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REGISTERED NUMBER: SC067492 (Scotland)















Abridged Financial Statements for the Year Ended 30 April 2023

for

Velendia Limited

Velendia Limited (Registered number: SC067492)






Contents of the Financial Statements
for the Year Ended 30 April 2023




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 3


Velendia Limited

Company Information
for the Year Ended 30 April 2023







DIRECTORS: Mrs A O Armour
Mrs F V Young





SECRETARY: R M Armour





REGISTERED OFFICE: 14 Rutland Square
Edinburgh
Midlothian
EH1 2BD





REGISTERED NUMBER: SC067492 (Scotland)





ACCOUNTANTS: Gibson McKerrell Brown LLP
Chartered Accountants
14 Rutland Square
Edinburgh
Midlothian
EH1 2BD

Velendia Limited (Registered number: SC067492)

Abridged Statement of Financial Position
30 April 2023

30.4.23 30.4.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,188 1,319
Investments 5 149,872 149,872
Investment property 6 682,500 862,500
833,560 1,013,691

CURRENT ASSETS
Cash at bank and in hand 310,044 162,668

CREDITORS
Amounts falling due within one year 185,209 131,809
NET CURRENT ASSETS 124,835 30,859
TOTAL ASSETS LESS CURRENT
LIABILITIES

958,395

1,044,550

PROVISIONS FOR LIABILITIES 7 54,388 87,166
NET ASSETS 904,007 957,384

CAPITAL AND RESERVES
Called up share capital 10,006 10,006
Retained earnings 8 894,001 947,378
SHAREHOLDERS' FUNDS 904,007 957,384

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 30 April 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 22 October 2023 and were signed on its behalf by:





Mrs F V Young - Director


Velendia Limited (Registered number: SC067492)

Notes to the Financial Statements
for the Year Ended 30 April 2023

1. STATUTORY INFORMATION

Velendia 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is attributable to the company's principal activity of letting property.

Tangible fixed assets
Tangible fixed assets are initially measured at cost. Cost includes the original purchase price and costs directly attributable to bringing the asset to its present location and into its present condition. After initial recognition, the assets are measured at cost less any accumulated depreciation and any accumulated impairment losses. Freehold properties are subsequently measured at their revalued amount, being the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses

Depreciation is provided by equal instalments at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings - 10% reducing balance

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Fixed Asset Investments
Fixed asset investments are included in the company's statement of financial position at cost less any amounts written off for permanent diminution in value.

At the end of each reporting period, investments are assessed for objective evidence of impairment. If objective impairment is found, an impairment loss is recognised in the Income Statement.

On disposal of an investment, the difference between the disposal proceeds and the carrying amount of the investment is recognised in the Income Statement.

Investment property
Investment properties are properties held to earn rentals and/or for capital appreciation.

Investment properties are initially measured at cost, including transaction costs. Subsequently, investment properties whose fair value can be measured reliably without undue cost or effort, on an on-going basis, are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in Income Statement in the period in which they arise.

Investment properties whose fair value cannot be measured reliably without undue cost or effort, on an on-going basis, are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses.

Velendia Limited (Registered number: SC067492)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and payables, loans from banks and other third parties.

At the end of each reporting period, financial assets that are measured at cost are assessed for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows arising from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred
to another party, or (c) control of the asset has been transferred to another party.

Financial liabilities are measured at amortised cost less any accumulated impairment losses. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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 or deferred 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 May 2022
and 30 April 2023 10,951
DEPRECIATION
At 1 May 2022 9,632
Charge for year 131
At 30 April 2023 9,763
NET BOOK VALUE
At 30 April 2023 1,188
At 30 April 2022 1,319

Velendia Limited (Registered number: SC067492)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 May 2022
and 30 April 2023 149,872
NET BOOK VALUE
At 30 April 2023 149,872
At 30 April 2022 149,872

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2022 862,500
Disposals (180,000 )
At 30 April 2023 682,500
NET BOOK VALUE
At 30 April 2023 682,500
At 30 April 2022 862,500

The investment property was revalued by the directors at 30 April 2017.

Fair value at 30 April 2023 is represented by:
£   
Valuation in 2007 228,587
Valuation in 2017 202,700
Cost 251,213
682,500

If investment property had not been revalued it would have been included at the following historical cost:

30.4.23 30.4.22
£    £   
Cost 251,213 255,042

7. PROVISIONS FOR LIABILITIES
30.4.23 30.4.22
£    £   
Deferred tax on revaluation 54,388 87,166

Deferred
tax
£   
Balance at 1 May 2022 87,166
Credit to Income Statement during year (32,778 )
Accelerated capital allowances
Deferred tax on revaluation
Balance at 30 April 2023 54,388

Velendia Limited (Registered number: SC067492)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

8. RESERVES

Retained earnings are analysed as follows:

30.4.2330.4.22
££
Distributable411,090431,689
Non-Distributable482,911515,689
Total894,001947,378

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2023 and 30 April 2022:

30.4.23 30.4.22
£    £   
Mrs V G White
Balance outstanding at start of year (116,800 ) (64,800 )
Amounts repaid - (52,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (116,800 ) (116,800 )