ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

VERVE PARTNERS LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-31truetruetruetruetruetrue2021-01-01falseMarket research9979truefalse 06663787 2021-01-01 2021-12-31 06663787 2020-01-01 2020-12-31 06663787 2021-12-31 06663787 2020-12-31 06663787 1 2021-01-01 2021-12-31 06663787 1 2020-01-01 2020-12-31 06663787 d:Director1 2021-01-01 2021-12-31 06663787 d:Director2 2021-01-01 2021-12-31 06663787 d:Director3 2021-01-01 2021-12-31 06663787 d:RegisteredOffice 2021-01-01 2021-12-31 06663787 e:Buildings e:ShortLeaseholdAssets 2021-01-01 2021-12-31 06663787 e:Buildings e:ShortLeaseholdAssets 2021-12-31 06663787 e:Buildings e:ShortLeaseholdAssets 2020-12-31 06663787 e:FurnitureFittings 2021-01-01 2021-12-31 06663787 e:FurnitureFittings 2021-12-31 06663787 e:FurnitureFittings 2020-12-31 06663787 e:FurnitureFittings e:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 06663787 e:OfficeEquipment 2021-01-01 2021-12-31 06663787 e:ComputerEquipment 2021-01-01 2021-12-31 06663787 e:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 06663787 e:CurrentFinancialInstruments 2021-12-31 06663787 e:CurrentFinancialInstruments 2020-12-31 06663787 e:Non-currentFinancialInstruments 2021-12-31 06663787 e:Non-currentFinancialInstruments 2020-12-31 06663787 e:CurrentFinancialInstruments e:WithinOneYear 2021-12-31 06663787 e:CurrentFinancialInstruments e:WithinOneYear 2020-12-31 06663787 e:Non-currentFinancialInstruments e:AfterOneYear 2021-12-31 06663787 e:Non-currentFinancialInstruments e:AfterOneYear 2020-12-31 06663787 e:ReportableOperatingSegment1 2021-01-01 2021-12-31 06663787 e:ReportableOperatingSegment1 2020-01-01 2020-12-31 06663787 e:ReportableOperatingSegment2 2021-01-01 2021-12-31 06663787 e:ReportableOperatingSegment2 2020-01-01 2020-12-31 06663787 e:UKTax 2021-01-01 2021-12-31 06663787 e:UKTax 2020-01-01 2020-12-31 06663787 e:ShareCapital 2021-12-31 06663787 e:ShareCapital 2020-12-31 06663787 e:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 06663787 e:RetainedEarningsAccumulatedLosses 2021-12-31 06663787 e:RetainedEarningsAccumulatedLosses 2020-01-01 2020-12-31 06663787 e:RetainedEarningsAccumulatedLosses 2020-12-31 06663787 e:RetainedEarningsAccumulatedLosses 2020-01-01 06663787 e:AcceleratedTaxDepreciationDeferredTax 2021-12-31 06663787 e:AcceleratedTaxDepreciationDeferredTax 2020-12-31 06663787 e:TaxLossesCarry-forwardsDeferredTax 2021-12-31 06663787 e:TaxLossesCarry-forwardsDeferredTax 2020-12-31 06663787 e:OtherDeferredTax 2021-12-31 06663787 e:OtherDeferredTax 2020-12-31 06663787 d:OrdinaryShareClass1 2021-01-01 2021-12-31 06663787 d:OrdinaryShareClass1 2021-12-31 06663787 d:OrdinaryShareClass1 2020-12-31 06663787 d:FRS102 2021-01-01 2021-12-31 06663787 d:Audited 2021-01-01 2021-12-31 06663787 d:FullAccounts 2021-01-01 2021-12-31 06663787 d:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 06663787 e:WithinOneYear 2021-12-31 06663787 e:WithinOneYear 2020-12-31 06663787 2 2021-01-01 2021-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 06663787

