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Registration number: 07791813

Velkie Consultants Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Velkie Consultants Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

Accountants' Report

7

 

Velkie Consultants Limited

Company Information

Director

Mr Roderick Watson Fergusson

Registered office

126 Thames Road
Billingham
Stockton-on-Tees
TS22 5EU

Accountants

Yates Business Solutions Ltd.
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Velkie Consultants Limited

(Registration number: 07791813)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

229

343

Current assets

 

Debtors

5

9,880

10,080

Cash at bank and in hand

 

40,095

31,154

 

49,975

41,234

Creditors: Amounts falling due within one year

6

(26,850)

(20,583)

Net current assets

 

23,125

20,651

Net assets

 

23,354

20,994

Capital and reserves

 

Called up share capital

100

100

Retained earnings

23,254

20,894

Shareholders' funds

 

23,354

20,994

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 9 January 2024
 

.........................................
Mr Roderick Watson Fergusson
Director

 

Velkie Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

 

Velkie Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

3

Employees and Directors

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Velkie Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 October 2022

458

458

At 30 September 2023

458

458

Depreciation

At 1 October 2022

114

114

Charge for the year

115

115

At 30 September 2023

229

229

Carrying amount

At 30 September 2023

229

229

At 30 September 2022

343

343

5

Debtors

Current

2023
£

2022
£

Trade debtors

9,880

10,080

 

9,880

10,080

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

19,277

20,125

Other creditors

7,573

458

26,850

20,583

 

Velkie Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

7

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2023
 £

2022
 £

Roderick Watson Fergusson

7,573

458

 

7,573

458

The maximum balance outstanding during the year amounted to £7,573.

The directors current accounts are repayable on demand.


 

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Velkie Consultants Limited
for the Year Ended 30 September 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Velkie Consultants Limited for the year ended 30 September 2023 as set out on pages 2 to 6 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 Board of Directors of Velkie Consultants Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Velkie Consultants Limited and state those matters that we have agreed to state to the Board of Directors of Velkie Consultants Limited, as a body, 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 Velkie Consultants Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Velkie Consultants Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Velkie Consultants Limited. You consider that Velkie Consultants Limited 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 accounts of Velkie Consultants Limited. 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 accounts.

......................................

Yates Business Solutions Ltd.
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

9 January 2024