Verity & Beverley Limited - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: 04575374 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2016

for

VERITY & BEVERLEY LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

I Bishop

N W Elphick

D Ludeman

SECRETARY:

I Bishop

REGISTERED OFFICE:

The Coach House

4 The Chipping

Tetbury

Gloucestershire

GL8 8ET

REGISTERED NUMBER:

04575374 (England and Wales)

ACCOUNTANTS:

Richardson Swift

Chartered Accountants

11 Laura Place

Bath

BA2 4BL

The following reproduces the text of the report prepared for the directors and members in respect of

the company's annual unaudited financial statements. In accordance with the Companies Act 2006,

the company is only required to file a Balance Sheet. Readers are cautioned that the Income

Statement and certain other primary statements and the Report of the Directors are not required to

be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of Verity & Beverley Limited for the year ended 31 December 2016 which comprise

the Income Statement, Balance Sheet, and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Verity & Beverley Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Verity & Beverley Limited and state those matters that we have agreed to state to the Board of Directors of Verity & Beverley Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Verity & Beverley Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Verity & Beverley Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Verity & Beverley Limited. You consider that Verity & Beverley Limited 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 financial statements of Verity & Beverley Limited. 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 financial statements.

Richardson Swift

Chartered Accountants

11 Laura Place

Bath

BA2 4BL

21 June 2017

FIXED ASSETS

Tangible assets

4

28,966

40,342

CURRENT ASSETS

Debtors

5

91,235

104,088

Cash at bank

316,970

166,983

408,205

271,071

CREDITORS

Amounts falling due within one year

6

121,191

84,110

NET CURRENT ASSETS

287,014

186,961

TOTAL ASSETS LESS CURRENT LIABILITIES

315,980

227,303

PROVISIONS FOR LIABILITIES

7

5,502

7,713

NET ASSETS

310,478

219,590

CAPITAL AND RESERVES

Called up share capital

8

7

100

Capital redemption reserve

94

-

Retained earnings

310,377

219,490

SHAREHOLDERS' FUNDS

310,478

219,590

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 12 June 2017 and were signed on its behalf by:

I Bishop - Director

N W Elphick - Director

1.	STATUTORY INFORMATION

Verity & Beverley Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax, and is recognised

when the service is provided.

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have

been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is

probable that they will be recovered against the reversal of deferred tax liabilities or other future

taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

Long term contracts

Profit on long term contracts is taken as the work is carried out if the final outcome can be assessed

with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion

of the work carried out at the year end by recording the turnover and related costs as contract activity

progresses. Turnover is calculated as that proportion of the total contract value which costs incurred

to date bear to total expected costs for that contract. Revenues derived from variations on contracts

are recognised only when they have been accepted by the customer. Full provision is made for losses

on all contracts in the year in which they are first foreseen.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of

financial assets and liabilities like trade and other debtors, loans from banks and other third parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each

reporting period for objective evidence of impairment. If objective evidence of impairment is found, an

impairment loss is recognised in the profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference

between an asset's carrying amount and the present value of estimated cash flows discounted at the

asset's original effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the

difference between an asset's carrying amount and the best estimate, which is an approximation, of

the amount the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there

is an 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.

Critical accounting estimates and financial instruments policy

No significant judgements or key assumptions have had to be made by the directors in preparing

these financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2015 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2016

98,590

Additions

509

Disposals

(22,501

)

At 31 December 2016

76,598

DEPRECIATION

At 1 January 2016

58,248

Charge for year

5,067

Eliminated on disposal

(15,683

)

At 31 December 2016

47,632

NET BOOK VALUE

At 31 December 2016

28,966

At 31 December 2015

40,342

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

85,832

99,918

Amounts recoverable on contract

5,403

3,680

Other debtors

-

490

91,235

104,088

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

3,243

1,702

Taxation and social security

113,771

80,003

Other creditors

4,177

2,405

121,191

84,110

7.	PROVISIONS FOR LIABILITIES

2016

2015

£

£

Deferred tax

5,502

7,713

Deferred

tax

£

Balance at 1 January 2016

7,713

Movement in the year

(2,211

)

Balance at 31 December 2016

5,502

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

258

Ordinary A

£0.01

3

-

258

Ordinary B

£0.01

3

100

84

Ordinary C

£0.01

1

-

7

100

During the year the company bought back 1 A Ordinary 1p share at par. Following this the company

also bought back 100 B Ordinary £1 shares at par, these were then cancelled.

Then 396 A Ordinary shares were issued at par.

200 A Ordinary shares were then converted into 200 B Ordinary shares. Also 200 C Ordinary shares

were issued at par.

116 C Ordinary shares were then transfered to 58 A Ordinary and 58 B Ordinary shares.

Each class of share ranks pari passu.

9.	RELATED PARTY DISCLOSURES

Related party transactions with the directors during the year were as follows:

2016

2015

£

£

Salaries

29,873

23,850

Dividends

98,684

45,940

Pension contributions

32,000

87,500

10.	ULTIMATE CONTROLLING PARTY

The controlling parties are the directors.

11.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme in respect of the directors and staff.

The assets of the scheme are held separately from those of the company in an independently

administered fund. The pension cost charge represents contribution payable by the company to the

fund amount £53,537 (2015: £98,082). At the year end £1,659 pension contribution was outstanding.

12.	FIRST YEAR ADOPTION

This is the first year in which the financial statements have been prepared under FRS102. There were

no changes on transition.