Verano House Ltd 12754521 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is property letting. Digita Accounts Production Advanced 6.30.9574.0 true 12754521 2023-08-01 2024-07-31 12754521 2024-07-31 12754521 bus:OrdinaryShareClass1 2024-07-31 12754521 bus:OrdinaryShareClass2 2024-07-31 12754521 core:RetainedEarningsAccumulatedLosses 2024-07-31 12754521 core:ShareCapital 2024-07-31 12754521 core:CurrentFinancialInstruments 2024-07-31 12754521 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 12754521 core:Non-currentFinancialInstruments 2024-07-31 12754521 core:Non-currentFinancialInstruments core:AfterOneYear 2024-07-31 12754521 core:FurnitureFittings 2024-07-31 12754521 bus:SmallEntities 2023-08-01 2024-07-31 12754521 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 12754521 bus:FilletedAccounts 2023-08-01 2024-07-31 12754521 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 12754521 bus:RegisteredOffice 2023-08-01 2024-07-31 12754521 bus:Director1 2023-08-01 2024-07-31 12754521 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 12754521 bus:OrdinaryShareClass2 2023-08-01 2024-07-31 12754521 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 12754521 core:FurnitureFittings 2023-08-01 2024-07-31 12754521 core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 12754521 countries:EnglandWales 2023-08-01 2024-07-31 12754521 2023-07-31 12754521 core:FurnitureFittings 2023-07-31 12754521 2022-08-01 2023-07-31 12754521 2023-07-31 12754521 bus:OrdinaryShareClass1 2023-07-31 12754521 bus:OrdinaryShareClass2 2023-07-31 12754521 core:RetainedEarningsAccumulatedLosses 2023-07-31 12754521 core:ShareCapital 2023-07-31 12754521 core:CurrentFinancialInstruments 2023-07-31 12754521 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 12754521 core:Non-currentFinancialInstruments 2023-07-31 12754521 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 12754521 core:FurnitureFittings 2023-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12754521

Verano House Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Verano House Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Verano House Ltd

(Registration number: 12754521)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,033

4,373

Investment property

5

315,000

315,000

 

318,033

319,373

Current assets

 

Debtors

6

4,814

6,111

Cash at bank and in hand

 

6,054

14,409

 

10,868

20,520

Creditors: Amounts falling due within one year

7

(23,351)

(38,532)

Net current liabilities

 

(12,483)

(18,012)

Total assets less current liabilities

 

305,550

301,361

Creditors: Amounts falling due after more than one year

7

(236,250)

(236,250)

Provisions for liabilities

(16,465)

(16,465)

Net assets

 

52,835

48,646

Capital and reserves

 

Called up share capital

8

200

200

Retained earnings

52,635

48,446

Shareholders' funds

 

52,835

48,646

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 22 April 2025
 

.........................................
Mr M L Baker
Director

 

Verano House Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
8 Thyme Avenue
Whiteley
Fareham
Hampshire
PO15 7NA
England

These financial statements were authorised for issue by the director on 22 April 2025.

2

Accounting policies

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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration receivable for rental income.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change 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.

 

Verano House Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Fixtures and fittings

20% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Verano House Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 August 2023

6,700

6,700

At 31 July 2024

6,700

6,700

Depreciation

At 1 August 2023

2,327

2,327

Charge for the year

1,340

1,340

At 31 July 2024

3,667

3,667

Carrying amount

At 31 July 2024

3,033

3,033

At 31 July 2023

4,373

4,373

5

Investment properties

2024
£

At 1 August

315,000

At 31 July

315,000

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2024
£

2023
£

Other debtors

4,814

6,111

 

4,814

6,111

 

Verano House Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

840

1,020

Other creditors

22,511

37,512

23,351

38,532

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

236,250

236,250

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

100

100

100

100

Ordinary B shares of £1 each

100

100

100

100

200

200

200

200

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

236,250

236,250