Registration number:
Veritas Projects Ltd
trading as
for the Period from 1 January 2016 to 31 March 2017
14 South Way
Newhaven
East Sussex
BN9 9LL
Veritas Projects Ltd
trading as Veritas Projects Limited
Contents
Company Information |
|
Director's Report |
|
Accountants' Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Veritas Projects Ltd
trading as Veritas Projects Limited
Company Information
Director |
Ms Vera Maria Waters |
Registered office |
|
Accountants |
|
Page 1 |
Veritas Projects Ltd
trading as Veritas Projects Limited
Director's Report for the Period from 1 January 2016 to 31 March 2017
The director presents her report and the financial statements for the period from 1 January 2016 to 31 March 2017.
Director of the company
The director who held office during the period was as follows:
Principal activity
The principal activity of the company is supply of holistic holidays and other counselling services
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
.........................................
Ms Vera Maria Waters
Director
Page 2 |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Veritas Projects Ltd
trading as Veritas Projects Limited
for the Period Ended 31 March 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Veritas Projects Ltd for the period ended 31 March 2017 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Veritas Projects Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Veritas Projects Ltd and state those matters that we have agreed to state to the Board of Directors of Veritas Projects Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Veritas Projects Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Veritas Projects Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Veritas Projects Ltd. You consider that Veritas Projects Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of Veritas Projects Ltd. 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 accounts.
......................................
Newhaven
East Sussex
BN9 9LL
Page 3 |
Veritas Projects Ltd
trading as Veritas Projects Limited
Profit and Loss Account for the Period from 1 January 2016 to 31 March 2017
Note |
Total |
Total |
|
Turnover |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit/(loss) |
|
( |
|
Profit/(loss) before tax |
|
( |
|
Taxation |
( |
|
|
Profit/(loss) for the financial period |
|
( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the period other than the results above.
Page 4 |
Veritas Projects Ltd
trading as Veritas Projects Limited
Statement of Comprehensive Income for the Period from 1 January 2016 to 31 March 2017
Note |
2017 |
2015 |
|
Profit/(loss) for the period |
|
( |
|
Total comprehensive income for the period |
|
( |
Page 5 |
Veritas Projects Ltd
trading as Veritas Projects Limited
(Registration number: 04121556)
Balance Sheet as at 31 March 2017
Note |
2017 |
2015 |
|
Fixed assets |
|||
Tangible assets |
- |
|
|
Current assets |
|||
Cash at bank and in hand |
- |
|
|
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
( |
( |
|
Provisions for liabilities |
- |
|
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
( |
( |
|
Total equity |
( |
( |
For the financial period ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
.........................................
Ms Vera Maria Waters
Director
Page 6 |
Veritas Projects Ltd
trading as Veritas Projects Limited
Statement of Changes in Equity for the Period from 1 January 2016 to 31 March 2017
Share capital |
Profit and loss account |
Total |
|
At 1 January 2016 |
|
( |
( |
Profit for the period |
- |
|
|
Total comprehensive income |
- |
|
|
At 31 March 2017 |
|
( |
( |
Share capital |
Profit and loss account |
Total |
|
At 1 January 2015 |
|
( |
( |
Loss for the period |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 31 December 2015 |
|
( |
( |
Page 7 |
Veritas Projects Ltd
trading as Veritas Projects Limited
Notes to the Financial Statements for the Period from 1 January 2016 to 31 March 2017
General information |
The company is a private company limited by share capital incorporated in England and wales.
The address of its registered office is:
The principal place of business is:
2 The Leeways
Park Road
Sutton
Surrey
SM3 8QA
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Page 8 |
Veritas Projects Ltd
trading as Veritas Projects Limited
Notes to the Financial Statements for the Period from 1 January 2016 to 31 March 2017
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
25% reducing balance |
Fixtures and fittings |
25% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Page 9 |
Veritas Projects Ltd
trading as Veritas Projects Limited
Notes to the Financial Statements for the Period from 1 January 2016 to 31 March 2017
Profit/loss before tax |
Arrived at after charging/(crediting)
2017 |
2015 |
|
Depreciation expense |
- |
|
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
|||
At 1 January 2016 |
|
|
|
Disposals |
( |
( |
( |
At 31 March 2017 |
- |
- |
- |
Depreciation |
|||
At 1 January 2016 |
|
|
|
Eliminated on disposal |
( |
( |
( |
At 31 March 2017 |
- |
- |
- |
Carrying amount |
|||
At 31 March 2017 |
- |
- |
- |
At 31 December 2015 |
|
|
|
Creditors |
Note |
2017 |
2015 |
|
Due within one year |
|||
Trade creditors |
- |
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
|
|
Other creditors |
- |
|
|
|
|
Page 10 |