VERVE PARTNERS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

VERVE PARTNERS LIMITED

COMPANY INFORMATION

DIRECTORS	A G Cooper
	A Harper-Tee
	D J Packford


REGISTERED NUMBER	06663787


REGISTERED OFFICE	1 Paris Garden
	London
	SE1 8ND


INDEPENDENT AUDITORS	Bishop Fleming LLP
	Chartered Accountants & Statutory Auditors
	10 Temple Back
	Bristol
	BS1 6FL

VERVE PARTNERS LIMITED

CONTENTS

	Page
Strategic report
Directors' report
Directors' responsibilities statement
Independent auditors' report
Statement of income and retained earnings
Statement of financial position
Notes to the financial statements

VERVE PARTNERS LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2021

INTRODUCTION

We are pleased to report that 2021 saw us continue to grow profitably at an impressive rate of 29% at the top line.
This enabled us to invest in our team, enter new markets by expanding our international reach to better serve our international clients, and develop new products and propositions.

We have remained on a growth path in 2022, which has seen us, for example: significantly invest in our team at all levels, launch our ignite@Verve proposition and enter the Asia Pacific region with a hub based in Sydney.

BUSINESS REVIEW

Overview
Verve’s heritage is in community panels for market research. We consider ourselves:

∙To be experts in culture, communities and smart digital insight

∙To produce inspiring insight and bringing it to life enabling our clients to make better business decisions

∙To put customers at the heart of our clients’ businesses to enable better business decision making - this in an environment in which customer habits and behaviours are evolving at a rate ever faster than historically.

Verve operate across the globe with hubs in North America, the UK, Romania, Africa and most recently, Australia.
Our growth in 2021 placed us in the UK’s Market research Society’s list of Top 20 fastest growing market research agencies.
Into 2022
We have continued to invest in our business by:

∙Expanding our strategic insight offering:
- We launched our ignite@Verve proposition, which aims to deliver a deeper understanding of consumer behaviour in the context of changing culture
- Have invested in behavioural science, social intelligence and user experience capability

∙Expanding our international reach, opening a hub in Sydney

∙Expanding our geographic reach in the UK with the opening of a hub in Manchester

∙Launching a global advanced quant and analytics practice, a global centre of research innovation, and market sector practices such as our TMT practice in North America

PRINCIPAL RISKS AND UNCERTAINTIES

We see the key external risks to our and our stakeholders’ businesses in the immediate and medium term to be economic and political instability, caused by factors such as international political turmoil and conflicts and continued pandemic fallout, which has resulted in cost inflation and the onset of recession across many markets. Verve considers that the following attributes of our business will give some resilience in the face of this:

∙A revenue stream, of which in excess of 90% is repeat or part of research programmes in nature, as opposed to ad-hoc

∙A largely ‘blue-chip’ diverse client base, which enables us to have a portfolio effect across it

∙Our investment in strength, breadth and depth across our team, enabling us to continue to produce quality work for a diverse range of clients across a broad range of competencies and geographies

∙Operating in geographies such as our centres of operational and research excellence in South Africa and Romania, enabling us to be cost competitive, whilst retaining quality in our service offerings.

∙Strong cash conversion, such that at the end of 2021 we had a net cash position in excess of £2 million.

VERVE PARTNERS LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

FINANCIAL KEY PERFORMANCE INDICATORS

Verve’s revenue has grown in the year by 35% (2021 £9m), following 15% growth in 2020 (£6.7m).
This was predominantly in the UK and Europe both through retention of and growth from existing clients and winning new ones.
Verve continued to invest in our team with an increase in average headcount of 20% across the wider group (Average employees per month of 102 in 2021 vs 85 in 2020).
Our cash conversion rate of 100% in 2021 produced a closing net cash position of £1.9m. This strong cash position has helped enable us to continue to invest in 2022 in new market and product entry and build further capabilities and strengths in our team across geographies.

This report was approved by the board on 28 September 2022 and signed on its behalf.

A Harper-Tee

Director

VERVE PARTNERS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2021

The directors present their report and the financial statements for the year ended 31 December 2021.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £1,179,997 (2020: £713,548).

