Company Registration No. 11870340 (England and Wales)
Velasca Ltd
Unaudited accounts
for the year ended 31 December 2021
Velasca Ltd
Unaudited accounts
Contents
Velasca Ltd
Company Information
for the year ended 31 December 2021
Company Number
11870340 (England and Wales)
Registered Office
20 Fitzroy Square
London
W1T 6EJ
Velasca Ltd
Statement of financial position
as at 31 December 2021
Tangible assets
26,471
39,662
Cash at bank and in hand
274,425
68,810
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)
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
Velasca Ltd
Notes to the Accounts
for the year ended 31 December 2021
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 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.
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 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.
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.
Velasca Ltd
Notes to the Accounts
for the year ended 31 December 2021
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Tangible fixed assets
Fixtures & fittings
At 31 December 2021
65,954
Charge for the year
13,191
At 31 December 2021
39,483
At 31 December 2021
26,471
At 31 December 2020
39,662
Finished goods
85,359
80,414
6
Debtors: amounts falling due within one year
2021
2020
Accrued income and prepayments
24,616
36,544
Debtors: amounts falling due after more than one year
7
Creditors: amounts falling due within one year
2021
2020
Trade creditors
319,001
155,898
Taxes and social security
231
309
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
Velasca Ltd
Notes to the Accounts
for the year ended 31 December 2021
Allotted, called up and fully paid:
10,000 Ordinary shares of £1 each
10,000
10,000
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.
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Average number of employees
During the year the average number of employees was 1 (2020: 1).