Verifyed Ltd - Period Ending 2021-07-31

Verifyed Ltd

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 9

Verifyed Ltd

Balance Sheet

31 July 2021

	Note	2021 £	2020 £
Fixed assets
Intangible assets	4	86,936	57,495
Tangible assets	5	3,880	1,431
Other financial assets	6	2,678	-
		93,494	58,926
Current assets
Debtors	7	51,538	4,785
Cash at bank and in hand		279,818	70,626
		331,356	75,411
Creditors: Amounts falling due within one year	8	(42,602)	(4,806)
Net current assets		288,754	70,605
Total assets less current liabilities		382,248	129,531
Creditors: Amounts falling due after more than one year	8	(39,690)	(50,000)
Net assets		342,558	79,531
Capital and reserves
Called up share capital	10	160	111
Share premium reserve		499,942	99,989
Profit and loss account		(157,544)	(20,569)
Shareholders' funds		342,558	79,531

Verifyed Ltd

Balance Sheet

31 July 2021

For the financial year ending 31 July 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 17 January 2022 and signed on its behalf by:
 

......................................... Y El Hakim Director

Company Registration Number: 12034346

Verifyed Ltd

Notes to the Financial Statements

Year Ended 31 July 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
33 Stanford Rise
Sway
Lymington
SO41 6DW

These financial statements were authorised for issue by the Board on 17 January 2022.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Despite the balance sheet showing an excess of net current liabilities, the accounts have been prepared on a going concern basis due to ongoing financial support of the directors.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Verifyed Ltd

Notes to the Financial Statements

Year Ended 31 July 2021

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office Equipment	25% reducing balance

Intangible assets

The expenditure incurred in respect of qualifying Research and Development is treated as an intangible asset and amortised over a useful life of five years.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Development of software	3 years straight line

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Verifyed Ltd

Notes to the Financial Statements

Year Ended 31 July 2021

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2020 - 4).

Verifyed Ltd

Notes to the Financial Statements

Year Ended 31 July 2021

4	Intangible assets

	Development of software  £	Total £
Cost or valuation
At 1 August 2020	57,495	57,495
Additions acquired separately	86,936	86,936
At 31 July 2021	144,431	144,431
Amortisation
Amortisation charge	57,495	57,495
At 31 July 2021	57,495	57,495
Carrying amount
At 31 July 2021	86,936	86,936
At 31 July 2020	57,495	57,495

5	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 August 2020	1,909	1,909
Additions	2,994	2,994
At 31 July 2021	4,903	4,903
Depreciation
At 1 August 2020	478	478
Charge for the year	545	545
At 31 July 2021	1,023	1,023
Carrying amount
At 31 July 2021	3,880	3,880
At 31 July 2020	1,431	1,431

Verifyed Ltd

Notes to the Financial Statements

Year Ended 31 July 2021

6	Other financial assets (current and non-current)

	Financial assets at cost less impairment £	Total £
Non-current financial assets
Cost or valuation
Additions	5,000	5,000
FA investment - unlisted other shares revaluation	(2,322)	(2,322)
At 31 July 2021	2,678	2,678
Impairment
Carrying amount
At 31 July 2021	2,678	2,678

Verifyed Ltd

Notes to the Financial Statements

Year Ended 31 July 2021

7

Debtors

	2021 £	2020 £
Trade debtors	17,041	4,785
Other debtors	34,497	-
	51,538	4,785

8

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	2020 £
Due within one year
Loans and borrowings	9	9,477	-
Trade creditors		5,266	-
Accruals and deferred income		24,318	4,200
Other creditors		3,541	606
		42,602	4,806

Creditors: amounts falling due after more than one year

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	9	39,690	50,000

Verifyed Ltd

Notes to the Financial Statements

Year Ended 31 July 2021

9	Loans and borrowings

	2021 £	2020 £
Loans and borrowings due after one year
Bank borrowings	39,690	50,000

	2021 £	2020 £
Current loans and borrowings
Bank borrowings	9,477	-

10	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary of £0.00 (2020 - £0.01) each	1,601,826	160.18	11,111	111.11

	2021		2020
Alloted shares
Shares brought foward	11,111		-
Issued 29 October 2020	555
Conversion 16 February 2021	1,154,934		-
Issued 4 May 2021	435,226		11,111
Shares carried forward	1,601,826		11,111