Company Registration No. SC247498 (Scotland)
VERETZ LIMITED
DIRECTOR'S REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2016
VERETZ LIMITED
CONTENTS
Page
Director's report
1
Accountants' report
2
Balance sheet
3
Notes to the financial statements
4
VERETZ LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 AUGUST 2016
- 1 -
The director presents her report and unaudited financial statements for the year ended 31 August 2016. The company is dormant and has not traded during the year.
Director
The following director has held office since 1 September 2015:
J Morrison
On behalf of the board
J Morrison
Director
3 April 2017
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2016
The company has not traded during the year or the preceding financial year. During these years, the company received no income and incurred no expenditure and therefore made neither profit nor loss.
VERETZ LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE
UNAUDITED STATUTORY ACCOUNTS OF VERETZ LIMITED
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Veretz Limited for the year ended 31 August 2016 as set out on pages to 4 from the company's accounting records and from the information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants of Scotland we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparation guidance.
This report is made solely to the Board of Directors of Veretz Limited, as a body, in accordance with the terms of our engagement letter dated .......................... Our work has been undertaken solely to prepare for your approval the financial statements of Veretz Limited and state those matters that we have agreed to state to the Board of Directors of Veretz Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants in England and Wales as detailed at http://www2.accaglobal.com/pubs/members/publications/technical_factsheets/downloads/163.doc. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Veretz Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Veretz Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Veretz Limited. You consider that Veretz Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Veretz Limited. 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.
Johnston Carmichael LLP
3 April 2017
Chartered Accountants
227 West George Street
GLASGOW
G2 2ND
VERETZ LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2016
31 August 2016
- 3 -
2016
2015
Notes
£
£
Current assets
Debtors
3
2
2
Total assets less current liabilities
2
2
Capital and reserves
Called up share capital
4
2
2
Shareholders' funds
2
2
Audit exemption statement
For the financial year ended 31 August 2016 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board and authorised for issue on 3 April 2017
J Morrison
Director
Company Registration No. SC247498
VERETZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2016
- 4 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Deferred taxation
Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not they will be recovered. Deferred tax assets and liabilities are not discounted.
2
Taxation
3
Debtors
2016
2015
£
£
Other debtors
2
2
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
2 Ordinary shares of £1 each
2
2
5
Control
The immediate parent undertaking is Amberdell Limited.
The company is controlled by J Morrison.
6
Related party relationships and transactions
Dividends to Directors
The following directors were paid dividends during the year as outlined in the table below:
2016
2015
£
£
-
-
On 1 September 2012, the assets and liabilities of the company were transferred to the parent company, Amberdell Limited, under a hive up agreement. This resulted in a dividend in specie of £260,111 to Amberdell Limited.