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Company Registration No. 11870340 (England and Wales)
Velasca Ltd Unaudited accounts for the year ended 31 December 2021
Velasca Ltd Unaudited accounts Contents
Page
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Velasca Ltd Company Information for the year ended 31 December 2021
Director
Jacopo Sebastio
Company Number
11870340 (England and Wales)
Registered Office
20 Fitzroy Square London W1T 6EJ
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Velasca Ltd Statement of financial position as at 31 December 2021
2021 
2020 
Notes
£ 
£ 
Fixed assets
Tangible assets
26,471 
39,662 
Current assets
Inventories
85,359 
80,414 
Debtors
71,983 
82,662 
Cash at bank and in hand
274,425 
68,810 
431,767 
231,886 
Creditors: amounts falling due within one year
(401,606)
(187,320)
Net current assets
30,161 
44,566 
Total assets less current liabilities
56,632 
84,228 
Creditors: amounts falling due after more than one year
(179,634)
(169,036)
Net liabilities
(123,002)
(84,808)
Capital and reserves
Called up share capital
10,000 
10,000 
Profit and loss account
(133,002)
(94,808)
Shareholders' funds
(123,002)
(84,808)
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 10 August 2022 and were signed on its behalf by
Jacopo Sebastio Director Company Registration No. 11870340
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Velasca Ltd Notes to the Accounts for the year ended 31 December 2021
1
Statutory information
Velasca Ltd is a private company, limited by shares, registered in England and Wales, registration number 11870340. The registered office is 20 Fitzroy Square, London, W1T 6EJ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20.00% Straight Line
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Velasca Ltd Notes to the Accounts for the year ended 31 December 2021
4
Tangible fixed assets
Fixtures & fittings 
£ 
Cost or valuation
At cost 
At 1 January 2021
65,954 
At 31 December 2021
65,954 
Depreciation
At 1 January 2021
26,292 
Charge for the year
13,191 
At 31 December 2021
39,483 
Net book value
At 31 December 2021
26,471 
At 31 December 2020
39,662 
5
Inventories
2021 
2020 
£ 
£ 
Finished goods
85,359 
80,414 
85,359 
80,414 
6
Debtors: amounts falling due within one year
2021 
2020 
£ 
£ 
Trade debtors
5,967 
4,718 
Accrued income and prepayments
24,616 
36,544 
Other debtors
- 
41,400 
30,583 
82,662 
Debtors: amounts falling due after more than one year
Other debtors
41,400 
- 
7
Creditors: amounts falling due within one year
2021 
2020 
£ 
£ 
VAT
18,478 
7,136 
Trade creditors
319,001 
155,898 
Taxes and social security
231 
309 
Other creditors
290 
3,427 
Accruals
62,325 
20,550 
Deferred income
1,281 
- 
401,606 
187,320 
8
Creditors: amounts falling due after more than one year
2021 
2020 
£ 
£ 
Amounts owed to group undertakings and other participating interests
179,634 
169,036 
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Velasca Ltd Notes to the Accounts for the year ended 31 December 2021
9
Share capital
2021 
2020 
£ 
£ 
Allotted, called up and fully paid:
10,000 Ordinary shares of £1 each
10,000 
10,000 
10
Controlling party
The company's parent and ultimate parent undertaking is Velasca Srl, a company registered in Italy whose registered office address is Via San Martino 14, 20122 Milano, Italy.
11
Average number of employees
During the year the average number of employees was 1 (2020: 1).
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