REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 August 2024 |
for |
Verity Space Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Share premium | 8 |
Retained earnings | 8 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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 were approved by the director and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Renovation costs | 1,035,144 |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
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 |
Prepayments |
Called up share capital not paid |
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 |
Directors' loan accounts | 10,246 | - |
Accruals |
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: | £ | £ |
Ordinary | £1 | 15 | 12 |
3 Ordinary shares of £1 each were allotted as fully paid |
8. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 September 2023 | ( |
) | 2,741,097 |
Deficit for the year | ( |
) | ( |
) |
Cash share issue | - | 849,997 | 849,997 |
At 31 August 2024 | ( |
) | 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. |