31/12/2018
2018-12-31
false
false
false
false
true
false
false
false
false
false
false
false
false
true
false
false
true
false
false
false
false
false
false
false
false
No description of principal activities is disclosed
2018-06-01
Sage Accounts Production 18.30 Update 1 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
07484788
2018-06-01
2018-12-31
07484788
2018-12-31
07484788
2018-05-31
07484788
2017-06-01
2018-05-31
07484788
2018-05-31
07484788
core:NetGoodwill
2018-06-01
2018-12-31
07484788
bus:RegisteredOffice
2018-06-01
2018-12-31
07484788
bus:LeadAgentIfApplicable
2018-06-01
2018-12-31
07484788
bus:Director1
2018-06-01
2018-12-31
07484788
bus:Director2
2018-06-01
2018-12-31
07484788
bus:Director3
2018-06-01
2018-12-31
07484788
core:NetGoodwill
2018-05-31
07484788
core:NetGoodwill
2018-12-31
07484788
core:FurnitureFittingsToolsEquipment
2018-05-31
07484788
core:FurnitureFittingsToolsEquipment
2018-12-31
07484788
core:WithinOneYear
2018-12-31
07484788
core:WithinOneYear
2018-05-31
07484788
core:ShareCapital
2018-12-31
07484788
core:ShareCapital
2018-05-31
07484788
core:SharePremium
2018-12-31
07484788
core:SharePremium
2018-05-31
07484788
core:RetainedEarningsAccumulatedLosses
2018-12-31
07484788
core:RetainedEarningsAccumulatedLosses
2018-05-31
07484788
core:FurnitureFittingsToolsEquipment
2018-06-01
2018-12-31
07484788
core:NetGoodwill
2018-05-31
07484788
core:CostValuation
core:Non-currentFinancialInstruments
2018-12-31
07484788
core:Non-currentFinancialInstruments
2018-12-31
07484788
core:Non-currentFinancialInstruments
2018-05-31
07484788
core:FurnitureFittingsToolsEquipment
2018-05-31
07484788
bus:Director2
2018-05-31
07484788
bus:Director2
2017-05-31
07484788
bus:Director2
2018-05-31
07484788
bus:Director2
2017-06-01
2018-05-31
07484788
bus:SmallEntities
2018-06-01
2018-12-31
07484788
bus:Audited
2018-06-01
2018-12-31
07484788
bus:FullAccounts
2018-06-01
2018-12-31
07484788
bus:SmallCompaniesRegimeForAccounts
2018-06-01
2018-12-31
07484788
bus:PrivateLimitedCompanyLtd
2018-06-01
2018-12-31
07484788
core:ComputerEquipment
2018-05-31
07484788
core:ComputerEquipment
2018-12-31
07484788
core:ComputerEquipment
2018-06-01
2018-12-31
Company registration number:
07484788
Verso Group (UK) Ltd
Filleted financial statements
31 December 2018
Verso Group (UK) Ltd
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Verso Group (UK) Ltd
Directors and other information
|
|
|
|
|
Directors
|
Mr A C Hawkins
|
(Resigned 31 October 2018)
|
|
|
Mr P Dhanuka
|
|
|
|
Mr K Saraogi
|
|
|
|
|
|
|
|
|
|
|
Company number
|
07484788
|
|
|
|
|
|
|
|
|
|
|
Registered office
|
Suite 140
|
|
|
|
Westlink House
|
|
|
|
981 Great West Road
|
|
|
|
Brentford
|
|
|
|
TW8 9DN
|
|
|
|
|
|
|
|
|
|
|
Auditor
|
Hicks and Company
|
|
|
|
Vaughan Chambers
|
|
|
|
Vaughan Road
|
|
|
|
Harpenden
|
|
|
|
Hertfordshire
|
|
|
|
AL5 4EE
|
|
|
|
|
|
Verso Group (UK) Ltd
Directors responsibilities statement
Period ended 31 December 2018
The directors are responsible for preparing 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 period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent; and
-
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 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.
