VELOCITY1 LIMITED

Company Registration Number:
06240919 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2021

Period of accounts

Start date: 1 January 2021

End date: 31 December 2021

VELOCITY1 LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2021

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

VELOCITY1 LIMITED

Directors' report period ended 31 December 2021

The directors present their report with the financial statements of the company for the period ended 31 December 2021

Directors

The directors shown below have held office during the whole of the period from
1 January 2021 to 31 December 2021

J M E Saunders
P S Slavin
F V Heazeall
P Benoit
T Pilcher


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
19 October 2023

And signed on behalf of the board by:
Name: P Benoit
Status: Director

VELOCITY1 LIMITED

Profit And Loss Account

for the Period Ended 31 December 2021

2021 2020


£

£
Turnover: 3,150,877 3,209,691
Cost of sales: ( 1,872,383 ) ( 1,580,036 )
Gross profit(or loss): 1,278,494 1,629,655
Administrative expenses: ( 2,855,857 ) ( 3,212,876 )
Other operating income: 148,896 1,165,151
Operating profit(or loss): (1,428,467) (418,070)
Interest payable and similar charges: ( 6,998 )
Profit(or loss) before tax: (1,435,465) (418,070)
Tax: 1,764,495 178,256
Profit(or loss) for the financial year: 329,030 (239,814)

VELOCITY1 LIMITED

Balance sheet

As at 31 December 2021

Notes 2021 2020


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets: 3 72,168 123,060
Tangible assets: 4 141,288 173,353
Total fixed assets: 213,456 296,413
Current assets
Stocks: 5 90,041 167,215
Debtors: 6 2,785,929 905,165
Cash at bank and in hand: 66,437 25,390
Total current assets: 2,942,407 1,097,770
Creditors: amounts falling due within one year: 7 ( 3,276,518 ) ( 1,843,868 )
Net current assets (liabilities): (334,111) (746,098)
Total assets less current liabilities: (120,655) ( 449,685)
Total net assets (liabilities): (120,655) (449,685)
Capital and reserves
Called up share capital: 1,125 1,125
Share premium account: 578,827 578,827
Other reserves: 3,017,339 3,017,339
Profit and loss account: (3,717,946 ) (4,046,976 )
Total Shareholders' funds: ( 120,655 ) (449,685)

The notes form part of these financial statements

VELOCITY1 LIMITED

Balance sheet statements

For the year ending 31 December 2021 the company was entitled to exemption 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 directors acknowledge their 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.

This report was approved by the board of directors on 19 October 2023
and signed on behalf of the board by:

Name: P Benoit
Status: Director

The notes form part of these financial statements

VELOCITY1 LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Telecommunication revenues primarily relate to customer usage of services and recurring monthly fees to customers for certain other services. Revenues related to usage are recognised as usage accrues. Recurring monthly service fees are recorded in the period in which the service is available to the customer.

    Tangible fixed assets depreciation policy

    Tangible assets are measured at cost less accumulated depreciation and any provision for impairment. Cost includes the original purchase price plus costs directly attributable to bringing the asset to the location and condition necessary for its intended use. Depreciation is provided on all tangible assets, at rates calculated to write off the cost of each asset over its expected useful life on a straight line basis.

    Intangible fixed assets amortisation policy

    Intangible assets are measured at cost less accumulated amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates calculated to write off the cost of each asset over its expected useful life on a straight line basis.

    Other accounting policies

    StocksInventories are stated at the lower of cost and estimated selling price less costs to sell. Inventories are recognised as an expense in the period in which the related revenue is recognised.Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing the inventory to its present location and condition.At the end of each reporting period inventories are assessed for impairment. If an item of inventory is impaired, the identified inventory is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

VELOCITY1 LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

  • 2. Employees

    2021 2020
    Average number of employees during the period 29 24

VELOCITY1 LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 January 2021 168,388 168,388
Additions 7,329 7,329
Disposals
Revaluations
Transfers
At 31 December 2021 175,717 175,717
Amortisation
At 1 January 2021 45,328 45,328
Charge for year 58,221 58,221
On disposals
Other adjustments
At 31 December 2021 103,549 103,549
Net book value
At 31 December 2021 72,168 72,168
At 31 December 2020 123,060 123,060

VELOCITY1 LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2021 166,727 2,455,105 2,621,832
Additions 13,942 13,942
Disposals
Revaluations
Transfers
At 31 December 2021 180,669 2,455,105 2,635,774
Depreciation
At 1 January 2021 66,193 2,382,286 2,448,479
Charge for year 26,731 19,276 46,007
On disposals
Other adjustments
At 31 December 2021 92,924 2,401,562 2,494,486
Net book value
At 31 December 2021 87,745 53,543 141,288
At 31 December 2020 100,534 72,819 173,353

VELOCITY1 LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

5. Stocks

2021 2020
£ £
Stocks 90,041 167,215
Total 90,041 167,215

VELOCITY1 LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

6. Debtors

2021 2020
£ £
Trade debtors 252,695 368,186
Prepayments and accrued income 289,871 216,462
Other debtors 2,243,363 320,517
Total 2,785,929 905,165
Debtors due after more than one year: 1,729,952 178,256

VELOCITY1 LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

7. Creditors: amounts falling due within one year note

2021 2020
£ £
Trade creditors 334,744 187,909
Taxation and social security 56,359 201,106
Accruals and deferred income 306,050 422,207
Other creditors 2,579,365 1,032,646
Total 3,276,518 1,843,868