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REGISTERED NUMBER: 07960349 (England and Wales)















VELOC LIMITED

Unaudited Financial Statements

for the Year Ended 28 February 2023






VELOC LIMITED (Registered number: 07960349)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


VELOC LIMITED

Company Information
for the Year Ended 28 February 2023







DIRECTORS: S Allanson
Mrs M A Allanson





SECRETARY: Mrs M A Allanson





REGISTERED OFFICE: 1 Park View Court
St Paul's Road
Shipley
West Yorkshire
BD18 3DZ





REGISTERED NUMBER: 07960349 (England and Wales)





ACCOUNTANTS: Maclean & Company
1 Park View Court
St Paul's Road
Shipley
West Yorkshire
BD18 3DZ

VELOC LIMITED (Registered number: 07960349)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 77,206 64,007
Tangible assets 5 603 1,206
77,809 65,213

CURRENT ASSETS
Cash at bank 47,477 53,046

CREDITORS
Amounts falling due within one year 6 6,459 6,426
NET CURRENT ASSETS 41,018 46,620
TOTAL ASSETS LESS CURRENT
LIABILITIES

118,827

111,833

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 118,627 111,633
SHAREHOLDERS' FUNDS 118,827 111,833

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

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 16 November 2023 and were signed on its behalf by:





S Allanson - Director


VELOC LIMITED (Registered number: 07960349)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

VELOC LIMITED is a private company, limited by shares , registered in England and Wales. 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.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment & software - 33% on cost

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 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.

Research and development
The company capitalises expenditure on specific methodology, tools and practices which it will actively market in future years. Such expenditure is amortised over the succeeding five years in equal instalments.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

VELOC LIMITED (Registered number: 07960349)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

4. INTANGIBLE FIXED ASSETS
Development
Goodwill costs Totals
£    £    £   
COST
At 1 March 2022 40,000 219,485 259,485
Additions - 40,974 40,974
At 28 February 2023 40,000 260,459 300,459
AMORTISATION
At 1 March 2022 36,000 159,478 195,478
Amortisation for year 4,000 23,775 27,775
At 28 February 2023 40,000 183,253 223,253
NET BOOK VALUE
At 28 February 2023 - 77,206 77,206
At 28 February 2022 4,000 60,007 64,007

5. TANGIBLE FIXED ASSETS
Computer
equipment
& software
£   
COST
At 1 March 2022
and 28 February 2023 64,655
DEPRECIATION
At 1 March 2022 63,449
Charge for year 603
At 28 February 2023 64,052
NET BOOK VALUE
At 28 February 2023 603
At 28 February 2022 1,206

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade creditors 997 883
Taxation 3,644 3,748
Other creditors 1,818 1,795
6,459 6,426