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REGISTERED NUMBER: 02328888 (England and Wales)















VERELOGIC LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER 2024






VERELOGIC LIMITED (REGISTERED NUMBER: 02328888)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024










Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 7


VERELOGIC LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2024







DIRECTORS: Mr M E T Khoo
Mr K J Metcalfe



REGISTERED OFFICE: Gloucester House
County Park
Shrivenham Road
SWINDON
Wiltshire
SN1 2NR



REGISTERED NUMBER: 02328888 (England and Wales)



ACCOUNTANTS: Morris Owen
Chartered Accountants
43-45 Devizes Road
SWINDON
Wiltshire
SN1 4BG



BANKERS: Nat West Bank Plc
24-30 The Parade
SWINDON
Wiltshire
SN1 1BA

VERELOGIC LIMITED (REGISTERED NUMBER: 02328888)

STATEMENT OF FINANCIAL POSITION
31ST DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,618 7,797

CURRENT ASSETS
Debtors 5 323,596 323,110
Cash at bank and in hand 133,915 219,227
457,511 542,337
CREDITORS
Amounts falling due within one year 6 208,636 283,967
NET CURRENT ASSETS 248,875 258,370
TOTAL ASSETS LESS CURRENT
LIABILITIES

254,493

266,167

CREDITORS
Amounts falling due after more than
one year

7

-

(934

)

PROVISIONS FOR LIABILITIES 10 (35,000 ) (35,000 )
NET ASSETS 219,493 230,233

CAPITAL AND RESERVES
Called up share capital 11 4,034 4,034
Share premium 67,059 67,059
Capital redemption reserve 6,697 6,697
Retained earnings 141,703 152,443
SHAREHOLDERS' FUNDS 219,493 230,233

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2024 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.

VERELOGIC LIMITED (REGISTERED NUMBER: 02328888)

STATEMENT OF FINANCIAL POSITION - continued
31ST DECEMBER 2024


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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27th February 2025 and were signed on its behalf by:





Mr K J Metcalfe - Director


VERELOGIC LIMITED (REGISTERED NUMBER: 02328888)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024


1. STATUTORY INFORMATION

Verelogic Limited 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: 02328888

Registered office: Gloucester House, County Park, Shrivenham Road, Swindon, SN1 2NR

The presentation currency of the financial statements is the Pound Sterling (£) rounded to the nearest pound.

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.

Significant judgements and estimates
In preparing these financial statements, the directors have made the following judgements:
- Determine whether leases entered into by the company as a lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
- Determine the period of useful economic life and any residual value of all tangible fixed assets order to write off the value of each asset over that period.
- Determine an appropriate provision for bad and doubtful debts by assessing the recoverability of all balances on a balance by balance basis.
- Determine an appropriate provision for dilapidations by assessing the probable future obligations expected to exist at the end of the property lease.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 20% on cost
Plant and machinery - 20% on cost
Equipment, fixtures & fittings - 20% - 33.33% on cost

Financial instruments
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Short term trade creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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.

VERELOGIC LIMITED (REGISTERED NUMBER: 02328888)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 12 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st January 2024 167,327
Additions 1,303
At 31st December 2024 168,630
DEPRECIATION
At 1st January 2024 159,530
Charge for year 3,482
At 31st December 2024 163,012
NET BOOK VALUE
At 31st December 2024 5,618
At 31st December 2023 7,797


VERELOGIC LIMITED (REGISTERED NUMBER: 02328888)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


5. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 209,536 169,254
Amounts recoverable on contract 33,825 44,225
Other debtors 76,035 105,431
319,396 318,910

Amounts falling due after more than one year:
Other debtors 4,200 4,200

Aggregate amounts 323,596 323,110

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Finance leases (see note 8) 934 2,481
Trade creditors 31,476 42,391
Taxation and social security 53,959 49,578
Other creditors 122,267 189,517
208,636 283,967

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Finance leases (see note 8) - 934

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases
2024 2023
£    £   
Net obligations repayable:
Within one year 934 2,481
Between one and five years - 934
934 3,415

Non-cancellable operating leases
2024 2023
£    £   
Within one year 50,366 50,366
Between one and five years 114,558 164,924
164,924 215,290

VERELOGIC LIMITED (REGISTERED NUMBER: 02328888)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Finance leases 934 3,415

Obligations under hire purchase are secured on the assets concerned.

All money and liabilities whatever, whenever and however incurred whether now or in the future due, or becoming due, from the company to Aldermore Bank Plc are secured by way of a fixed and floating charge over all of the company's assets.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Other provisions 35,000 35,000

Other
provisions
£   
Balance at 1st January 2024 35,000
Balance at 31st December 2024 35,000

Included within other provisions is a provision for the dilapidation of the leasehold property occupied by the company. The lease on this property expires in August 2028.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
4,034 Ordinary £1 4,034 4,034

12. RELATED PARTY DISCLOSURES

The director was provided a loan by Verelogic Limited.

2024 2023
£ £
Balance b/fwd 15,589 14,730

Amounts advanced 5,558 859
Amounts repaid - -
Balance c/fwd 21,147 15,589


The loans were provided interest free and have no fixed repayment date.