The directors of the parent company Verve Partners Holdings Limited, 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 is appropriate to prepare the financial statements on a going concern basis.

DIRECTORS

The directors who served during the year were:

A G Cooper

A Harper-Tee

D J Packford

MATTERS COVERED IN THE STRATEGIC REPORT

The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 requires a Strategic Report to be prepared. Where mandatory disclosures in the Directors' Report are considered by the directors to be of strategic importance these have been included within the Strategic Report rather than the Directors' Report.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end.

AUDITORS

Under section 487(2) of the Companies Act 2006, Bishop Fleming LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.

A Harper-Tee

Director

Date: 28 September 2022

1 Paris Garden

London

SE1 8ND

VERVE PARTNERS LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2021

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

VERVE PARTNERS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VERVE PARTNERS LIMITED

OPINION

We have audited the financial statements of Verve Partners Limited (the 'Company') for the year ended 31 December 2021, which comprise the Statement of income and retained earnings, the Statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2021 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

VERVE PARTNERS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VERVE PARTNERS LIMITED (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the Directors' responsibilities statement set out on page , the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

VERVE PARTNERS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VERVE PARTNERS LIMITED (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have considered the following:

∙The nature of the industry and sector, control environment and business performance;

∙Results of our enquires of management and directors in relation to their own identification and assessment of the risks of irregularities within the Company; and

∙Any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or noncompliance with laws and regulations.

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the areas of high risk to be in relation to revenue recognition. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focussing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures within the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Financial Reporting Standard 102 and UK tax legislation. In addition we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental for the Company’s ability to operate or avoid a material penalty. These included safeguarding regulations, health and safety regulations; employment legislation; and data protection laws.
Our audit procedures performed to respond to the risks identified included, but were not limited to:

∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

∙Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;

∙Discussions with management, including consideration of known or suspected instances of non compliance with laws and regulation and fraud;

∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud

∙Reviewing board minutes;

∙Identifying and testing journal entries, evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud; and

∙Challenging assumptions and judgements made by management in their significant accounting estimates.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

VERVE PARTNERS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VERVE PARTNERS LIMITED (CONTINUED)

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

OTHER MATTERS

The prior year comparative figures were not audited.

USE OF OUR REPORT

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Ria Burridge FCCA (Senior statutory auditor)

for and on behalf of

Bishop Fleming LLP

Chartered Accountants

Statutory Auditors

10 Temple Back

Bristol

BS1 6FL

29 September 2022

VERVE PARTNERS LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 DECEMBER 2021

	2021	Unaudited 2020
Note	£	£


Turnover	4	9,009,708	6,672,258
Cost of sales		(2,591,281)	(1,719,376)
Gross profit		6,418,427	4,952,882
Administrative expenses		(5,012,490)	(4,264,029)
Other operating income	5	82,577	210,314
Operating profit	6	1,488,514	899,167
Interest receivable and similar income	10	1,320	96
Interest payable and similar expenses	11	(33,114)	(47,348)
Profit before tax		1,456,720	851,915
Tax on profit	12	(276,723)	(138,367)
Profit after tax		1,179,997	713,548



Retained earnings at the beginning of the year	(501,550)	(1,215,098)
Profit for the year	1,179,997	713,548
Retained earnings at the end of the year	678,447	(501,550)

The notes on form part of these financial statements.

VERVE PARTNERS LIMITED

REGISTERED NUMBER:06663787

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2021

		2021		Unaudited 2020
Note		£		£

Fixed assets
Tangible assets	13		78,225		46,906
Current assets
Debtors: amounts falling due within one year	14	4,836,877		4,590,502
Cash at bank and in hand	15	1,903,759		734,813
		6,740,636		5,325,315
Creditors: amounts falling due within one year	16	(5,997,818)		(5,696,104)
Net current assets/(liabilities)			742,818		(370,789)
Total assets less current liabilities			821,043		(323,883)
Creditors: amounts falling due after more than one year	17		(136,667)		(176,667)
Provisions for liabilities
Deferred tax	18	(4,929)		-
			(4,929)		-
Net assets/(liabilities)			679,447		(500,550)

Capital and reserves
Called up share capital	19	1,000	1,000
Profit and loss account		678,447	(501,550)
		679,447	(500,550)

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

A Harper-Tee

Director

Date: 28 September 2022

The notes on form part of these financial statements.

