Silverfin false 07 November 2025 06 November 2025 Stephen Drew S&W Partners Audit Limited 420,400 560,439 false true 31/03/2025 01/04/2024 31/03/2025 Dean Langenbach 06/11/2024 28/04/2022 Jodie Meadows 09/09/2024 28/04/2022 Kaylene O’Brien 01/01/2025 Matilda Ruth Prowse 19/11/2024 28/04/2022 Seigo Watanabe 31/12/2024 09/09/2024 Tomohiro Yamazaki 01/08/2024 06 November 2025 The principal activity of the Company during the year was information technology consultancy. 13009648 2025-03-31 13009648 bus:Director1 2025-03-31 13009648 bus:Director2 2025-03-31 13009648 bus:Director3 2025-03-31 13009648 bus:Director4 2025-03-31 13009648 bus:Director5 2025-03-31 13009648 bus:Director6 2025-03-31 13009648 2024-03-31 13009648 core:CurrentFinancialInstruments 2025-03-31 13009648 core:CurrentFinancialInstruments 2024-03-31 13009648 core:ShareCapital 2025-03-31 13009648 core:ShareCapital 2024-03-31 13009648 core:RetainedEarningsAccumulatedLosses 2025-03-31 13009648 core:RetainedEarningsAccumulatedLosses 2024-03-31 13009648 core:OfficeEquipment 2024-03-31 13009648 core:OfficeEquipment 2025-03-31 13009648 2024-04-01 2025-03-31 13009648 bus:FilletedAccounts 2024-04-01 2025-03-31 13009648 bus:SmallEntities 2024-04-01 2025-03-31 13009648 bus:Audited 2024-04-01 2025-03-31 13009648 2023-04-01 2024-03-31 13009648 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 13009648 bus:Director1 2024-04-01 2025-03-31 13009648 bus:Director2 2024-04-01 2025-03-31 13009648 bus:Director3 2024-04-01 2025-03-31 13009648 bus:Director4 2024-04-01 2025-03-31 13009648 bus:Director5 2024-04-01 2025-03-31 13009648 bus:Director6 2024-04-01 2025-03-31 13009648 core:OfficeEquipment core:TopRangeValue 2024-04-01 2025-03-31 13009648 core:OfficeEquipment 2024-04-01 2025-03-31 13009648 1 2024-04-01 2025-03-31 iso4217:GBP xbrli:pure

Company No: 13009648 (England and Wales)

# VELRADA UK LIMITED

### Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

VELRADA UK LIMITED

## Financial Statements

For the financial year ended 31 March 2025

Contents

VELRADA UK LIMITED

## COMPANY INFORMATION

For the financial year ended 31 March 2025
VELRADA UK LIMITED

## COMPANY INFORMATION (continued)

For the financial year ended 31 March 2025

DIRECTORS | Dean Langenbach (Resigned 06 November 2024)
| Jodie Meadows (Resigned 09 September 2024)
| Kaylene O’Brien (Appointed 01 January 2025)
| Matilda Ruth Prowse (Resigned 19 November 2024)
| Seigo Watanabe (Appointed 09 September 2024, Resigned 31 December 2024)
| Tomohiro Yamazaki (Appointed 01 August 2024)

REGISTERED OFFICE | 45 Gresham Street
| London
| EC2V 7BG
| United Kingdom

COMPANY NUMBER | 13009648 (England and Wales)

AUDITOR | S&W Partners Audit Limited
| Statutory Auditor
| 103 Colmore Row
| Birmingham
| B3 3AG

VELRADA UK LIMITED

## STATEMENT OF FINANCIAL POSITION

As at 31 March 2025
VELRADA UK LIMITED

## STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2025

| Note | 2025 |  | 2024
|  | £ |  | £
|  |  |  | Restated - note 2
Fixed assets |  |  |  |
Tangible assets | 4 | 2,807 |  | 1,197
|  | 2,807 |  | 1,197
Current assets |  |  |  |
Debtors | 5 | 227,338 |  | 82,797
Cash at bank and in hand |  | 1,196,081 |  | 38,119
|  | 1,423,419 |  | 120,916
Creditors: amounts falling due within one year | 6 | ( 2,591,392) |  | ( 866,879)
Net current liabilities |  | (1,167,973) |  | (745,963)
Total assets less current liabilities |  | (1,165,166) |  | (744,766)
Net liabilities |  | ( 1,165,166) |  | ( 744,766)
Capital and reserves |  |  |  |
Called-up share capital |  | 100 |  | 100
Profit and loss account |  | ( 1,165,266 ) |  | ( 744,866 )
Total shareholders' deficit |  | ( 1,165,166) |  | ( 744,766)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Comprehensive Income has not been delivered.

