Veritas Projects Ltd - Period Ending 2015-12-31

Registration number: 04121556

Veritas Projects Ltd

trading as Veritas Projects Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2015
 

Kevin Alderton and Team
Chartered Accountants
14 South Way
Newhaven
East Sussex
BN9 9LL

Veritas Projects Ltd
trading as Veritas Projects Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Veritas Projects Ltd
trading as Veritas Projects Limited
for the Year Ended 31 December 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Veritas Projects Ltd for the year ended 31 December 2015 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Veritas Projects Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Veritas Projects Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Veritas Projects Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Veritas Projects Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Veritas Projects Ltd. You consider that Veritas Projects Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Veritas Projects Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Kevin Alderton and Team
Chartered Accountants
14 South Way
Newhaven
East Sussex
BN9 9LL

5 July 2016

Page 1

Veritas Projects Ltd
trading as Veritas Projects Limited
(Registration number: 04121556)
Abbreviated Balance Sheet at 31 December 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					799			1,065
Current assets
Debtors					633			526
Cash at bank and in hand					5			-
					638			526
Creditors: Amounts falling due within one year					(11,807)			(11,293)
Net current liabilities					(11,169)			(10,767)
Net liabilities					(10,370)			(9,702)
Capital and reserves
Called up share capital		3			1			1
Profit and loss account					(10,371)			(9,703)
Shareholders' deficit					(10,370)			(9,702)

For the year ending 31 December 2015 the company was entitled to exemption 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 5 July 2016

.........................................
Ms Vera Maria Waters
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Veritas Projects Ltd
trading as Veritas Projects Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Asset class	Depreciation method and rate
Fixtures and fittings	25% reducing balance basis
Motor vehicles	25% reducing balance basis

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Veritas Projects Ltd
trading as Veritas Projects Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2015		10,655			10,655
At 31 December 2015		10,655			10,655
Depreciation
At 1 January 2015		9,590			9,590
Charge for the year		266			266
At 31 December 2015		9,856			9,856
Net book value
At 31 December 2015		799			799
At 31 December 2014		1,065			1,065

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary of £1 each		1			1			1			1

4	Related party transactions

Director's advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
Ms Vera Maria Waters
Advances	288	520	-	331

Page 4