Company No: 12034346 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2022		2021
		£		£
Fixed assets
Intangible assets	3	154,502		86,936
Tangible assets	4	2,752		3,880
Investments	5	1,219		2,678
		158,473		93,494
Current assets
Debtors	6	33,184		51,538
Cash at bank and in hand		90,677		279,818
		123,861		331,356
Creditors: amounts falling due within one year	7	( 38,236)		( 42,602)
Net current assets		85,625		288,754
Total assets less current liabilities		244,098		382,248
Creditors: amounts falling due after more than one year	8	( 29,167)		( 39,690)
Net assets		214,931		342,558
Capital and reserves
Called-up share capital	9	160		160
Share premium account		499,942		499,942
Profit and loss account		( 285,171 )		( 157,544 )
Total shareholders' funds		214,931		342,558

For the financial year ending 31 July 2022 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 financial statements for the financial year in accordance with section 476;
• 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; and
• These 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 Profit and Loss Account has not been delivered.

The financial statements of Verifyed Ltd (registered number: 12034346) were approved and authorised for issue by the Board of Directors on 18 January 2023. They were signed on its behalf by:

Yassein El Hakim Director

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

Verifyed Ltd (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 Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, 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 Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

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. Revenue from services is recognised as they are delivered.

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 Balance Sheet date.

Grants

Grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

3 years straight line

Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

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, reducing balance] basis over its expected useful life, as follows:

Plant and machinery etc.

25 % reducing balance

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.

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.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	4		4

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 August 2021	144,431		144,431
Additions	96,545		96,545
At 31 July 2022	240,976		240,976
Accumulated amortisation
At 01 August 2021	57,495		57,495
Charge for the financial year	28,979		28,979
At 31 July 2022	86,474		86,474
Net book value
At 31 July 2022	154,502		154,502
At 31 July 2021	86,936		86,936

4. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 August 2021	4,903		4,903
Disposals	( 216)		( 216)
At 31 July 2022	4,687		4,687
Accumulated depreciation
At 01 August 2021	1,023		1,023
Charge for the financial year	917		917
Disposals	( 5)		( 5)
At 31 July 2022	1,935		1,935
Net book value
At 31 July 2022	2,752		2,752
At 31 July 2021	3,880		3,880

5. Fixed asset investments

	Other investments		Total
	£		£
Carrying value before impairment
At 01 August 2021	2,678		2,678
At 31 July 2022	2,678		2,678
Provisions for impairment
At 01 August 2021	0		0
Impairment	1,459		1,459
At 31 July 2022	1,459		1,459
Carrying value at 31 July 2022	1,219		1,219
Carrying value at 31 July 2021	2,678		2,678

6. Debtors

	2022		2021
	£		£
Trade debtors	31,326		17,041
Corporation tax	0		28,993
Other debtors	1,858		5,504
	33,184		51,538

7. Creditors: amounts falling due within one year

	2022		2021
	£		£
Bank loans	10,000		9,477
Trade creditors	5,506		5,265
Other creditors	22,730		27,860
	38,236		42,602

8. Creditors: amounts falling due after more than one year

	2022		2021
	£		£
Bank loans	29,167		39,690

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
1,601,826 Ordinary shares of £ 0.0001 each	160		160