VERITAS HEALTH INNOVATION UK LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2024
Company Registration Number: 12512553
VERITAS HEALTH INNOVATION UK LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 8
VERITAS HEALTH INNOVATION UK LTD
COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024
DIRECTOR
Dr J H J Elliott
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
C9 Glyme Court
Oxford Office Village
Langford Lane
Kidlington
Oxford
OX5 1LQ
COMPANY REGISTRATION NUMBER
12512553 England and Wales
VERITAS HEALTH INNOVATION UK LTD
BALANCE SHEET
AS AT 30 JUNE 2024
Notes 2024 2023
£ £
FIXED ASSETS
Tangible assets 6 1,464 3,628
CURRENT ASSETS
Debtors 7 7,066 3,787
Cash at bank and in hand 5,381 6,631
12,447 10,418
CREDITORS: Amounts falling due within one year 8 37,471 15,764
NET CURRENT LIABILITIES (25,024) (5,346)
CURRENT LIABILITIES LESS TOTAL ASSETS (23,560) (1,718)
CREDITORS: Amounts falling due after more than one year 9 1,176,719 667,328
Provisions for liabilities and charges 278 690
NET LIABILITIES (1,200,557) (669,736)
CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Distributable profit and loss account (1,205,557) (674,736)
SHAREHOLDER'S DEFICIT (1,200,557) (669,736)
VERITAS HEALTH INNOVATION UK LTD
BALANCE SHEET
AS AT 30 JUNE 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board
Dr J H J Elliott
Director
Date approved by the board: 13 March 2025
VERITAS HEALTH INNOVATION UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
1 GENERAL INFORMATION
Veritas Health Innovation UK Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is:
C9 Glyme Court
Oxford Office Village
Langford Lane
Kidlington
Oxford
OX5 1LQ
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Going concern
The accounts have been drawn up on the going concern basis. The company owes its parent undertaking £1,176,719 and will not demand repayment of this loan within the next twelve months. The company is therefore dependent upon the continued support of the parent undertaking. The director does not consider the support of the parent undertaking likely to be withdrawn.
If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets.
Intangible fixed assets
Intangible fixed assets, other than goodwill, are stated at cost less accumulated amortisation and any accumulated impairment losses. It is amortised on a straight-line basis over its useful economic life of one year and is now fully amortised.
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations.
VERITAS HEALTH INNOVATION UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Computer equipment 33% Straight line basis
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
VERITAS HEALTH INNOVATION UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Current and deferred tax assets and liabilities are not discounted.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the director in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including the director) during the year was:
2024 2023
Average number of employees 6 6
VERITAS HEALTH INNOVATION UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
5 INTANGIBLE FIXED ASSETS
Licences, franchises
£
Cost
At 1 July 2023 1,568
At 30 June 2024 1,568
Accumulated amortisation and impairments
At 1 July 2023 1,568
At 30 June 2024 1,568
Net book value
At 1 July 2023 -
At 30 June 2024 -
6 TANGIBLE ASSETS
Computer equipment
£
Cost
At 1 July 2023 6,556
At 30 June 2024 6,556
Accumulated depreciation and impairments
At 1 July 2023 2,928
Charge for year 2,164
At 30 June 2024 5,092
Net book value
At 1 July 2023 3,628
At 30 June 2024 1,464
VERITAS HEALTH INNOVATION UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
7 DEBTORS
2024 2023
£ £
Prepayments and accrued income 853 1,819
Other debtors 6,213 1,968
7,066 3,787
8 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Trade creditors 3,257 1,724
Accruals and deferred income 29,795 10,350
Other creditors 4,419 3,690
37,471 15,764
9 CREDITORS: Amounts falling due after more than one year
2024 2023
£ £
Other creditors 1,176,719 667,328
10 RELATED PARTY TRANSACTIONS
The company has claimed exemptions from reporting disclosure of related party transactions with the following wholly owned group members:
Veritas Health Innovation Ltd Parent undertaking
11 PARENT COMPANY
The company is a wholly owned subsidiary of Veritas Health Innovation Ltd, a private company limited by shares and incorporated and domicilied in Australia. The registered office of the parent undertaking is Level 10, 446 Collins Street, Melbourne, VIC 3000.
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