REGISTERED NUMBER: 12409072 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2025

for

VERSO GARMS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P Ferguson

REGISTERED OFFICE:

Preston Park House

South Road

Brighton

East Sussex

BN1 6SB

REGISTERED NUMBER:

12409072 (England and Wales)

ACCOUNTANTS:

Plus Accounting

Chartered Accountants

Preston Park House

South Road

Brighton

East Sussex

BN1 6SB

FIXED ASSETS

Tangible assets

4

-

238

CURRENT ASSETS

Stocks

7,500

24,000

Investments

5

5,000

6,482

Cash at bank

50,105

47,497

62,605

77,979

CREDITORS

Amounts falling due within one year

6

(68,200

)

(86,027

)

NET CURRENT LIABILITIES

(5,595

)

(8,048

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(5,595

)

(7,810

)

CREDITORS

Amounts falling due after more than one year

7

(4,656

)

(8,827

)

NET LIABILITIES

(10,251

)

(16,637

)

CAPITAL AND RESERVES

Called up share capital

8

1

1

Revaluation reserve

9

(20,859

)

(19,377

)

Retained earnings

10,607

2,739

SHAREHOLDERS' FUNDS

(10,251

)

(16,637

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 September 2025 and were signed by:

P Ferguson - Director

1.	STATUTORY INFORMATION

Verso Garms Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the fair value of consideration received or receivable net of VAT and trade discounts.

Revenue from the sale of clothing, collectible items and other products are recognised at the point of dispatch.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern

The director has a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Impairment

At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Investments

Investments includes NFT purchases of art work. These investments are measured at cost less any impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2024 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 February 2024

and 31 January 2025

2,623

DEPRECIATION

At 1 February 2024

2,385

Charge for year

238

At 31 January 2025

2,623

NET BOOK VALUE

At 31 January 2025

-

At 31 January 2024

238

5.	CURRENT ASSET INVESTMENTS

2025

2024

£

£

Other

5,000

6,482

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

4,415

4,900

Trade creditors

495

495

Taxation and social security

4,685

7,416

Other creditors

58,605

73,216

68,200

86,027

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

4,656

8,827

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

1

Ordinary

£1

1

1

9.

RESERVES

Revaluation

reserve

£

At 1 February 2024

(19,377

)

Transfers

(1,482

)

At 31 January 2025

(20,859

)