9 false false false false false false false false false false true false false false false false false No description of principal activity 2023-11-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 05980096 2023-11-01 2024-10-31 05980096 2024-10-31 05980096 2023-10-31 05980096 2022-11-01 2023-10-31 05980096 2023-10-31 05980096 2022-10-31 05980096 core:PlantMachinery 2023-11-01 2024-10-31 05980096 core:FurnitureFittings 2023-11-01 2024-10-31 05980096 core:MotorVehicles 2023-11-01 2024-10-31 05980096 bus:Director1 2023-11-01 2024-10-31 05980096 core:PlantMachinery 2023-10-31 05980096 core:FurnitureFittings 2023-10-31 05980096 core:MotorVehicles 2023-10-31 05980096 core:PlantMachinery 2024-10-31 05980096 core:FurnitureFittings 2024-10-31 05980096 core:MotorVehicles 2024-10-31 05980096 core:AfterOneYear 2024-10-31 05980096 core:AfterOneYear 2023-10-31 05980096 core:WithinOneYear 2024-10-31 05980096 core:WithinOneYear 2023-10-31 05980096 core:ShareCapital 2024-10-31 05980096 core:ShareCapital 2023-10-31 05980096 core:RevaluationReserve 2024-10-31 05980096 core:RetainedEarningsAccumulatedLosses 2024-10-31 05980096 core:RetainedEarningsAccumulatedLosses 2023-10-31 05980096 core:PlantMachinery 2023-10-31 05980096 core:FurnitureFittings 2023-10-31 05980096 core:MotorVehicles 2023-10-31 05980096 bus:SmallEntities 2023-11-01 2024-10-31 05980096 bus:AuditExempt-NoAccountantsReport 2023-11-01 2024-10-31 05980096 bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 05980096 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 05980096 bus:FullAccounts 2023-11-01 2024-10-31 05980096 core:ComputerEquipment 2023-11-01 2024-10-31 05980096 core:ComputerEquipment 2024-10-31 05980096 core:ComputerEquipment 2023-10-31
COMPANY REGISTRATION NUMBER: 05980096
VERTERE LIMITED
Filleted Unaudited Financial Statements
31 October 2024
VERTERE LIMITED
Statement of Financial Position
31 October 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
36,643
48,858
Current assets
Stocks
679,202
598,847
Debtors
6
242,073
170,384
Cash at bank and in hand
430,948
560,917
ÄÄÄÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄÄÄÄ
1,352,223
1,330,148
Creditors: amounts falling due within one year
7
46,385
110,162
ÄÄÄÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄÄÄÄ
Net current assets
1,305,838
1,219,986
ÄÄÄÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄÄÄÄ
Total assets less current liabilities
1,342,481
1,268,844
Creditors: amounts falling due after more than one year
8
1,262,428
1,215,458
ÄÄÄÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄÄÄÄ
Net assets
80,053
53,386
ÍÍÍÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍÍÍÍ
Capital and reserves
Called up share capital
100
100
Revaluation reserve
53,286
Profit and loss account
26,667
53,286
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
Shareholders funds
80,053
53,386
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
VERTERE LIMITED
Statement of Financial Position (continued)
31 October 2024
These financial statements were approved by the board of directors and authorised for issue on 28 March 2025 , and are signed on behalf of the board by:
Mr T Moghaddam
Director
Company registration number: 05980096
VERTERE LIMITED
Notes to the Financial Statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Oliver Business Park, Oliver Road, LONDON, NW10 7JB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Office Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 9 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 November 2023 and 31 October 2024
94,743
19,417
37,495
4,785
156,440
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
Depreciation
At 1 November 2023
79,553
11,909
12,303
3,817
107,582
Charge for the year
3,798
1,877
6,298
242
12,215
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
At 31 October 2024
83,351
13,786
18,601
4,059
119,797
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
Carrying amount
At 31 October 2024
11,392
5,631
18,894
726
36,643
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
At 31 October 2023
15,190
7,508
25,192
968
48,858
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
6. Debtors
2024
2023
£
£
Trade debtors
98,657
131,716
Other debtors
143,416
38,668
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
242,073
170,384
ÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
22,026
75,799
Corporation tax
8,654
Social security and other taxes
8,086
8,728
Other creditors
7,619
25,635
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
46,385
110,162
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
591,428
544,458
Other creditors
671,000
671,000
ÄÄÄÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄÄÄÄ
1,262,428
1,215,458
ÍÍÍÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍÍÍÍ
9. Related party transactions
The company was under the control of Mr T Moghaddam throughout the current and previous year. Mr T Moghaddam is the managing director and majority shareholder. The company was financed by way of loan from other creditor (a company related to one of the director). Interest of 7% is accrued for the year ended 31/10/2024 for loan balance of £671,000.