Company Registration No. 09845989 (England and Wales)
VERITAS SALES & DISTRIBUTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
Redwood House
65 Bristol Road
Keynsham
Bristol
BS312WB
VERITAS SALES & DISTRIBUTION LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
VERITAS SALES & DISTRIBUTION LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr J Jenkins
Company number
09845989
Registered office
Redwood House
65 Bristol Road
Keynsham
Bristol
BS312WB
Accountants
TC Group
Redwood House
65 Bristol Road
Keynsham
Bristol
BS312WB
VERITAS SALES & DISTRIBUTION LIMITED
BALANCE SHEET
AS AT 31 MARCH 2019
31 March 2019
- 2 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
2
719
-
Current assets
Debtors
3
1,972
14,996
Cash at bank and in hand
1,856
9,794
3,828
24,790
Creditors: amounts falling due within one year
4
(19,355)
(30,791)
Net current liabilities
(15,527)
(6,001)
Total assets less current liabilities
(14,808)
(6,001)
Provisions for liabilities
(136)
-
Net liabilities
(14,944)
(6,001)
Capital and reserves
Called up share capital
5
12
12
Profit and loss reserves
(14,956)
(6,013)
Total equity
(14,944)
(6,001)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
VERITAS SALES & DISTRIBUTION LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2019
31 March 2019
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 19 December 2019
Mr J Jenkins
Director
Company Registration No. 09845989
The notes on pages 4 to 6 form part of these financial statements
VERITAS SALES & DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 4 -
1
Accounting policies
Company information
Veritas Sales & Distribution Limited
(09845989)
is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Redwood House, 65 Bristol Road, Keynsham, Bristol, BS312WB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
VERITAS SALES & DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 5 -
Current tax
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 balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance
sheet 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.
1.6
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Tangible fixed assets
Computers
£
Cost
At 1 April 2018
-
Additions
958
At 31 March 2019
958
Depreciation and impairment
At 1 April 2018
-
Depreciation charged in the year
239
At 31 March 2019
239
Carrying amount
At 31 March 2019
719
At 31 March 2018
-
VERITAS SALES & DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 6 -
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
1,605
14,996
Other debtors
367
-
1,972
14,996
4
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
69
9,250
Corporation tax
74
74
Other taxation and social security
-
1,475
Other creditors
19,212
19,992
19,355
30,791
5
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
12 Ordinary of £1 each
12
12