Company registration number 14785070 (England and Wales)
Vermmillion Corp Private Limited
Financial Statements
For the period ended
31 March 2024
Pages for filing with registrar
Vermmillion Corp Private Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
Vermmillion Corp Private Limited
Statement Of Financial Position
As at 31 March 2024
31 March 2024
- 1 -
2024
Notes
£
£
Fixed assets
Investments
4
50,000
Current assets
Cash at bank and in hand
105,902
Creditors: amounts falling due within one year
5
(344,382)
Net current liabilities
(238,480)
Net liabilities
(188,480)
Capital and reserves
Called up share capital
10,000
Profit and loss reserves
(198,480)
Total equity
(188,480)

The notes on pages 2 to 4 form part of these financial statements.

For the financial period ended 31 March 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 of its financial statements for the period in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
L.G. Young
Director
Company registration number 14785070 (England and Wales)
Vermmillion Corp Private Limited
Notes To The Financial Statements
For the period ended 31 March 2024
- 2 -
1
General information

Vermmillion Corp Private Limited is a private company limited by shares incorporated in England and Wales. The registered office is Second Floor, 53/54 Grosvenor Street, London, W1K 3HU.

2
Accounting policies
2.1
Reporting period

The financial statements present information for the period from incorporation on 6 April 2023 to 31 March 2024.

2.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

2.3
Going concern

The directors are currently considering the future plans for the company following the voluntary dissolution of its joint venture undertaking in July 2024. The company's ultimate parent undertaking has confirmed it will support the company for all third party liabilities arising for a period of at least twelve months from the date of signing of the financial statements. Thus the directors consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.true

2.4
Fixed asset investments

Interests in jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

2.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

2.6
Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

 

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Vermmillion Corp Private Limited
Notes To The Financial Statements (Continued)
For the period ended 31 March 2024
2
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price and are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

3
Employees

The company employed no persons in the period.

4
Fixed asset investments
2024
£
Shares in group undertakings and participating interests
50,000
Movements in fixed asset investments
Shares in joint ventures
£
Cost or valuation
At 6 April 2023
-
Additions
50,000
At 31 March 2024
50,000
Carrying amount
At 31 March 2024
50,000
5
Creditors: amounts falling due within one year
2024
£
Trade creditors
1,622
Amounts owed to group undertakings and undertakings in which the company has a participating interest
50,000
Other creditors
292,760
344,382
6
Events after the reporting date

On 30 July 2024 the company's joint venture undertaking was voluntarily dissolved. On 7 May 2024 the amount of £50,000 that was owed to the jointly controlled entity (Note 6) was written off.

Vermmillion Corp Private Limited
Notes To The Financial Statements (Continued)
For the period ended 31 March 2024
- 4 -
7
Related party transactions

At the balance sheet date the company owed £290,000 in the form of convertible bonds to a corporate entity which has a participating interest in the company as included in Note 6.

 

This amount is unsecured, interest free and is repayable at any time up to 4 August 2028 at the option of the company. The bonds are convertible into shares at the option of the company at any time in the period to 4 August 2028 and will be mandatorily converted on this date if the bonds are not redeemed in this period.

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