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REGISTERED NUMBER: 14319181 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 August 2024

for

Verity Space Limited

Verity Space Limited (Registered number: 14319181)

Contents of the Financial Statements
for the Year Ended 31 August 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Verity Space Limited

Company Information
for the Year Ended 31 August 2024







DIRECTOR: Mr O Alakija





SECRETARY: Cornhill Services Limited





REGISTERED OFFICE: Monomark House
27 Old Gloucester Street
London
WC1N 3AX





REGISTERED NUMBER: 14319181 (England and Wales)





ACCOUNTANTS: ILS Fiduciaries (IOM) Limited
First Floor, Millennium House
Victoria Road, Douglas
Isle of Man
IM2 4RW

Verity Space Limited (Registered number: 14319181)

Balance Sheet
31 August 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Investment property 4 3,472,237 2,437,093

CURRENT ASSETS
Debtors 5 2,067 5,772
Cash at bank 120,235 302,802
122,302 308,574
CREDITORS
Amounts falling due within one year 6 19,047 4,558
NET CURRENT ASSETS 103,255 304,016
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,575,492

2,741,109

CAPITAL AND RESERVES
Called up share capital 7 15 12
Share premium 8 3,609,799 2,759,802
Retained earnings 8 (34,322 ) (18,705 )
SHAREHOLDERS' FUNDS 3,575,492 2,741,109

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 February 2025 and were signed by:




Mr O Alakija - Director


Verity Space Limited (Registered number: 14319181)

Notes to the Financial Statements
for the Year Ended 31 August 2024


1. STATUTORY INFORMATION

Verity Space Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Investment property
The investment property is currently shown at the original cost, including all costs of acquisition and renovation costs to date. Once the renovation project is completed, the property will be accounted for under the revaluation method and revalued annually at market value.

Financial instruments
The company only enters into basic financial transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans from or to banks and related parties. Debt instruments that are payable or receivable within one year (typically loans, trade debtors and creditors) or that bear interest at a commercial rate and are payable or receivable after more than one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid. Basic financial instruments that are due after one year or financed at a rate of interest that is not at market rate should be measured at amortised cost. The amortised cost has not been calculated. This policy deviates from the requirements of Section 11 of FRS102, however under Section 1A of FRS102 the company is not required to apply section 11 unless it were to prevent the financial statements from giving a true and fair view of the financial position and profit and loss of the entity for the reporting period. The director has determined that the deviation from the standard will not materially affect the financial statements and therefore have opted not to calculate and disclose financial instruments at amortised cost.

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2023 2,437,093
Renovation costs 1,035,144
At 31 August 2024 3,472,237
NET BOOK VALUE
At 31 August 2024 3,472,237
At 31 August 2023 2,437,093

The investment property is 33 Caithness Road, Hammersmith, London W14 0JA.

Verity Space Limited (Registered number: 14319181)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Sundry debtors 289 5,051
Prepayments 1,777 720
Called up share capital not paid 1 1
2,067 5,772

Sundry debtors are made up of an overpayment of council tax and are unsecured and interest-free.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 5,861 2,338
Directors' loan accounts 10,246 -
Accruals 2,940 2,220
19,047 4,558

The loan from the director is unsecured, interest free and without a specified repayment date.

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
15 Ordinary £1 15 12

3 Ordinary shares of £1 each were allotted as fully paid at a premium of 283332 per share during the year.

8. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 September 2023 (18,705 ) 2,759,802 2,741,097
Deficit for the year (15,617 ) (15,617 )
Cash share issue - 849,997 849,997
At 31 August 2024 (34,322 ) 3,609,799 3,575,477

Verity Space Limited (Registered number: 14319181)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


9. RELATED PARTY DISCLOSURES

Mr O Alakija
Director/Beneficial owner


Mr Alakija paid a number of invoices on the company's behalf during the year.

2024 2023
£    £   
Amount due from related party at the balance sheet date 10,246 -

10. POST BALANCE SHEET EVENTS

The effect of events relating to the year ended 31 August 2024 which occurred before the date of approval of the financial statements by the director, has been included to the extent required to show a true and fair view of the state of affairs at 31 August 2024 and of the results of the year ended on that date.