Verso Group (UK) Ltd
Statement of financial position
31 December 2018
|
|
|
31/12/18
|
|
|
|
31/05/18
|
|
|
|
|
Note
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
|
|
|
Intangible assets
|
|
6
|
9,782
|
|
|
|
23,481
|
|
|
Tangible assets
|
|
7
|
22,519
|
|
|
|
34,494
|
|
|
Investments
|
|
8
|
101
|
|
|
|
101
|
|
|
|
|
|
_________
|
|
|
|
_________
|
|
|
|
|
|
|
|
32,402
|
|
|
|
58,076
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Debtors
|
|
9
|
89,613
|
|
|
|
73,867
|
|
|
Cash at bank and in hand
|
|
|
54,960
|
|
|
|
139,300
|
|
|
|
|
|
_________
|
|
|
|
_________
|
|
|
|
|
|
144,573
|
|
|
|
213,167
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
within one year
|
|
10
|
(
228,401)
|
|
|
|
(
289,380)
|
|
|
|
|
|
_________
|
|
|
|
_________
|
|
|
Net current liabilities
|
|
|
|
|
(
83,828)
|
|
|
|
(
76,213)
|
|
|
|
|
|
_________
|
|
|
|
_________
|
Total assets less current liabilities
|
|
|
|
|
(
51,426)
|
|
|
|
(
18,137)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
(
4,200)
|
|
|
|
(
6,500)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_________
|
|
|
|
_________
|
Net liabilities
|
|
|
|
|
(
55,626)
|
|
|
|
(
24,637)
|
|
|
|
|
|
_________
|
|
|
|
_________
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
|
|
|
|
Called up share capital
|
|
|
|
|
12,500
|
|
|
|
12,500
|
Share premium account
|
|
|
|
|
132,500
|
|
|
|
132,500
|
Profit and loss account
|
|
|
|
|
(
200,626)
|
|
|
|
(
169,637)
|
|
|
|
|
|
_________
|
|
|
|
_________
|
Shareholders deficit
|
|
|
|
|
(
55,626)
|
|
|
|
(
24,637)
|
|
|
|
|
|
_________
|
|
|
|
_________
|
|
|
|
|
|
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
18 September 2019
, and are signed on behalf of the board by:
Mr P Dhanuka
Director
Company registration number:
07484788
Verso Group (UK) Ltd
Notes to the financial statements
Period ended 31 December 2018
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 140, Westlink House, 981 Great West Road, Brentford, TW8 9DN.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts are prepared on a going concern basis which assumes the continued support of the company's directors and shareholders.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. 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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Acquired goodwill and intellectual property is written off in equal annual instalments over its estimateduseful economic life of 5 years.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Fittings fixtures and equipment
|
-
|
Straight line over 3 years
|
|
|
Computer equipment
|
-
|
Straight line over 3 years
|
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised retrospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of the transactions. All differences are taken to the Profit and Loss account.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
10
(2018:
11
).
5.
Loss before taxation
Loss before taxation is stated after charging/(crediting):
|
|
|
|
Period
|
Year
|
|
|
|
|
ended
|
ended
|
|
|
|
|
31/12/18
|
31/05/18
|
|
|
|
|
£
|
£
|
|
Amortisation of intangible assets
|
|
|
13,699
|
23,484
|
|
Depreciation of tangible assets
|
|
|
12,220
|
21,166
|
|
Fees payable for the audit of the financial statements
|
|
|
3,933
|
-
|
|
|
|
|
_________
|
_________
|
|
|
|
|
|
|
6.
Intangible assets
|
|
Goodwill
|
Total
|
|
|
|
|
|
|
£
|
£
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
At 1 June 2018 and 31 December 2018
|
117,418
|
117,418
|
|
|
|
|
|
|
_________
|
_________
|
|
|
|
|
|
Amortisation
|
|
|
|
|
|
|
|
At 1 June 2018
|
93,937
|
93,937
|
|
|
|
|
|
Charge for the period
|
13,699
|
13,699
|
|
|
|
|
|
|
_________
|
_________
|
|
|
|
|
|
At 31 December 2018
|
107,636
|
107,636
|
|
|
|
|
|
|
_________
|
_________
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
At 31 December 2018
|
9,782
|
9,782
|
|
|
|
|
|
|
_________
|
_________
|
|
|
|
|
|
At 31 May 2018
|
23,481
|
23,481
|
|
|
|
|
|
|
_________
|
_________
|
|
|
|
|
|
|
|
|
|
|
|
|
7.
