Company Registration No. 06588217 (England and Wales)
VEEIP LIMITED
Unaudited accounts
for the year ended 31 December 2024
VEEIP LIMITED
Unaudited accounts
Contents
VEEIP LIMITED
Company Information
for the year ended 31 December 2024
Company Number
06588217 (England and Wales)
Registered Office
20-22 Wenlock Road
London
N1 7GU
England
VEEIP LIMITED
Statement of financial position
as at 31 December 2024
Cash at bank and in hand
13,115
65,020
Creditors: amounts falling due within one year
(4,857)
(6,616)
Net current assets
300,382
276,151
Total assets less current liabilities
300,841
276,776
Creditors: amounts falling due after more than one year
(751,500)
(696,500)
Provisions for liabilities
Net liabilities
(450,746)
(419,843)
Called up share capital
2
2
Profit and loss account
(450,748)
(419,845)
Shareholders' funds
(450,746)
(419,843)
For the year ending 31 December 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 director acknowledges his 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 and authorised for issue on 27 September 2025 and were signed on its behalf by
Mr Aly Karim
Director
Company Registration No. 06588217
VEEIP LIMITED
Notes to the Accounts
for the year ended 31 December 2024
VEEIP LIMITED is a private company, limited by shares, registered in England and Wales, registration number 06588217. The registered office is 20-22 Wenlock Road, London, N1 7GU, 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.
Turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on straight line basis
Computer equipment
25% on straight line basis
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.
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.
The financial statements have been prepared on a going concern basis. The validity of this assumption is based upon the continued financial support of the parent Company and the convertible nature of Veeip Limited's loans, which have automatic conversion triggers. The Director therefore consider it appropriate to prepare the financial statements on a going concern basis.
VEEIP LIMITED
Notes to the Accounts
for the year ended 31 December 2024
4
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 January 2024
666
2,740
3,406
At 31 December 2024
666
2,740
3,406
At 1 January 2024
41
2,740
2,781
Charge for the year
166
-
166
At 31 December 2024
207
2,740
2,947
At 31 December 2024
459
-
459
At 31 December 2023
625
-
625
Amounts falling due within one year
Amounts due from group undertakings etc.
291,736
211,753
Accrued income and prepayments
-
2,083
6
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
40
-
Other creditors
3,764
5,627
7
Creditors: amounts falling due after more than one year
2024
2023
Other creditors
751,500
696,500
Creditors includes convertible loans, which will automatically be converted to equity subject to triggers based upon a professional capital raising.
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
VEEIP LIMITED
Notes to the Accounts
for the year ended 31 December 2024
The Company uses the services of 3rd party Suppliers and external Consultants, but has agreements that their fees are only payable upon reaching certain trigger points which have not yet been met. As a result, the Company has not accrued these fees in these accounts, but has treated them as contingent liabilities. As at the balance sheet date, the Company has contingent liabilities in respect of these fees amounting to £971,014 (31 December 2023: £971,014).
The Company has paid de minimis remuneration, but has agreement to pay further remuneration upon reaching certain trigger points which have not yet been met. As a result, the Company has not accrued the additional remuneration in these accounts, but has treated them as contingent liabilities. As at the balance sheet date, the Company has contingent liabilities in respect of remuneration amounting to £2,180,362 (31 December 2023: £2,042,932).
10
Transactions with related parties
Amounts owed by Group undertakings are primarily unsecured, interest free and have no fixed date for repayment.
The parent company is Quercus (BVI) Limited, a company registered in the British Virgin Islands, whose registered address is Trident Chambers, Wickhams Cay, PO Box 146, Road Town, Tortola, British Virgin Islands.
12
Average number of employees
During the year the average number of employees was 2 (2023: 2).