Registered number
11789516
Velway Limited
Filleted Accounts
30 June 2023
Velway Limited
Registered number: 11789516
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 32,053 11,984
Current assets
Stocks 47,899 27,334
Debtors 4 1,174,347 432,816
Cash at bank and in hand 42,031 53,508
1,264,277 513,658
Creditors: amounts falling due within one year 5 (1,036,374) (428,370)
Net current assets 227,903 85,288
Net assets 259,956 97,272
Capital and reserves
Called up share capital 100 100
Profit and loss account 259,856 97,172
Shareholders' funds 259,956 97,272
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R Harris
Director
Approved by the board on 18 January 2024
Velway Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office Equipment over 4 years
Plant and machinery over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 7
3 Tangible fixed assets
Office Equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 14,194 4,900 - 19,094
Additions 14,437 369 12,993 27,799
At 30 June 2023 28,631 5,269 12,993 46,893
Depreciation
At 1 July 2022 3,679 3,431 - 7,110
Charge for the year 5,130 1,267 1,333 7,730
At 30 June 2023 8,809 4,698 1,333 14,840
Net book value
At 30 June 2023 19,822 571 11,660 32,053
At 30 June 2022 10,515 1,469 - 11,984
4 Debtors 2023 2022
£ £
Trade debtors 1,161,507 423,624
Other debtors 12,840 9,192
1,174,347 432,816
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 184,034 102,558
Trade creditors 766,098 283,373
Taxation and social security costs 85,242 42,439
Other creditors 1,000 -
1,036,374 428,370
6 Related party transactions
Ventol Limited
A company controlled by a common director
As at 30th June the company owed a net of £ to the above company 10,656
Ventol Maintenance Limited
A company controlled by a common director
As at 30th June the company owed a net of £ to the above company 4,084.88
Ventol Building Services Limited
A company controlled by a common director
As at 30th June the company owed a net of £ to the above company -
R J Stearn Limited
A company ultimately controlled by a common director
As at 30th June the company owed a net of £ to the above company 4,089.60
7 Other information
Velway Limited is a private company limited by shares and incorporated in England. Its registered office is:
102 Tettenhall Road
Wolverhampton
WV6 0BW
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