Verso Holdings Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 08737213 (England and Wales)

VERSO HOLDINGS LIMITED

PREVIOUSLY KNOWN AS

T.G. ENGINEERING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

10

Chartered Certified Accountants' Report

11

DIRECTORS:

C R Keal

G Bewley

REGISTERED OFFICE:

Unit 4 Bank Court

Weldon Road

Loughborough

Leicestershire

LE11 5RF

REGISTERED NUMBER:

08737213 (England and Wales)

ACCOUNTANTS:

Essex Abel Ltd

4 Bank Court

Weldon Road

Loughborough

Leicestershire

LE11 5RF

FIXED ASSETS

Intangible assets

4

550,178

436,429

Tangible assets

5

1,245,841

1,510,423

1,796,019

1,946,852

CURRENT ASSETS

Stocks

979,152

959,577

Debtors

6

615,907

1,180,193

Cash at bank and in hand

1,252

26,910

1,596,311

2,166,680

CREDITORS

Amounts falling due within one year

7

1,886,494

2,113,033

NET CURRENT (LIABILITIES)/ASSETS

(290,183

)

53,647

TOTAL ASSETS LESS CURRENT LIABILITIES

1,505,836

2,000,499

CREDITORS

Amounts falling due after more than one year

8

(1,320,989

)

(1,827,794

)

PROVISIONS FOR LIABILITIES

(38,684

)

(9,809

)

NET ASSETS

146,163

162,896

CAPITAL AND RESERVES

Called up share capital

300,001

300,001

Retained earnings

(153,838

)

(137,105

)

SHAREHOLDERS' FUNDS

146,163

162,896

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 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 and authorised for issue by the Board of Directors on 27 June 2018 and were signed on its behalf by:

G Bewley - Director

1.	STATUTORY INFORMATION

Verso Holdings Limited is a private limited company incorporated in England and Wales under the Companies

Act. The address of the registered office is given in the company information section and its principal place of

business is at Nimrod Way, Stirling Business Park, Ferndown, BH21 7SH.

The financial statements are presented in Sterling (£)

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Revenue is recognised on the sale of goods when the significant risks and rewards of ownership of the goods

have passed to the buyer and the amount of revenue can be measured reliably. Revenue on goods delivered is

recognised when goods have been dispatched to the customer. No revenue is recognised on work in progress.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of fifteen years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

10% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Stock and work in progress are valued at the lower of cost and net realisable value.

The cost of stock includes expenditure incurred in acquiring stock, production or conversion costs, and other

costs incurred in bringing them to their existing location and condition.

The cost of work in progress and finished goods includes all production overheads and the attributable

proportion of indirect overheads based on the normal level of activity.

Net realisable value is based on estimated selling price in the ordinary course of business, less the estimated costs

of completion and estimated costs necessary to make the sale. Provision is made for obsolete, slow moving or

defective items where appropriate.

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 accounts receivable and payable and loans to/from related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of

the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that

are payable or receivable within one year, typically trade payables or receivables, are measured, initially and

subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a

trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in

case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and

subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt

instrument.

Trade and other debtors

Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost

using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of

discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and

doubtful debts.

A provision for impairment of trade debtors is established when there is objective evidence that the company will

not be able to collect all amounts due according to the original terms of debtors. The amount of the provision is

determined as the difference between the asset's carrying amount and the present value of estimated future cash

flows, and is recognised in the profit & loss in operating expenses.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the

effective interest method unless the effect of discounting would be immaterial, in which case they are stated at

cost.

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 have been enacted or

substantively enacted by the balance sheet date.

Current and 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 87 (2016 - 40 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2016

442,530

Additions

137,764

At 30 September 2017

580,294

AMORTISATION

At 1 October 2016

6,101

Charge for year

24,015

At 30 September 2017

30,116

NET BOOK VALUE

At 30 September 2017

550,178

At 30 September 2016

436,429

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 October 2016

16,173

1,658,102

8,207

Additions

5,957

407,134

2,719

Disposals

-

(713,670

)

-

At 30 September 2017

22,130

1,351,566

10,926

DEPRECIATION

At 1 October 2016

7,170

207,306

1,573

Charge for year

2,950

140,736

1,457

Eliminated on disposal

-

(164,720

)

-

At 30 September 2017

10,120

183,322

3,030

NET BOOK VALUE

At 30 September 2017

12,010

1,168,244

7,896

At 30 September 2016

9,003

1,450,796

6,634

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 October 2016

3,200

94,081

1,779,763

Additions

-

41,646

457,456

Disposals

-

-

(713,670

)

At 30 September 2017

3,200

135,727

1,523,549

DEPRECIATION

At 1 October 2016

1,200

52,091

269,340

Charge for year

800

27,145

173,088

Eliminated on disposal

-

-

(164,720

)

At 30 September 2017

2,000

79,236

277,708

NET BOOK VALUE

At 30 September 2017

1,200

56,491

1,245,841

At 30 September 2016

2,000

41,990

1,510,423

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as

follows:

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 October 2016

1,510,100

31,298

1,541,398

Additions

367,937

28,347

396,284

At 30 September 2017

1,878,037

59,645

1,937,682

DEPRECIATION

At 1 October 2016

239,690

13,732

253,422

Charge for year

163,835

11,478

175,313

At 30 September 2017

403,525

25,210

428,735

NET BOOK VALUE

At 30 September 2017

1,474,512

34,435

1,508,947

At 30 September 2016

1,270,410

17,566

1,287,976

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

568,484

581,639

Other debtors

47,423

598,554

615,907

1,180,193

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

494,674

264,516

Hire purchase contracts and finance leases (see note 9)

297,246

363,386

Trade creditors

618,963

517,559

Amounts owed to participating interests

-

596,286

Taxation and social security

418,874

367,786

Other creditors

56,737

3,500

1,886,494

2,113,033

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts and finance leases (see note 9)

365,250

468,324

Trade creditors

-

80,777

Amounts owed to participating interests

552,072

400,000

Other creditors

403,667

878,693

1,320,989

1,827,794

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

Finance leases

2017

2016

2017

2016

£

£

£

£

Net obligations repayable:

Within one year

296,269

351,740

977

11,646

Between one and five years

365,250

467,264

-

1,060

661,519

819,004

977

12,706

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Hire purchase contracts and finance leases

662,496

831,710

Bank loans and overdrafts

-

100,000

662,496

931,710

11.	POST BALANCE SHEET EVENTS

The company sold its trade and assets in March 2018 for their book values.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are the directors, C Keal & G Bewley by virtue of their shareholdings within the

ultimate parent company.

13.	FIRST YEAR ADOPTION

This is the first period that the company has presented its results under FRS 102. The last financial statements

under previous UK GAAP were for the year ended 30 September 2016 and the date of transition to FRS 102

was 1 October 2015. The policies applied under the entity's previous accounting framework are not materially

different to FRS 102 and have not impacted on equity or profit or loss. Therefore, there is no requirement to

disclose the additional statements which reconcile profit for the financial year ended 30 September 2016 and the

total equity as at 1 October 2015 and 30 September 2016 between UK GAAP as previously reported and under

FRS 102 in these financial statements.

The following reproduces the text of the report prepared for the directors 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 Verso Holdings Limited for the year ended 30 September 2017 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Verso Holdings Limited, as a body, in accordance with the terms of our engagement letter dated 4 June 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Verso Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Verso Holdings Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Verso Holdings 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 loss of Verso Holdings Limited. You consider that Verso Holdings 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 Verso Holdings 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.

Essex Abel Ltd

4 Bank Court

Weldon Road

Loughborough

Leicestershire

LE11 5RF

28 June 2018