REGISTERED NUMBER: 10993007 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

VERANEX UK LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

D Dockhorn

P Donnelly

S Duval

REGISTERED OFFICE:

2 Jardine House

The Harrovian Business Village

Bessborough Road

Harrow

HA1 3EX

REGISTERED NUMBER:

10993007 (England and Wales)

AUDITORS:

Barber & Company (Statutory Auditors)

A trading name of PCM Accounting Limited

2 Jardine House

Harrovian Business Village

Bessborough Road

Harrow

Middlesex

HA1 3EX

FIXED ASSETS

Tangible assets

4

8,921

19,557

CURRENT ASSETS

Debtors

5

522,241

740,868

Cash at bank

39,434

98,078

561,675

838,946

CREDITORS

Amounts falling due within one year

6

709,897

684,861

NET CURRENT (LIABILITIES)/ASSETS

(148,222

)

154,085

TOTAL ASSETS LESS CURRENT LIABILITIES

(139,301

)

173,642

CREDITORS

Amounts falling due after more than one year

7

96,130

-

NET (LIABILITIES)/ASSETS

(235,431

)

173,642

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

9

(235,531

)

173,542

SHAREHOLDERS' FUNDS

(235,431

)

173,642

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

S Duval - Director

1.	STATUTORY INFORMATION

Veranex UK Limited 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

During the year under review, the company has made a loss before taxation amounting to £409,303 and at the balance sheet date, the company had net current liabilities amounting to £148,222 and net liabilities amounting to £235,431.

The company provides services within the United Kingdom in support of both contracts held with the company's parent company based in the United State of America and external third party clients.

The board continues to explore trading opportunities directly from the United Kingdom.

The company meets its day to day management and working capital requirements with the support of its parent company, Veranex Inc. The board of Veranex Inc. have confirmed that it is their intention to continue to support Veranex UK Limited for the foreseeable future, both financially and otherwise for a period of at least twelve months from the date of this report.

The board of Veranex UK Limited have taken this into account in there decision to prepare these Financial Statements on a Going Concern Basis.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS

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

Improvements to property

-

33% on cost

Plant and machinery

-

10% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

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 statement of financial position date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

and 31 December 2024

6,445

9,161

19,251

11,707

46,564

DEPRECIATION

At 1 January 2024

5,550

5,708

8,876

6,873

27,007

Charge for year

895

2,290

4,352

3,099

10,636

At 31 December 2024

6,445

7,998

13,228

9,972

37,643

NET BOOK VALUE

At 31 December 2024

-

1,163

6,023

1,735

8,921

At 31 December 2023

895

3,453

10,375

4,834

19,557

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

207,970

396,072

Amounts owed by group undertakings

-

210,199

Other debtors

28,966

50,717

CT recoverable

230

-

Prepayments and accrued income

285,075

83,880

522,241

740,868

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Finance leases

186,867

83,527

Trade creditors

20,807

12,255

Amounts owed to group undertakings

50,074

-

Corporation tax

-

230

Social security and other taxes

42,098

21,112

Other creditors

12,601

10,797

Accruals and deferred income

397,450

556,940

709,897

684,861

The amount due to the Parent Company, Veranex Inc., amounts to £50,074. Due from the Parent company Veranex Inc.(2023: Debtor: £210,199).

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Finance leases

96,130

-

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

100

Ordinary

£1

100

100

9.

RESERVES

Retained

earnings

£

At 1 January 2024

173,542

Deficit for the year

(409,073

)

At 31 December 2024

(235,531

)

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Chapman (Senior Statutory Auditor)

for and on behalf of Barber & Company (Statutory Auditors)

11.	RELATED PARTY DISCLOSURES

The profit and loss account includes costs recharged to the parent company, Veranex Inc., amounting to £1,161,121 (2023: £1,288,132).

12.	ULTIMATE CONTROLLING PARTY

The controlling party is Veranex Inc.

Veranex UK Limited is a wholly owned subsidiary of Veranex Inc.

The ultimate controlling party is Veranex Group Holdings, L.P., registered in the United States of America.