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REGISTERED NUMBER: SC051832 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 March 2022

for

Velo Developments Limited

Velo Developments Limited (Registered number: SC051832)






Contents of the Financial Statements
for the Year Ended 31 March 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Velo Developments Limited

Company Information
for the Year Ended 31 March 2022







DIRECTOR: Mr M G Will





REGISTERED OFFICE: Stewart & Watson
4 North Street
Mintlaw
Peterhead
Aberdeenshire
AB42 5HH





REGISTERED NUMBER: SC051832 (Scotland)





ACCOUNTANTS: SBP
Accountants
Glebefield House
21 Links Terrace
Peterhead
Aberdeenshire
AB42 2XA

Velo Developments Limited (Registered number: SC051832)

Balance Sheet
31 March 2022

31.3.22 31.3.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,736 3,468
Investment property 5 200,000 116,151
206,736 119,619

CURRENT ASSETS
Debtors 6 85 -
Cash at bank 13,551 24,807
13,636 24,807
CREDITORS
Amounts falling due within one year 7 82,218 81,308
NET CURRENT LIABILITIES (68,582 ) (56,501 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

138,154

63,118

CAPITAL AND RESERVES
Called up share capital 15,000 15,000
Fair value reserve 8 119,056 35,207
Retained earnings 4,098 12,911
SHAREHOLDERS' FUNDS 138,154 63,118

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Velo Developments Limited (Registered number: SC051832)

Balance Sheet - continued
31 March 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 August 2022 and were signed by:





Mr M G Will - Director


Velo Developments Limited (Registered number: SC051832)

Notes to the Financial Statements
for the Year Ended 31 March 2022

1. STATUTORY INFORMATION

Velo Developments Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents rental income due and collected from property tenants. Income is recognised when the company becomes legally entitled to receive it and when its value can be ascertained with a sufficient degree of certainty. The company is not registered for VAT.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Furnishings & fittings - 15% on reducing balance
Office equipment - 33% on cost

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

Investment property
Investment property is reported at most recent valuation with the last full valuation having been carried out in July 2021. Any gains or losses as a result of revaluations are recognised in the income statement and deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Taxation
Taxation for the year comprises current and deferred tax. 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.

Current 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

Velo Developments Limited (Registered number: SC051832)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

4. TANGIBLE FIXED ASSETS
Plant and Furnishings Office
machinery & fittings equipment Totals
£    £    £    £   
COST
At 1 April 2021 - 29,380 658 30,038
Additions 300 4,174 - 4,474
Disposals - - (658 ) (658 )
At 31 March 2022 300 33,554 - 33,854
DEPRECIATION
At 1 April 2021 - 25,912 658 26,570
Charge for year 60 1,146 - 1,206
Eliminated on disposal - - (658 ) (658 )
At 31 March 2022 60 27,058 - 27,118
NET BOOK VALUE
At 31 March 2022 240 6,496 - 6,736
At 31 March 2021 - 3,468 - 3,468

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2021 116,151
Revaluations 83,849
At 31 March 2022 200,000
NET BOOK VALUE
At 31 March 2022 200,000
At 31 March 2021 116,151

Fair value at 31 March 2022 is represented by:
£   
Valuation in 2021 83,849
Cost 116,151
200,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Other debtors 85 -

Velo Developments Limited (Registered number: SC051832)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Tax - 79
Directors' current accounts 73,233 79,654
Accrued expenses 8,985 1,575
82,218 81,308

8. RESERVES
Fair
value
reserve
£   
At 1 April 2021 35,207
Transfer 83,849

At 31 March 2022 119,056

9. ULTIMATE CONTROLLING PARTY

The company is controlled by the Director, Mr M G Will.