Acorah Software Products - Accounts Production 16.3.350 false true 31 March 2024 1 April 2023 false 1 April 2024 31 March 2025 31 March 2025 05358569 Mr Mark Speer Mrs Claire Speer Mrs Claire Speer iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05358569 2024-03-31 05358569 2025-03-31 05358569 2024-04-01 2025-03-31 05358569 frs-core:CurrentFinancialInstruments 2025-03-31 05358569 frs-core:Non-currentFinancialInstruments 2025-03-31 05358569 frs-core:ComputerEquipment 2025-03-31 05358569 frs-core:ComputerEquipment 2024-04-01 2025-03-31 05358569 frs-core:ComputerEquipment 2024-03-31 05358569 frs-core:MotorVehicles 2025-03-31 05358569 frs-core:MotorVehicles 2024-04-01 2025-03-31 05358569 frs-core:MotorVehicles 2024-03-31 05358569 frs-core:PlantMachinery 2025-03-31 05358569 frs-core:PlantMachinery 2024-04-01 2025-03-31 05358569 frs-core:PlantMachinery 2024-03-31 05358569 frs-core:ShareCapital 2025-03-31 05358569 frs-core:RetainedEarningsAccumulatedLosses 2025-03-31 05358569 frs-bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 05358569 frs-bus:FilletedAccounts 2024-04-01 2025-03-31 05358569 frs-bus:SmallEntities 2024-04-01 2025-03-31 05358569 frs-bus:AuditExempt-NoAccountantsReport 2024-04-01 2025-03-31 05358569 frs-bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 05358569 frs-bus:Director1 2024-04-01 2025-03-31 05358569 frs-bus:Director2 2024-04-01 2025-03-31 05358569 frs-bus:CompanySecretary1 2024-04-01 2025-03-31 05358569 frs-countries:EnglandWales 2024-04-01 2025-03-31 05358569 2023-03-31 05358569 2024-03-31 05358569 2023-04-01 2024-03-31 05358569 frs-core:CurrentFinancialInstruments 2024-03-31 05358569 frs-core:Non-currentFinancialInstruments 2024-03-31 05358569 frs-core:ShareCapital 2024-03-31 05358569 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31
Registered number: 05358569
Verlec Limited
Unaudited Financial Statements
For The Year Ended 31 March 2025
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 05358569
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 16,679 21,606
16,679 21,606
CURRENT ASSETS
Stocks 5 1,500 3,000
Debtors 6 1,075,440 808,585
Cash at bank and in hand 75,237 295,390
1,152,177 1,106,975
Creditors: Amounts Falling Due Within One Year 7 (87,205 ) (48,462 )
NET CURRENT ASSETS (LIABILITIES) 1,064,972 1,058,513
TOTAL ASSETS LESS CURRENT LIABILITIES 1,081,651 1,080,119
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,670 ) (5,186 )
NET ASSETS 1,077,981 1,074,933
CAPITAL AND RESERVES
Called up share capital 8 10 10
Income Statement 1,077,971 1,074,923
SHAREHOLDERS' FUNDS 1,077,981 1,074,933
Page 1
Page 2
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Mark Speer
Director
23/05/2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Verlec Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05358569 . The registered office is 36 The Kingfishers, Verwood, Dorset, BH31 6NP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover 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.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Computer Equipment 25% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2024: 2)
2 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2024 53,240 36,710 456 90,406
Additions - - 633 633
As at 31 March 2025 53,240 36,710 1,089 91,039
Depreciation
As at 1 April 2024 48,392 20,294 114 68,800
Provided during the period 1,212 4,104 244 5,560
As at 31 March 2025 49,604 24,398 358 74,360
Net Book Value
As at 31 March 2025 3,636 12,312 731 16,679
As at 1 April 2024 4,848 16,416 342 21,606
5. Stocks
2025 2024
£ £
Stock 1,500 3,000
6. Debtors
2025 2024
£ £
Due within one year
Trade debtors 32,253 60,919
Prepayments and accrued income 2,569 2,615
VAT 1,216 824
36,038 64,358
Due after more than one year
Verprop Ltd Inter Company 1,039,402 744,227
1,075,440 808,585
7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 8,132 19,681
Corporation tax 18,707 19,877
Other taxes and social security 1,764 545
Other creditors 52,500 -
Accruals and deferred income 4,558 6,920
Directors' loan accounts 1,544 1,439
87,205 48,462
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8. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 10 10
9. Related Party Transactions
At 31 March 2025, the company owed the directors M R Speer and Mrs C Speer £1,543 (2024: £1,439). This balance is included within other debtors, amounts falling due within one year.
At 31 March 2025, Verprop Limited, a company in which M Speer and Mrs C Speer are directors, had received funds from the company amounting to £1,039,402 (2024: £744,227). This balance is included within other debtors, amounts falling due after more than one year.
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