VERVE PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1.	GENERAL INFORMATION

Verve Partners Limited is a private company, limited by shares and registered in England & Wales.
Its registered office is: 1 Paris Garden, London, England, SE1 8ND.
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 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 (see note 3).

The following principal accounting policies have been applied:

2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Verve Partners Holdings Limited as at 31 December 2021 and these financial statements may be obtained from Companies House.

2.3

GOING CONCERN

At the balance sheet date there was a net surplus of shareholders' funds totalling £679,447 (2020: deficiency of £500,500). The directors of the parent company, Verve Partners Holdings Limited, have confirmed their continuing financial support.

In particular the directors have considered the ongoing impact of COVID-19 Coronavirus on trading performance after the balance sheet date. The directors have taken steps to ensure that the company has sufficient resources available to be resilient to the effects of COVID-19 Coronavirus.
On the basis of their assessment of the company's financial position and of the enquiries made of the group undertakings, the company's directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

VERVE PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.ACCOUNTING POLICIES (continued)

2.4

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.

2.5

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.

2.6

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.7

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

2.8

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

2.9

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.10

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

VERVE PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.ACCOUNTING POLICIES (continued)

2.11

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 profit or loss 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.

2.12

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	-	20%	per annum
Office equipment	-	33%	per annum
Computer equipment	-	33%	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 profit or loss.

2.13

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.

2.14

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.

2.15

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 ordinary shares.

VERVE PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

3.	JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Preparation of the financial statements requires management to make significant judgments and estimates as follows:
Income from fixed term or fixed scope agreements is recognised in accordance with the progress through the contract at the reporting date. The directors consider the way in which services are delivered over the period of the agreement in determining this position.

United Kingdom	7,144,752	6,672,258
Rest of world	1,864,956	-
	9,009,708	6,672,258

5.	OTHER OPERATING INCOME
		2021	Unaudited 2020
		£	£

Government grants receivable	82,577	210,314
	82,577	210,314

	Exchange differences	51,102	(40,711)
	Other operating lease rentals	59,735	282,552

7.	AUDITORS' REMUNERATION
	The remuneration of the auditor of was borne by a fellow group undertaking in the current year.

The Company has taken advantage of the exemption not to disclose amounts paid for non audit services as these are disclosed in the group accounts of the parent Company.

VERVE PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Wages and salaries	3,619,683	3,052,340
Social security costs	351,386	303,772
Cost of defined contribution scheme	95,780	65,539
	4,066,849	3,421,651

The average monthly number of employees, including the directors, during the year was as follows:

	2021	Unaudited 2020
	No.	No.

Administration	99	79

9.	DIRECTORS' REMUNERATION
		2021	Unaudited 2020
		£	£

Directors' emoluments	429,089	281,308
Company contributions to defined contribution pension schemes	2,634	2,630
	431,723	283,938

	During the year retirement benefits were accruing to 2 directors (2020: 2) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £213,552 (2020: £153,512).
	The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,316 (2020: £1,314).

10.	INTEREST RECEIVABLE
		2021	Unaudited 2020
		£	£

	Other interest receivable	1,320	96
		1,320	96

VERVE PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

11.	INTEREST PAYABLE AND SIMILAR EXPENSES
		2021	Unaudited 2020
		£	£

Other loan interest payable	33,114	45,030
Other interest payable	-	2,318
	33,114	47,348

CORPORATION TAX
Current tax on profits for the year	205,144	18
	205,144	18

TOTAL CURRENT TAX	205,144	18

DEFERRED TAX
Origination and reversal of timing differences	91,637	162,630
Changes to tax rates	(20,810)	(24,134)
Adjustments in respect of previous periods	752	(147)
TOTAL DEFERRED TAX	71,579	138,349


