors
Jason Lacombe
Aneel Lakhani (appointed 9th March 2022)
Company Number
10998554 (England and Wales)
Registered Office
Veratrak, 3rd Floor
1 Ashley Road
Altrincham
WA14 2DT
United Kingdom
Accountants
The Accountancy Cloud
1 Fore Street Avenue
London
EC2Y 9DT
Veratrak Limited
Statement of financial position
as at 31 December 2024
Tangible assets
14,610
13,019
Cash at bank and in hand
1,113,867
2,412,052
Creditors: amounts falling due within one year
(8,249)
(112,203)
Net current assets
1,701,719
2,961,003
Net assets
1,716,404
2,974,967
Called up share capital
8,872
8,872
Share premium
7,600,307
7,600,307
Profit and loss account
(5,892,775)
(4,634,212)
Shareholders' funds
1,716,404
2,974,967
For the year ending 31 December 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 21 March 2025 and were signed on its behalf by
Jason Lacombe
Director
Company Registration No. 10998554
Veratrak Limited
Notes to the Accounts
for the year ended 31 December 2024
Veratrak Limited is a private company, limited by shares, registered in England and Wales, registration number 10998554. The registered office is Veratrak, 3rd Floor, 1 Ashley Road, Altrincham, WA14 2DT, United Kingdom.
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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.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
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:
Plant & machinery
4 years straight line
Computer equipment
3 years straight line
Expenditure on research and development is written off in the year in which it is incurred.
Research and development tax credit
During the financial year, Veratrak Limited received a tax credit for qualifying research and development expenditure under the Research and Development tax relief scheme. This is presented as a tax repayment in the Statement of Profit or Loss in line with disclosure requirements under FRS 102.
Intangible fixed assets consist solely of cryptocurrencies which are initially recognized at cost at the date of purchase and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognized in profit or loss.
Veratrak Limited
Notes to the Accounts
for the year ended 31 December 2024
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 or loss.
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.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
During the year, it was noted that trade debtors and trade creditors were misstated, requiring the following adjustments in the prior year:
- Trade debtors decreased by £25,000 to £564,600.
- Trade creditors increased by £796 to £28,997.
- VAT debtor increased by £261 to £26,922.
- Loss for the year increased by £25,535 to £1,540,341.
- Retained loss increased by £25,535 to £4,634,212.
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Intangible fixed assets
Other
Veratrak Limited
Notes to the Accounts
for the year ended 31 December 2024
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Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 January 2024
795
33,234
34,029
At 31 December 2024
795
45,768
46,563
At 1 January 2024
566
20,444
21,010
Charge for the year
130
10,813
10,943
At 31 December 2024
696
31,257
31,953
At 31 December 2024
99
14,511
14,610
At 31 December 2023
229
12,790
13,019
Amounts falling due within one year
Trade debtors
482,831
564,600
Amounts due from group undertakings etc.
30,882
49,439
Accrued income and prepayments
52,125
20,193
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Creditors: amounts falling due within one year
2024
2023
Trade creditors
437
28,997
Taxes and social security
-
2,508
Deferred income
4,086
80,251
Allotted, called up and fully paid:
71,089,925 Ordinary Shares of £0.0001 each
7,108.99
7,108.99
17,635,825 Series Seed Preferred of £0.0001 each
1,763.58
1,763.58
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Transactions with related parties
As at 31 December 2024, £30,882 (2023: £49,493) is due from Veratrak Canada, a subsidiary of Veratrak Limited. The balance is interest-free and repayable on demand.
Veratrak Limited
Notes to the Accounts
for the year ended 31 December 2024
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Average number of employees
During the year the average number of employees was 15 (2023: 10).