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EDWARD VERITY LIMITED

Registered Number
08181828
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2024

EDWARD VERITY LIMITED
Company Information
for the year from 1 September 2023 to 31 August 2024

Director

VERITY, Edward Lee

Registered Address

Little Aldon
Dorchester Road
Yeovil
BA20 2RH

Registered Number

08181828 (England and Wales)
EDWARD VERITY LIMITED
Balance Sheet as at
31 August 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets384977,954
84977,954
Current assets
Debtors424,9182,070
Cash at bank and on hand26,4344,353
51,3526,423
Creditors amounts falling due within one year5(13,830)(48,748)
Net current assets (liabilities)37,522(42,325)
Total assets less current liabilities38,37135,629
Creditors amounts falling due after one year6(13,310)(15,822)
Provisions for liabilities(161)-
Net assets24,90019,807
Capital and reserves
Called up share capital11
Profit and loss account24,89919,806
Shareholders' funds24,90019,807
The financial statements were approved and authorised for issue by the Director on 9 May 2025, and are signed on its behalf by:
VERITY, Edward Lee
Director
Registered Company No. 08181828
EDWARD VERITY LIMITED
Notes to the Financial Statements
for the year ended 31 August 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Plant and equipment is used in the company's principal activity for the production and supply of services or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Office Equipment3
2.Average number of employees

20242023
Average number of employees during the year11
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 September 2377,954
Additions(77,038)
At 31 August 24916
Depreciation and impairment
Charge for year67
At 31 August 2467
Net book value
At 31 August 24849
At 31 August 2377,954
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables-2,070
Other debtors24,918-
Total24,9182,070
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables-37
Bank borrowings and overdrafts2,5143,235
Taxation and social security9,21643,360
Other creditors-16
Accrued liabilities and deferred income2,1002,100
Total13,83048,748
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts13,31015,822
Total13,31015,822
7.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
VERITY, Edward Lee024,650024,650
Loan made to director
024,650024,650
Loan fully repaid on 25th April 2025