Veranum Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 01046548 (England and Wales)

VERANUM LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

F R Cowap

J A Simpkin

SECRETARY:

C Pell

REGISTERED OFFICE:

The Exchange

5 Bank Street

Bury

BL9 0DN

REGISTERED NUMBER:

01046548 (England and Wales)

ACCOUNTANTS:

DTE Business Advisers Limited

Chartered Accountants

The Exchange

5 Bank Street

Bury

BL9 0DN

BANKERS:

The Royal Bank of Scotland plc

38 Market Place

Wigan

WN1 1PJ

FIXED ASSETS

Property, plant and equipment

4

3,332

-

Investment property

5

660,650

650,236

663,982

650,236

CURRENT ASSETS

Debtors

6

7,322

5,346

Cash at bank

79,309

75,611

86,631

80,957

CREDITORS

Amounts falling due within one year

7

(7,368

)

(6,190

)

NET CURRENT ASSETS

79,263

74,767

TOTAL ASSETS LESS CURRENT LIABILITIES

743,245

725,003

PROVISIONS FOR LIABILITIES

(33,857

)

(31,878

)

NET ASSETS

709,388

693,125

CAPITAL AND RESERVES

Called up share capital

35,000

35,000

Other reserves

418,985

410,550

Retained earnings

255,403

247,575

SHAREHOLDERS' FUNDS

709,388

693,125

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 26 March 2023 and were signed on its behalf by:

F R Cowap - Director

1.	STATUTORY INFORMATION

Veranum Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 01046548. The registered office is The Exchange, 5 Bank Street, Bury, BL9 0DN.

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.

The company has net assets of £709k (2021: 693k) and cash reserves of £79k (2021: 76k) and is therefore well placed to withstand any rental shortfalls that may occur. Accordingly, the directors consider it is appropriate to prepare the financial statements on the going concern basis.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Estimating the fair value of investment property is considered to be a key judgement.

Revenue

Revenue represents rental income receivable for the occupation of residential properties. Revenue is recognised as those services are provided to the occupants of the properties.

Property, plant and equipment

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

Plant and machinery etc

-

33% on reducing balance

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

Investment properties

The investment property portfolio comprises of a number of residential properties which are included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided.

A reserves transfer from retained earnings to other reserves is made to distinguish between distributable reserves and non distributable reserves.

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, loans from banks and other third parties and loans to related 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 income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Dividends

Equity dividends are recognised when they become legally payable and are no longer at the discretion of the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 1 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

Additions

3,990

At 31 December 2022

3,990

DEPRECIATION

Charge for year

658

At 31 December 2022

658

NET BOOK VALUE

At 31 December 2022

3,332

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2022

650,236

Revaluations

10,414

At 31 December 2022

660,650

NET BOOK VALUE

At 31 December 2022

660,650

At 31 December 2021

650,236

Fair value at 31 December 2022 is represented by:

£

Valuation in 2012

442,429

Valuation in 2022

10,414

Cost

207,807

660,650

The investment properties were professionally valued on an open market basis on 22 November 2022 by Regan & Hallworth, Estate Agents.

The directors valued the properties as at 31 December 2022 at the same carrying value plus improvements to the properties.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

6,860

5,100

Other debtors

462

246

7,322

5,346

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

2,126

2,026

Taxation and social security

3,298

2,344

Other creditors

1,944

1,820

7,368

6,190