Veratec Limited

Veratec Limited

VERATEC LIMITED - Company Information

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1 October 2022 false No description of principal activity Taxfiler 2023.10 03907973business:PrivateLimitedCompanyLtd2022-10-012023-09-30 039079732022-09-30 039079732022-10-012023-09-30 03907973business:AuditExempt-NoAccountantsReport2022-10-012023-09-30 03907973business:FilletedAccounts2022-10-012023-09-30 039079732023-09-30 03907973business:Director12022-10-012023-09-30 03907973business:Director22022-10-012023-09-30 03907973business:RegisteredOffice2022-10-012023-09-30 039079732022-09-30 03907973core:WithinOneYear2023-09-30 03907973core:WithinOneYear2022-09-30 03907973core:ShareCapitalcore:PreviouslyStatedAmount2023-09-30 03907973core:ShareCapitalcore:PreviouslyStatedAmount2022-09-30 03907973core:RevaluationReservecore:PreviouslyStatedAmount2023-09-30 03907973core:RevaluationReservecore:PreviouslyStatedAmount2022-09-30 03907973core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-09-30 03907973core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-09-30 03907973core:PreviouslyStatedAmount2023-09-30 03907973core:PreviouslyStatedAmount2022-09-30 03907973business:SmallEntities2022-10-012023-09-30 03907973countries:EnglandWales2022-10-012023-09-30 03907973core:IntangibleAssetsOtherThanGoodwill2022-09-30 03907973core:IntangibleAssetsOtherThanGoodwill2023-09-30 03907973core:ComputerEquipment2022-09-30 03907973core:ComputerEquipment2022-10-012023-09-30 03907973core:ComputerEquipment2023-09-30 03907973core:AdditionsToInvestments2023-09-30 03907973core:RevaluationsIncreaseDecreaseInInvestments2023-09-30 039079732021-10-012022-09-30 iso4217:GBP xbrli:pure
Company Registration No. 03907973 (England and Wales)
Veratec Limited Unaudited accounts for the year ended 30 September 2023
Veratec Limited Unaudited accounts Contents
Page
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Veratec Limited Company Information for the year ended 30 September 2023
Directors
Mr J Tuite Ms N M Harrington
Company Number
03907973 (England and Wales)
Registered Office
140 Arlington Road London NW1 7HP
Accountants
Tuite Tang Wong Chartered Certified Accountants Alliance House 2nd floor 29-30 High Holborn London WC1V 6AZ
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Veratec Limited Statement of financial position as at 30 September 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
4
1 
1 
Investments
6
72,166 
62,122 
72,167 
62,123 
Current assets
Debtors
7
295 
142 
Investments
8
80,000 
95,000 
Cash at bank and in hand
678 
18,894 
80,973 
114,036 
Creditors: amounts falling due within one year
9
(8)
(67)
Net current assets
80,965 
113,969 
Net assets
153,132 
176,092 
Capital and reserves
Called up share capital
200,000 
200,000 
Revaluation reserve
1 
1 
Profit and loss account
(46,869)
(23,909)
Shareholders' funds
153,132 
176,092 
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 1 November 2023 and were signed on its behalf by
Mr J Tuite Director Company Registration No. 03907973
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Veratec Limited Notes to the Accounts for the year ended 30 September 2023
1
Statutory information
Veratec Limited is a private company, limited by shares, registered in England and Wales, registration number 03907973. The registered office is 140 Arlington Road, London, NW1 7HP.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Amortisation
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period which the company is expected to benefit.
Financial instruments
Classification Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. Recognition and measurement Investments in non-convertible shares and non-puttable ordinary and preference shares are measured: i) At fair value with changes recognised in profit or loss if the shares are publicly traded or their fair value can otherwise, be measured reliably; ii) At cost less impairment for all other investments.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment.
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Veratec Limited Notes to the Accounts for the year ended 30 September 2023
4
Intangible fixed assets
Other 
£ 
Cost
At 1 October 2022
100,704 
At 30 September 2023
100,704 
Amortisation
At 1 October 2022
100,703 
At 30 September 2023
100,703 
Net book value
At 30 September 2023
1 
At 30 September 2022
1 
5
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 1 October 2022
2,129 
Disposals
(2,129)
At 30 September 2023
- 
Depreciation
At 1 October 2022
2,129 
On disposals
(2,129)
At 30 September 2023
- 
Net book value
At 30 September 2023
- 
6
Investments
Other investments 
£ 
Valuation at 1 October 2022
62,122 
Additions
25,000 
Fair value adjustments
(14,956)
Valuation at 30 September 2023
72,166 
Financial assets measured at fair value Loan to T&G Timber Ltd 10-year interest-free loan discounted to its NPV at the market rate of interest. The notional amount of £75,100 was discounted at the market rate of interest of 8% over the remaining term of 7.5 years. The change in value was taken to P&L. The fair value is £42,166 (2022 - £39,621) and the change in value included in profit and loss is £(14,956) (2022 - £(5,934)).
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Veratec Limited Notes to the Accounts for the year ended 30 September 2023
7
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
27 
12 
Other debtors
268 
130 
295 
142 
8
Investments held as current assets
2023 
2022 
£ 
£ 
Unlisted investments
80,000 
95,000 
9
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Taxes and social security
- 
59 
Other creditors
8 
8 
8 
67 
10
Transactions with related parties
Loans to related parties 2023 At start of the period £39,622 Advanced £17,500 Fair value change to P&L £(14,956) At end of period £42,166 Terms of loans to related parties A 10-year interest-free loan repayable on 31/03/31 was advanced to T&G Timber Ltd. Veratec Ltd owes 25% of the shares in T&G Timber Ltd
11
Controlling party
The company's immediate parent is Snowjack Ltd, incorporated in Jersey. The ultimate controlling party is John Tuite.
12
Average number of employees
During the year the average number of employees was 2 (2022: 2).
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