NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Vertically Fresh Ltd 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 general information page.
The financial statements are presented in £ and are rounded to the nearest pound.
2.
Accounting policies
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Basis of preparation of financial statements
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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
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The following principal accounting policies have been applied:
The Company has net liabilities of £275,949 and net current liabilities of £3,200 and therefore its ability to continue in operation is reliant on loan balances not being recalled. The losses to date stem from product development which is now complete. Whilst the coronavirus pandemic has delayed the realisation of license revenues, any ongoing development or administration expenses are expected to be modest in nature and will be supported by the shareholders.
Upon realisation of sufficient license revenues repayment of the outstanding loans resultant from the losses will be the Company's first priority.
For the reasons described above, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
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.
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The average monthly number of employees, including directors, during the year was
4
(2020 -
4
)
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Period from 11 Dec 2019 to 30 Sept 2020
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Called up share capital not paid
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