Tangible assets
|
|
Fixtures, fittings and equipment
|
Computer equipment
|
Total
|
|
|
|
|
|
|
£
|
£
|
£
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
|
At 1 June 2018
|
79,708
|
8,709
|
88,417
|
|
|
|
|
|
Additions
|
245
|
-
|
245
|
|
|
|
|
|
|
_________
|
_________
|
_________
|
|
|
|
|
|
At 31 December 2018
|
79,953
|
8,709
|
88,662
|
|
|
|
|
|
|
_________
|
_________
|
_________
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
At 1 June 2018
|
46,997
|
6,926
|
53,923
|
|
|
|
|
|
Charge for the year
|
11,660
|
560
|
12,220
|
|
|
|
|
|
|
_________
|
_________
|
_________
|
|
|
|
|
|
At 31 December 2018
|
58,657
|
7,486
|
66,143
|
|
|
|
|
|
|
_________
|
_________
|
_________
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
|
At 31 December 2018
|
21,296
|
1,223
|
22,519
|
|
|
|
|
|
|
_________
|
_________
|
_________
|
|
|
|
|
|
At 31 May 2018
|
32,711
|
1,783
|
34,494
|
|
|
|
|
|
|
_________
|
_________
|
_________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.
Investments
|
|
Shares in group undertakings and participating interests
|
Total
|
|
|
|
|
|
|
£
|
£
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
At 1 June 2018 and 31 December 2018
|
101
|
101
|
|
|
|
|
|
|
_________
|
_________
|
|
|
|
|
|
Impairment
|
|
|
|
|
|
|
|
At 1 June 2018 and 31 December 2018
|
-
|
-
|
|
|
|
|
|
|
_________
|
_________
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
At 31 December 2018
|
101
|
101
|
|
|
|
|
|
|
_________
|
_________
|
|
|
|
|
|
At 31 May 2018
|
101
|
101
|
|
|
|
|
|
|
_________
|
_________
|
|
|
|
|
|
|
|
|
|
|
|
|
9.
Debtors
|
|
|
31/12/18
|
31/05/18
|
|
|
|
£
|
£
|
|
Trade debtors
|
|
70,054
|
38,390
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest
|
|
330
|
-
|
|
Other debtors
|
|
19,229
|
35,477
|
|
|
|
_________
|
_________
|
|
|
|
89,613
|
73,867
|
|
|
|
_________
|
_________
|
|
|
|
|
|
10.
Creditors: amounts falling due within one year
|
|
|
31/12/18
|
31/05/18
|
|
|
|
£
|
£
|
|
Trade creditors
|
|
127,998
|
203,930
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
|
101
|
101
|
|
Corporation tax
|
|
17,839
|
17,872
|
|
Social security and other taxes
|
|
60,165
|
63,673
|
|
Other creditors
|
|
22,298
|
3,804
|
|
|
|
_________
|
_________
|
|
|
|
228,401
|
289,380
|
|
|
|
_________
|
_________
|
|
|
|
|
|
11.
Operating leases
At 31 Dec 2018, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £6,334 (31-May-2018: £17,417).
12.
Summary audit opinion
The auditor's report for the period dated
19 September 2019
was unqualified.
The senior statutory auditor was
Martin Corrie
for and on behalf of
Hicks and Company
13.
Directors advances, credits and guarantees
|
During the period the directors entered into the following advances and credits with the company:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period ended 31/12/18
|
|
|
|
|
|
|
|
|
|
Balance brought forward
|
Amounts repaid
|
Balance o/standing
|
|
|
|
|
|
£
|
£
|
£
|
|
|
|
|
Mr P Dhanuka
|
(
67)
|
67
|
-
|
|
|
|
|
|
_________
|
_________
|
_________
|
|
|
|
|
|
|
|
|
|
|
|
Year ended 31/05/18
|
|
|
|
|
|
|
|
|
|
Balance brought forward
|
Amounts repaid
|
Balance o/standing
|
|
|
|
|
|
£
|
£
|
£
|
|
|
|
|
Mr P Dhanuka
|
1,405
|
(
1,472)
|
(
67)
|
|
|
|
|
|
_________
|
_________
|
_________
|
|
|
|
|
|
|
|
|
|
|
|
14.
Parent undertaking
The parent undertaking of the smallest group for which consolidated financial statements are drawn up is PNS Business Pvt. Ltd, whose registered office address is 28 Strand Road, 3rd Floor, KOL-700001 WB 000000 India.