	TAXATION ON PROFIT ON ORDINARY ACTIVITIES	276,723	138,367

VERVE PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

12.TAXATION (CONTINUED)

Profit on ordinary activities before tax

1,456,720

851,915

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2020: 19%)	276,777	161,864
EFFECTS OF:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	205	119
Capital allowances for year in excess of depreciation	(2,192)	666
Adjustments to tax charge in respect of prior periods	752	(147)
Remeasurement of deferred tax for changes in tax rates	1,181	(24,135)
TOTAL TAX CHARGE FOR THE YEAR	276,723	138,367

FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

As enacted by the Government on 24 May 2021, the corporation tax rate will be increased from 19% to 25% with effect from 1 April 2023. Accordingly, this rate will be used to measure any deferred tax assets and liabilities in future reporting periods.

VERVE PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

13.	TANGIBLE FIXED ASSETS

	Leasehold improvements	Fixtures and fittings	Total
	£	£	£
COST OR VALUATION
At 1 January 2021	75,524	118,770	194,294
Additions	-	64,245	64,245
Disposals	(75,524)	(16,777)	(92,301)
At 31 December 2021	-	166,238	166,238
DEPRECIATION
At 1 January 2021	74,216	73,172	147,388
Charge for the year on owned assets	1,308	31,618	32,926
Disposals	(75,524)	(16,777)	(92,301)
At 31 December 2021	-	88,013	88,013
NET BOOK VALUE
At 31 December 2021	-	78,225	78,225
At 31 December 2020	1,308	45,598	46,906

14.

DEBTORS

					2021	Unaudited 2020
					£	£


Trade debtors	1,983,278	1,536,562
Amounts owed by group undertakings	1,849,844	2,007,922
Other debtors	278,223	420,305
Prepayments and accrued income	725,532	559,063
Deferred taxation	-	66,650
	4,836,877	4,590,502

VERVE PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

15.	CASH AND CASH EQUIVALENTS
		2021	Unaudited 2020
		£	£

Cash at bank and in hand	1,903,759	734,813
	1,903,759	734,813

16.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2021	Unaudited 2020
		£	£

Bank loans	40,000	23,333
Trade creditors	971,036	445,861
Amounts owed to group undertakings	2,781,457	3,182,309
Corporation tax	205,144	18
Other taxation and social security	412,645	507,531
Other creditors	321,242	218,612
Accruals and deferred income	1,266,294	1,318,440
	5,997,818	5,696,104

17.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
		2021	Unaudited 2020
		£	£

Bank loans	136,667	176,667
	136,667	176,667

Included in amounts due after more than one year are amounts of £Nil (2020: £16,667) which are due after 5 years and are repayable by installments.

VERVE PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

18.	DEFERRED TAXATION

		2021
		£

	At beginning of year	66,650
	Charged to profit or loss	(71,579)
	AT END OF YEAR	(4,929)

The deferred taxation balance is made up as follows:
	2021	Unaudited 2020
	£	£

Accelerated capital allowances	(6,040)	4,229
Tax losses carried forward	-	21,550
Short term timing differences	1,111	40,871
	(4,929)	66,650

19.	SHARE CAPITAL
		2021	Unaudited 2020
		£	£

ALLOTTED, CALLED UP AND FULLY PAID

100,000 (2020: 100,000) Ordinary shares of £0.01 each	1,000	1,000

20.	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 totalling £12,462 (2020:£12,306) were payable to the fund at the reporting date and are included in creditors.

	Not later than 1 year	14,850	32,226
		14,850	32,226

VERVE PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

22.	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.

23.	CONTROLLING PARTY

The immediate and ultimate parent company is Verve Partners Holdings Limited, a company incorporated in the United Kingdom. Its registered office is 7 Bell Yard, London, England, WC2A 2JR.
Verve Partners Holdings Limited heads the largest and smallest group in which the results of the company are consolidated. Copies of the consolidated financial statements can be obtained on Companies House.
The ultimate controlling party is Mr A G Cooper.