Company Registration No. 12918660 (England and Wales)
Veraco Ltd
Unaudited accounts
for the year ended 31 October 2024
Veraco Ltd
Unaudited accounts
Contents
Veraco Ltd
Company Information
for the year ended 31 October 2024
Directors
Charles Allan Churchman
George Eric Strong
Company Number
12918660 (England and Wales)
Registered Office
Lm08.102 Leathermarket
11/13 Weston Street
London
SE1 3ER
England
Accountants
GMT Accounting Ltd
5 Sedcombe Close
Sidcup
Kent
DA14 4QG
Veraco Ltd
Statement of financial position
as at 31 October 2024
Tangible assets
19,878
23,457
Cash at bank and in hand
1,615
-
Creditors: amounts falling due within one year
(84,623)
(91,392)
Net current liabilities
(63,705)
(54,632)
Net liabilities
(43,827)
(31,175)
Called up share capital
121
100
Profit and loss account
(138,927)
(31,275)
Shareholders' funds
(43,827)
(31,175)
For the year ending 31 October 2024 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 11 June 2025 and were signed on its behalf by
Charles Allan Churchman
Director
Company Registration No. 12918660
Veraco Ltd
Notes to the Accounts
for the year ended 31 October 2024
Veraco Ltd is a private company, limited by shares, registered in England and Wales, registration number 12918660. The registered office is Lm08.102 Leathermarket, 11/13 Weston Street, London, SE1 3ER, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% Reducing balance
Motor vehicles
25% Reducing balance
Fixtures & fittings
15% Reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Expenditure on research and development is written off in the year in which it is incurred.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Veraco Ltd
Notes to the Accounts
for the year ended 31 October 2024
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 November 2023
940
19,167
12,666
32,773
Additions
365
-
1,368
1,733
At 31 October 2024
1,305
19,167
14,034
34,506
At 1 November 2023
141
3,833
5,342
9,316
Charge for the year
175
3,833
1,304
5,312
At 31 October 2024
316
7,666
6,646
14,628
At 31 October 2024
989
11,501
7,388
19,878
At 31 October 2023
799
15,334
7,324
23,457
Amounts falling due within one year
Veraco Ltd
Notes to the Accounts
for the year ended 31 October 2024
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
14,714
19,556
Taxes and social security
11,252
257
Loans from directors
52,383
69,083
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
8
Transactions with related parties
During the year, the company received a loan from Charles Allan Churchman, a director of the company. At the balance sheet date, the company owed him £52,383.
9
Average number of employees
During the year the average number of employees was 3 (2023: 2).