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REGISTERED NUMBER: SC655771 (Scotland)





















Unaudited Financial Statements

For The Year Ended 28 February 2023

for

Velocity Property Investments Ltd

Velocity Property Investments Ltd (Registered number: SC655771)






Contents of the Financial Statements
For The Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

Velocity Property Investments Ltd

Company Information
For The Year Ended 28 February 2023







DIRECTOR: N A M Yao





REGISTERED OFFICE: 1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH





REGISTERED NUMBER: SC655771 (Scotland)





ACCOUNTANTS: Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH

Velocity Property Investments Ltd (Registered number: SC655771)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 160,778 62,400

CURRENT ASSETS
Debtors 5 1,620 1,620
Cash at bank 19,160 2,252
20,780 3,872
CREDITORS
Amounts falling due within one year 6 3,384 82,596
NET CURRENT ASSETS/(LIABILITIES) 17,396 (78,724 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

178,174

(16,324

)

CREDITORS
Amounts falling due after more than one
year

7

184,384

-
NET LIABILITIES (6,210 ) (16,324 )

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 9 16,600 -
Retained earnings (22,910 ) (16,424 )
(6,210 ) (16,324 )

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 director acknowledges his 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.

Velocity Property Investments Ltd (Registered number: SC655771)

Balance Sheet - continued
28 February 2023


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 director and authorised for issue on 1 December 2023 and were signed by:





N A M Yao - Director


Velocity Property Investments Ltd (Registered number: SC655771)

Notes to the Financial Statements
For The Year Ended 28 February 2023

1. STATUTORY INFORMATION

Velocity Property Investments Ltd 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
Financial statements are prepared on going concern basis on the understanding that the company will continue to be financially supported by the director.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and Bank Balances
Cash and bank balances are measured at the transaction price.

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.

Velocity Property Investments Ltd (Registered number: SC655771)

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

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022 62,400
Additions 81,778
Revaluations 16,600
At 28 February 2023 160,778
NET BOOK VALUE
At 28 February 2023 160,778
At 28 February 2022 62,400

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2023 160,778

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Other debtors 1,620 1,620

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Other creditors 3,384 82,596

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Bank loans 120,467 -
Other creditors 63,917 -
184,384 -

8. SECURED DEBTS

The mortgage works hold the following securities:
1.All and whole those subjects known as and forming 29 chestnut drive, clydebank, dunbartonshire, G81 3PZ .
2.18 and 20 duke street, pelaw, garnished, tyne and wear, ME10 0QQ.
Contains fixed charge.

Velocity Property Investments Ltd (Registered number: SC655771)

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

9. RESERVES
Fair
value
reserve
£   
Transfer to fair value reserve 16,600

At 28 February 2023 16,600

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Velocity Property Investments Ltd

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Velocity Property Investments Ltd for the year ended 28 February 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Velocity Property Investments Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Velocity Property Investments Ltd and state those matters that we have agreed to state to the director of Velocity Property Investments Ltd in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Velocity Property Investments Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Velocity Property Investments Ltd. You consider that Velocity Property Investments Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Velocity Property Investments Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH


Date: .............................................