VERITYCORP LTD Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 13133069

VERITYCORP LTD

Filleted Financial Statements

31 December 2022

VERITYCORP LTD

Statement of Financial Position

31 December 2022

	31 Dec 22	31 Jan 22
Note	£	£

Current assets

Debtors	6	118,295	–
Cash at bank and in hand		13,169	4,933
		---------	-------
		131,464	4,933

Creditors: amounts falling due within one year	7	34,359	4,373
		---------	-------
Net current assets		97,105	560
		--------	----
Total assets less current liabilities		97,105	560

Creditors: amounts falling due after more than one year	8	5	–
		--------	----
Net assets		97,100	560
		--------	----

Capital and reserves

Called up share capital	90,000	1
Profit and loss account	7,100	559
	--------	----
Shareholders funds	97,100	560
	--------	----

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

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.

These financial statements were approved by the board of directors and authorised for issue on 30 March 2023 , and are signed on behalf of the board by:

Mr P Filippou

Director

Company registration number: 13133069

VERITYCORP LTD

Notes to the Financial Statements

Period from 1 February 2022 to 31 December 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 17 Rosecroft Avenue, London, NW3 7QA, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 2 (2022: 2 ).

5. Tax on profit

Major components of tax expense

	Period from	Period from
	1 Feb 22 to	14 Jan 21 to
	31 Dec 22	31 Jan 22
	£	£

Current tax:

UK current tax expense	23,349	131
	--------	----
Tax on profit	23,349	131
	--------	----

6. Debtors

	31 Dec 22	31 Jan 22
	£	£
Other debtors	118,295	–
	---------	----

7. Creditors: amounts falling due within one year

	31 Dec 22	31 Jan 22
	£	£
Corporation tax	23,349	131
Social security and other taxes	1,000	–
Other creditors	10,010	4,242
	--------	-------
	34,359	4,373
	--------	-------

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

	31 Dec 22	31 Jan 22
	£	£
Other creditors	5	–
	----	----

9. Summary audit opinion

The auditor's report for the period dated 30 March 2023 was unqualified .

The senior statutory auditor was P P Smulovitch , for and on behalf of GK & Co. LLP .