ACCOUNTS - Final Accounts preparation

VERITUM PARTNERS LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2021-10-312021-10-312022-05-02falsetrueNo description of principal activity2020-11-0144trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10505281 2020-11-01 2021-10-31 10505281 2019-11-01 2020-10-31 10505281 2021-10-31 10505281 2020-10-31 10505281 c:Director3 2020-11-01 2021-10-31 10505281 d:CurrentFinancialInstruments 2021-10-31 10505281 d:CurrentFinancialInstruments 2020-10-31 10505281 d:CurrentFinancialInstruments d:WithinOneYear 2021-10-31 10505281 d:CurrentFinancialInstruments d:WithinOneYear 2020-10-31 10505281 d:ShareCapital 2021-10-31 10505281 d:ShareCapital 2020-10-31 10505281 d:CapitalRedemptionReserve 2021-10-31 10505281 d:CapitalRedemptionReserve 2020-10-31 10505281 d:RetainedEarningsAccumulatedLosses 2021-10-31 10505281 d:RetainedEarningsAccumulatedLosses 2020-10-31 10505281 c:OrdinaryShareClass1 2020-11-01 2021-10-31 10505281 c:OrdinaryShareClass1 2021-10-31 10505281 c:OrdinaryShareClass1 2020-10-31 10505281 c:OrdinaryShareClass2 2020-11-01 2021-10-31 10505281 c:OrdinaryShareClass2 2021-10-31 10505281 c:OrdinaryShareClass2 2020-10-31 10505281 c:OrdinaryShareClass3 2020-11-01 2021-10-31 10505281 c:OrdinaryShareClass3 2021-10-31 10505281 c:OrdinaryShareClass3 2020-10-31 10505281 c:OrdinaryShareClass4 2020-11-01 2021-10-31 10505281 c:OrdinaryShareClass4 2021-10-31 10505281 c:OrdinaryShareClass4 2020-10-31 10505281 c:FRS102 2020-11-01 2021-10-31 10505281 c:AuditExempt-NoAccountantsReport 2020-11-01 2021-10-31 10505281 c:FullAccounts 2020-11-01 2021-10-31 10505281 c:PrivateLimitedCompanyLtd 2020-11-01 2021-10-31 10505281 2 2020-11-01 2021-10-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10505281

VERITUM PARTNERS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2021

VERITUM PARTNERS LIMITED

REGISTERED NUMBER: 10505281

STATEMENT OF FINANCIAL POSITION

AS AT 31 OCTOBER 2021

		2021		2020
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	41,039		62,174
Bank and cash balances		245,393		510,255
		286,432		572,429
Creditors: amounts falling due within one year	5	(79,329)		(571,607)
Net current assets			207,103		822
Total assets less current liabilities			207,103		822

Net assets			207,103		822

Capital and reserves
Called up share capital	6	300	300
Capital redemption reserve		100	100
Profit and loss account		206,703	422
		207,103	822

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VERITUM PARTNERS LIMITED

REGISTERED NUMBER: 10505281

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 OCTOBER 2021

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 statement of comprehensive income 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:

M S Merson

Director

Date: 2 May 2022

The notes on pages 3 to 6 form part of these financial statements.

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VERITUM PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

1.	General information

The principal activity of Veritum Partners Limited ("the Company") is that of providing consultancy services.
The Company is a private company limited by shares and is incorporated in England and Wales.
The Registered Office address is 35 Ballards Lane, London, N3 1XW.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland ("FRS 102") and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

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.

2.3

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

2.4

Taxation

Tax is recognised in Statement of Comprehensive Income 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 reporting date in the countries where the Company operates and generates income.

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VERITUM PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

2.Accounting policies (continued)

2.5

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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VERITUM PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

2.Accounting policies (continued)

2.6

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.

2.7

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 4 (2020 - 4).

Debtors

					2021	2020
					£	£


Trade debtors	-	50,000
Other debtors	-	3,720
Prepayments and accrued income	41,039	8,454
	41,039	62,174

5.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Trade creditors	1,157	1,050
Other taxation and social security	69,201	23,906
Other creditors	3,175	542,382
Accruals and deferred income	5,796	4,269
	79,329	571,607

6.	Share capital
		2021	2020
		£	£

Allotted, called up and fully paid

75 (2020 - 75) Ordinary A shares of £1 each	75	75

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VERITUM PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

6.Share capital (continued)

75 (2020 - 75) Ordinary B shares of £1 each	75	75
75 (2020 - 75) Ordinary C shares of £1 each	75	75
75 (2020 - 75) Ordinary D shares of £1 each	75	75

	300	300

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