The financial statements of Velrada UK Limited (registered number: 13009648) were approved and authorised for issue by the Board of Directors on 06 November 2025. They were signed on its behalf by:

Kaylene O’Brien Director |

VELRADA UK LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
VELRADA UK LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Velrada UK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 45 Gresham Street, London, EC2V 7BG, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The functional currency of Velrada UK Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
These financial statements are separate financial statements.

##### Going concern

The financial statements have been prepared on a going concern basis.
The directors have received confirmation from the immediate parent company, Velrada Capital Pty Ltd that it is their intention to continue to use the Company to service its markets in the UK for the period covering at least the next 12 months from the date of signing of these accounts.
The immediate parent company directors have prepared a group budget that demonstrates the group's ability to meet its liabilities as they fall due for a period of at least one year from the approval of these financial statements. The UK company is included within the budget, and the immediate parent company directors have confirmed in writing that the immediate parent company will provide financial support to enable the Company to continue as a going concern and meet its liabilities as they fall due for a period of at least one year from the date of approval of these financial statements.
In the event that the existing trading relationship in place with Velrada Capital Pty Ltd were to change, the Company may not remain a going concern. The directors do not believe this to be a likely scenario. On this basis, the directors of the Company has concluded that there are no material uncertainties that may cast doubt on the Company's ability to continue as a going concern.
On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis.

##### Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.
**Rendering of services**
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
* the amount of revenue can be measured reliably;
* it is probable that the Company will receive the consideration due under the contract;
* the stage of completion of the contract at the end of the reporting period can be measured reliably; and
* the costs incurred and the costs to complete the contract can be measured reliably.
Revenue is recognised in either over time or at a point in time, this is dependant on the term of contract.

##### Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
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 financial statements. 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 enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment | 2 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

##### Trade and other 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.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Trade and other 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.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

##### Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

#### 2. Prior year adjustment

The accounts for the year ended 31 March 2024 have been restated in order to correctly recognise salary expenses on the accruals basis. A portion of salary costs that were originally recognised in the year ended 31 March 2025 have been reallocated to the prior year, as they relate to services rendered in that period. This has resulted in an increase to the loss for the year ending 31 March 2024 of £73,137 and a corresponding increase to amounts owed to the group undertakings.

#### 3. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 10 |  | 7

#### 4. Tangible assets

| Office equipment |  | Total
| £ |  | £
Cost |  |  |
At 01 April 2024 | 4,141 |  | 4,141
Additions | 5,614 |  | 5,614
At 31 March 2025 | 9,755 |  | 9,755
Accumulated depreciation |  |  |
At 01 April 2024 | 2,944 |  | 2,944
Charge for the financial year | 4,004 |  | 4,004
At 31 March 2025 | 6,948 |  | 6,948
Net book value |  |  |
At 31 March 2025 | 2,807 |  | 2,807
At 31 March 2024 | 1,197 |  | 1,197

#### 5. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 48,540 |  | 24,366
Prepayments and accrued income | 178,698 |  | 58,331
Other debtors | 100 |  | 100
| 227,338 |  | 82,797

#### 6. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Trade creditors | 10,393 |  | 6,809
Amounts owed to Group undertakings | 2,393,219 |  | 695,773
Accruals and deferred income | 95,285 |  | 112,123
Other taxation and social security | 92,495 |  | 52,174
| 2,591,392 |  | 866,879

#### 7. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

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 £87,305 (2024 - £57,947). Contributions of £8,611 (2024 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.

#### 8. Related party transactions

The Company has taken advantage of the exemption available under Section 33 of FRS 102 and has not disclosed details of transactions or balances with other wholly-owned group companies.

#### 9. Deferred Taxation

At 31 March 2025, the Company had an unprovided deferred tax asset of £291,064 (2024 - £160,327) available to offset against future tax charges.

#### 10. Audit Opinion

The auditor's report on the financial statements for the financial year ended 31 March 2025 was unqualified.

In their report the auditors drew attention by way of emphasis to the Company's reliance on parent company support to continue as a going concern. Our opinion is not modified in respect of this matter.

The audit report was signed on 7 November 2025 by Stephen Drew (Senior Statutory Auditor) on behalf of S&W Partners Audit Limited.

#### 11. Ultimate controlling party

The immediate parent company is Velrada Capital Pty Ltd, a company incorporated in Australia. The ultimate parent undertaking is Nomura Research Institute Limited, a company incorporated in Japan.