ACCOUNTS - Final Accounts

VERVE PARTNERS LIMITED - Company Information

Caseware UK (AP4) 2018.0.196 2018.0.196 2018-12-312018-12-31trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2018-01-01 06663787 2018-01-01 2018-12-31 06663787 2018-12-31 06663787 2017-12-31 06663787 c:Director3 2018-01-01 2018-12-31 06663787 d:Buildings d:ShortLeaseholdAssets 2018-01-01 2018-12-31 06663787 d:Buildings d:ShortLeaseholdAssets 2018-12-31 06663787 d:Buildings d:ShortLeaseholdAssets 2017-12-31 06663787 d:FurnitureFittings 2018-01-01 2018-12-31 06663787 d:FurnitureFittings 2018-12-31 06663787 d:FurnitureFittings 2017-12-31 06663787 d:FurnitureFittings d:OwnedOrFreeholdAssets 2018-01-01 2018-12-31 06663787 d:OwnedOrFreeholdAssets 2018-01-01 2018-12-31 06663787 d:CurrentFinancialInstruments 2018-12-31 06663787 d:CurrentFinancialInstruments 2017-12-31 06663787 d:Non-currentFinancialInstruments 2018-12-31 06663787 d:Non-currentFinancialInstruments 2017-12-31 06663787 d:CurrentFinancialInstruments d:WithinOneYear 2018-12-31 06663787 d:CurrentFinancialInstruments d:WithinOneYear 2017-12-31 06663787 d:ShareCapital 2018-12-31 06663787 d:ShareCapital 2017-12-31 06663787 d:RetainedEarningsAccumulatedLosses 2018-12-31 06663787 d:RetainedEarningsAccumulatedLosses 2017-12-31 06663787 d:AcceleratedTaxDepreciationDeferredTax 2018-12-31 06663787 d:AcceleratedTaxDepreciationDeferredTax 2017-12-31 06663787 d:TaxLossesCarry-forwardsDeferredTax 2018-12-31 06663787 d:TaxLossesCarry-forwardsDeferredTax 2017-12-31 06663787 d:OtherDeferredTax 2018-12-31 06663787 d:OtherDeferredTax 2017-12-31 06663787 c:OrdinaryShareClass1 2018-01-01 2018-12-31 06663787 c:OrdinaryShareClass1 2018-12-31 06663787 c:OrdinaryShareClass1 2017-12-31 06663787 c:FRS102 2018-01-01 2018-12-31 06663787 c:AuditExempt-NoAccountantsReport 2018-01-01 2018-12-31 06663787 c:FullAccounts 2018-01-01 2018-12-31 06663787 c:PrivateLimitedCompanyLtd 2018-01-01 2018-12-31 06663787 c:PublicLimitedCompanyPLCNotQuotedOnAnyExchange 2018-01-01 2018-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 06663787

VERVE PARTNERS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2018

VERVE PARTNERS LIMITED

REGISTERED NUMBER:06663787

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2018

		2018		2017
Note		£		£

FIXED ASSETS
Tangible assets	4		94,746		149,460
			94,746		149,460
CURRENT ASSETS
Debtors	5	3,217,525		3,063,767
Cash at bank and in hand		374,737		438,843
		3,592,262		3,502,610
Creditors: amounts falling due within one year	6	(5,163,147)		(5,241,866)
NET CURRENT LIABILITIES			(1,570,885)		(1,739,256)
TOTAL ASSETS LESS CURRENT LIABILITIES			(1,476,139)		(1,589,796)

NET LIABILITIES			(1,476,139)		(1,589,796)

CAPITAL AND RESERVES
Called up share capital	8	1,000	1,000
Profit and loss account		(1,477,139)	(1,590,796)
		(1,476,139)	(1,589,796)

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VERVE PARTNERS LIMITED

REGISTERED NUMBER:06663787

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2018

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

A Harper-Tee

Director

Date: 25 September 2019

The notes on pages 3 to 7 form part of these financial statements.

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VERVE PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

1.	GENERAL INFORMATION

Verve Partners Limited is a private company, limited by shares and registered in England & Wales.
Its registered office is: Clove Building, 4 Maguire Street, 2nd Floor, London, SE1 2NQ.
Its registered number is: 06663787.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

GOING CONCERN

At the balance sheet date there was a net deficiency of shareholders' funds totalling £1,476,139 (2017: £1,589,796). The directors of the parent company, Verve Partners Holdings Limited, have confirmed their continuing financial support and consider the company to retain sufficient working capital to continue trading for the foreseeable future. As such, the directors consider it appropriate to prepare the financial statements on a going concern basis.

2.3

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.4

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

2.5

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term.

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VERVE PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

2.ACCOUNTING POLICIES (continued)

2.6

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.7

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Leasehold property improvements	-	20% per annum
				Fixtures and fittings	-	33% per annum and 20% per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

2.8

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.9

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

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VERVE PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

EMPLOYEES

The average monthly number of employees, including directors, during the year was 78 (2017: 89).

4.	TANGIBLE FIXED ASSETS

	Leasehold property improvements	Fixtures and fittings	Total
	£	£	£
COST OR VALUATION
At 1 January 2018	101,043	395,857	496,900
Additions	-	10,528	10,528
At 31 December 2018	101,043	406,385	507,428
DEPRECIATION
At 1 January 2018	33,465	313,975	347,440
Charge for the year on owned assets	20,209	45,033	65,242
At 31 December 2018	53,674	359,008	412,682
NET BOOK VALUE
At 31 December 2018	47,369	47,377	94,746
At 31 December 2017	67,578	81,882	149,460

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VERVE PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

DEBTORS

					2018	2017
					£	£

DUE AFTER MORE THAN ONE YEAR
Other debtors	94,047	95,106
	94,047	95,106
DUE WITHIN ONE YEAR
Trade debtors	832,501	1,093,191
Amounts owed by group undertakings	1,581,932	1,367,186
Other debtors	107,131	83,602
Prepayments and accrued income	351,405	174,173
Deferred taxation	250,509	250,509
	3,217,525	3,063,767

6.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2018	2017
		£	£

Bank overdrafts	-	941
Trade creditors	325,339	113,101
Amounts owed to group undertakings	3,080,997	3,080,997
Other taxation and social security	289,444	379,994
Other creditors	528,161	464,200
Accruals and deferred income	939,206	1,202,633
	5,163,147	5,241,866

Included within other creditors are advances from Bibby Financial Services Limited of £495,983 (2017: £452,596) which are secured by the way of a fixed and floating charge over the assets of the company.
Bank overdrafts are secured by a fixed and floating charge over the assets of the Company.

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VERVE PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

7.	DEFERRED TAXATION

		2018
		£

	At beginning of year	250,509
	AT END OF YEAR	250,509

The deferred tax asset is made up as follows:
	2018	2017
	£	£

Accelerated capital allowances	(32,399)	(32,399)
Tax losses carried forward	202,920	202,920
Other short term timing differences	79,988	79,988
	250,509	250,509

8.	SHARE CAPITAL
		2018	2017
		£	£

ALLOTTED, CALLED UP AND FULLY PAID

100,000 (2017: 100,000) Ordinary shares shares of £0.01 each	1,000	1,000

9.	PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totaling £6,341 (2017: £2,981) were payable to the fund at the year end and are included in creditors.

10.	RELATED PARTY TRANSACTIONS
	The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, not to disclose related party transactions with group companies.

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