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Registration number: 00962596

Verfides

Abridged Financial Statements

for the Year Ended 31 December 2024

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

Verfides

Contents

Company Information

1

Abridged Statement of Financial Position

2 to 3

Notes to the Abridged Financial Statements

4 to 7

 

Verfides

Company Information

Directors

C Borea

R Vacri

M Marano

T Pay

Registered office

5th Floor
86 Jermyn Street
London
SW1Y 6AW

Auditors

Brebners
Chartered Accountants & Statutory Auditor130 Shaftesbury Avenue
London
W1D 5AR

 

Verfides

Abridged Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

8,421

13,421

Investments

4

4

 

8,425

13,425

Current assets

 

Cash at bank and in hand

 

1,204,152

1,365,315

Trade debtors

 

211,184

188,983

Gross amount due from customers for contract work

 

296,837

273,283

Prepayments

 

153,938

151,708

Other debtors

 

19,002

7,272

 

1,885,113

1,986,561

Creditors: Amounts falling due within one year

 

Trade creditors

 

(69,924)

(27,230)

Taxation and social security

 

(216,387)

(277,866)

Other creditors

 

(91,180)

(64,665)

(377,491)

(369,761)

Net current assets

 

1,507,622

1,616,800

Total assets less current liabilities

 

1,516,047

1,630,225

Provisions for liabilities

(478)

(1,371)

Net assets

 

1,515,569

1,628,854

Capital and reserves

 

Called up share capital

60,000

60,000

Profit and loss account

1,455,569

1,568,854

Shareholders' funds

 

1,515,569

1,628,854

 

Verfides

Abridged Statement of Financial Position as at 31 December 2024

All of the company’s members have consented to the preparation of an Abridged Statement of Financial Position in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Company registration number: 00962596

Approved and authorised by the Board on 9 April 2025 and signed on its behalf by:
 

.........................................

M Marano

Director

 

Verfides

Notes to the Abridged Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private unlimited company, incorporated in England & Wales.

The address of its registered office is:
5th Floor
86 Jermyn Street
London
SW1Y 6AW

These financial statements were authorised for issue by the Board on 9 April 2025.

The principal activity of the company is the provision of fiduciary, business management, accounting and tax services.

2

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 9 April 2025 was Richard Smith, who signed for and on behalf of Brebners.

3

Accounting Policies required for amounts due under contract

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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' Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Going concern

The company had net assets at 31 December 2024 amounting to £1,516,201 including cash at bank of £1,204,152.

Having made sufficient enquiries the directors have a reasonable expectation that the company has adequate resources to continue operating for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Exemption from preparing group accounts

The company has claimed exemption from preparing consolidated accounts under section 399 of the small companies regime within Part 15 of the Companies Act 2006.

 

Verfides

Notes to the Abridged Financial Statements for the Year Ended 31 December 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, rebates and discounts.

The company recognises turnover based upon the stage of completion of services being provided.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred taxation is provided to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

20% straight line

Computer software

20% straight line

Furniture, fittings and equipment

Between 20% and 33% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Verfides

Notes to the Abridged Financial Statements for the Year Ended 31 December 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

4

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2023 - 21).

 

Verfides

Notes to the Abridged Financial Statements for the Year Ended 31 December 2024

5

Tangible assets

Leasehold improvements
£

Furniture, fittings and equipment
 £

Computer software
£

Total
£

Cost or valuation

At 1 January 2024

529,296

560,429

212,016

1,301,741

Disposals

-

(397,033)

-

(397,033)

At 31 December 2024

529,296

163,396

212,016

904,708

Depreciation

At 1 January 2024

529,296

547,008

212,016

1,288,320

Charge for the year

-

5,000

-

5,000

Eliminated on disposal

-

(397,033)

-

(397,033)

At 31 December 2024

529,296

154,975

212,016

896,287

Carrying amount

At 31 December 2024

-

8,421

-

8,421

At 31 December 2023

-

13,421

-

13,421

6

Financial commitments

The total amount of financial commitments not included in the statement of financial position is £490,442 (2023 - £114,007).