Veyo accounts reveal losses of £11 million

Accounts filed at Companies House for the period ending 31st October have revealed the aborted project lost over £11 million.

According to the accounts statement for Legal Practice Technologies, the body owned 60% by the Law Society and 40% by Indian tech firm Mastek lost £11,403,865 in this period.

The company was owed £61,180 and had £1,421,492 in cash assets, with £11,886,537 due to creditors within one year. The accounts also list £1 million in called up share capital to it’s name. The total equity in the company was therefore listed as £-10,403,865.

The bulk of losses was attributed to research and development costs of £6,798,230. Auditors PricewaterhouseCoopers LLP are listed as having been paid £9,000 for their work.

The document also states no directors, including Law Society President Jonathan Smithers, received any dividend nor any other remuneration.

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