Verseveld Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03905209 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2017

for

VERSEVELD LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M S Wray

Mrs Z L Wray

SECRETARY:

M S Wray

REGISTERED OFFICE:

120 Norbury House

Friar Street

Droitwich

WR9 8EB

REGISTERED NUMBER:

03905209 (England and Wales)

ACCOUNTANTS:

Haslehursts Limited

88 Hill Village Road

Sutton Coldfield

West Midlands

B75 5BE

FIXED ASSETS

Tangible assets

5

8,346

4,872

CURRENT ASSETS

Stocks

18,734

-

Debtors

6

3,047,454

3,410,597

Cash at bank and in hand

27,820

69,575

3,094,008

3,480,172

CREDITORS

Amounts falling due within one year

7

(3,334,333

)

(3,225,469

)

NET CURRENT (LIABILITIES)/ASSETS

(240,325

)

254,703

TOTAL ASSETS LESS CURRENT LIABILITIES

(231,979

)

259,575

CAPITAL AND RESERVES

Called up share capital

21,875

21,875

Retained earnings

(253,854

)

237,700

SHAREHOLDERS' FUNDS

(231,979

)

259,575

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 by the Board of Directors on 16 August 2018 and were signed on its behalf by:

M S Wray - Director

1.	STATUTORY INFORMATION

Verseveld 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The accounts are prepared on the going concern basis on the assumption that the company's creditors

continue to provide financial support to the company.

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied,

and in the trading of EU licences, exclusive of Value Added Tax and trade discounts.

Tangible fixed assets

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

Plant and machinery etc

-

25% on cost, 25% on reducing balance and 20% on reducing balance

Stocks

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

obsolete and slow moving items.

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.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2017

50,832

Additions

5,439

Disposals

(8,746

)

At 31 December 2017

47,525

DEPRECIATION

At 1 January 2017

45,960

Charge for year

1,965

Eliminated on disposal

(8,746

)

At 31 December 2017

39,179

NET BOOK VALUE

At 31 December 2017

8,346

At 31 December 2016

4,872

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

45,359

10,536

Other debtors

3,002,095

3,400,061

3,047,454

3,410,597

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

-

9,972

Trade creditors

80,016

54,657

Taxation and social security

19,342

25,298

Other creditors

3,234,975

3,135,542

3,334,333

3,225,469

Bank loans and overdrafts relate to confidential invoice discounting balances of £nil (2016: £9,972).

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

£

£

Within one year

-

10,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdraft

-

9,972

The confidential invoice discounting balance of £nil (2016:£9,972) is secured against the sales ledger.

10.	RELATED PARTY DISCLOSURES

The aggregate amounts of the company's trade with related parties in the year were:

Sales to related parties £7,483,352 (2016: £1,569,959).

Purchases from related parties £5,306,242 (2016: £831,166).

Nominal ledger transactions (£434,000) (2016:(£357,915)).

Management charges to related parties £287,000 (2016: £163,700).

Consultancy charges paid to 6417604 Canada Inc. £141,061 (2016: £71,728).

Loan to 6417604 Canada Inc. £152,420 (2016: £7,881).

Interest due from 6417604 Canada Inc. £29,331 (2016 £24,381).

Loan repayments from 6417604 Canada Inc. £nil (2016:£47,883).

At the year end the aggregate amounts due from/to related parties amounted to:

Amounts due from related parties £2,969,324 (2016:£3,381,688).

Amounts due to related parties £1,000,005 (2016: £895,517).