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Registered number: 13863932 VERITY INTERNATIONAL LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2024
VERITY INTERNATIONAL LIMITED REGISTERED NUMBER: 13863932 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 4 | 138,550 |  | 59,388 |
Cash at bank and in hand | 5 | 31,855 |  | 40,463 |
|  | 170,405 |  | 99,851 |
Creditors: amounts falling due within one year | 6 | (100,213) |  | (62,336) |
Net current assets |  |  | 70,192 |  | 37,515
Net assets |  |  | 70,192 |  | 37,515
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 100 |  | 100
Profit and loss account |  |  | 70,092 |  | 37,415
|  |  | 70,192 |  | 37,515
The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ A Filipovic
Director
Date: 10 September 2025
The notes on pages 2 to 5 form part of these financial statements. Page 1
VERITY INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Verity International Limited (the 'Company') is a company incorporated in the United Kingdom under the Companies Act. The Company is a private company limited by shares, registered in England and Wales. The registered office is Suite 4, 7th Floor 50 Broadway, London, United Kingdom, SW1H 0DB The principal activity of the Company in the year under review was that of sales and marketing support for the Company's immediate parent company, Verity LLC. The Company's functional and presentational currency is GBP, rounded to the nearest whole pound. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Going concern
The Company has obtained a letter of support from Verity LLC, its parent company. The directors of Verity LLC have provided a commitment to provide any financial support which may be necessary in order that the Company can meet its liabilities, as they fall due and for the foreseeable future. As a result of the above the directors of the Company have adopted the going concern basis in preparing these financial statements.
| 2.3 | Revenue
Turnover represents amounts charged to the Company's immediate parent company, Verity LLC, under a sales and marketing agreement, excluding value added taxation. Turnover is recognised when costs are incurred.
| 2.4 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds Page 2
VERITY INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.5 | Share based payments
The Company operates a share-based payment scheme whereby selected employees and directors are granted Performance Incentive Units (PIUs). These PIUs are designed to reward participants based on the growth in value of the Company and vest only upon the occurrence of a defined liquidity event, such as a sale, flotation, or other significant corporate transaction. The PIUs entitle the holders to a share of the proceeds in excess of a predetermined threshold upon a qualifying liquidity event, subject to continued service conditions and performance criteria. The Company accounts for PIUs in accordance with Section 26 of FRS 102 – Share-Based Payment. The arrangement is classified as an equity-settled share-based payment, and the fair value of the PIUs at grant date is recognised as an expense over the estimated vesting period, with a corresponding credit to an equity reserve. The fair value of the PIUs is determined using an appropriate valuation model, taking into account the terms and conditions upon which the PIUs were granted, including the performance and market conditions. As the PIUs vest only upon the occurrence of a non-routine event (a liquidity event), the Company has assessed the probability of such an event occurring. Where it is not considered probable that a liquidity event will occur, no charge is recognised. This assessment is reviewed at each reporting date.
| 2.6 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 3
VERITY INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.7 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.8 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.9 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3. | Employees
| The average monthly number of employees, including directors, during the year was 8 (2023 - 6).
4. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 131,672 | 55,349
| Prepayments and accrued income | 6,878 | 4,039
|  | 138,550 | 59,388
5. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 31,855 | 40,463
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VERITY INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 1,227 | 2,179
| Corporation tax | 11,835 | 5,124
| Other taxation and social security | 20,926 | 13,549
| Other creditors | 2,825 | 2,252
| Accruals and deferred income | 63,400 | 39,232
|  | 100,213 | 62,336
7. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £7,343 (2023: £6,221). Contributions totalling £2,825 (2023: £2,252) were payable to the fund at the balance sheet date and are included in other creditors.
8. | Controlling party
SmarterRMS Holdings LLC (incorporated in United States of America) is regarded by the directors as being the Company's ultimate parent company whose registered address is 3550 Peachtree Rd NE, Suite 900, Atlanta, GA 30326, USA. The smallest and largest group in which the Company's financial statements are consolidated is that headed by SmarterRMS Holdings, LLC.
9. | Auditor's information
The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified. The audit report was signed on 12 September 2025 by Karen Cairns (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.
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