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Registered Number: 10374048
England and Wales

 

 

 

VERMA FINANCE LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 October 2023

End date: 30 September 2024
Director Mr G Krishan
Registered Number 10374048
Registered Office 1 Hele Close
Basingstoke
RG21 3JF
Accountants IAC Accountants Limited
Regal Court Business Centre
42-44 High Street
Slough, England
SL1 1EL
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 252    336 
252    336 
Current assets      
Debtors: amounts falling due within one year 4 6,494    10,473 
Cash at bank and in hand 1,091    2,709 
7,585    13,182 
Creditors: amount falling due within one year 5 (4,614)   (7,008)
Net current assets 2,971    6,174 
 
Total assets less current liabilities 3,223    6,510 
Creditors: amount falling due after more than one year (2,062)   (5,395)
Net assets 1,161    1,115 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 1,061    1,015 
Shareholders' funds 1,161    1,115 
 


For the year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the director on 21 March 2025 and were signed by:


-------------------------------
Mr G Krishan
Director
2
General Information
Verma Finance Limited is a private company, limited by shares, registered in England and Wales, registration number 10374048, registration address 1 Hele Close, Basingstoke, RG21 3JF.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with
FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard).
Going concern basis
The directors have confirmed that they will continue to give financial support to the company until such time as its position improves. The directors consider that it is appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result if the financial support were withdrawn.
Turnover
Turnover comprises the invoiced value of services supplied by the company, net of Value Added Tax and trade discounts.
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 balance sheet date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.

Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 25% Reducing Balance
2.

Average number of employees


Average number of employees during the year was 1 (2023 : 1).
3.

Tangible fixed assets

Cost or valuation Computer Equipment   Total
  £   £
At 01 October 2023 1,798    1,798 
Additions  
Disposals  
At 30 September 2024 1,798    1,798 
Depreciation
At 01 October 2023 1,462    1,462 
Charge for year 84    84 
On disposals  
At 30 September 2024 1,546    1,546 
Net book values
Closing balance as at 30 September 2024 252    252 
Opening balance as at 01 October 2023 336    336 


4.

Debtors: amounts falling due within one year

2024
£
  2023
£
Other Debtors 2,643    2,643 
Corporation Tax 22   
Directors' Current Accounts 3,829    7,830 
6,494    10,473 

5.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 530    16 
Bank Loans & Overdrafts 3,604    3,689 
Corporation Tax   2,643 
Accrued Expenses 480    660 
4,614    7,008 

6.

Related Party Note

Debtors due within one year include an interest free amount of £3,829 (2023 - £7,830 ) due from the director. This loan is repayable on demand.
3