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REGISTERED NUMBER: 09167031 (England and Wales)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

VELOZ PROPERTIES LTD

VELOZ PROPERTIES LTD (REGISTERED NUMBER: 09167031)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

VELOZ PROPERTIES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: Pearse John Flynn
Nancy Reid
Simon Ian Mullen





REGISTERED OFFICE: Creditfix Ltd
Suite 15, 2nd Floor
Lowry Mill, Lees Street
Swinton, Manchester
M27 6DB





REGISTERED NUMBER: 09167031 (England and Wales)





ACCOUNTANTS: D M McNaught & Co Ltd
Chartered Accountants
166 Buchanan Street
Glasgow
Lanarkshire
G1 2LW

VELOZ PROPERTIES LTD (REGISTERED NUMBER: 09167031)

BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 40,207 92,793
Investment property 5 11,500,000 11,500,000
11,540,207 11,592,793

CURRENT ASSETS
Debtors 6 923,096 676,454
Cash at bank 143,500 332,877
1,066,596 1,009,331
CREDITORS
Amounts falling due within one year 7 529,287 395,325
NET CURRENT ASSETS 537,309 614,006
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,077,516

12,206,799

CREDITORS
Amounts falling due after more than one
year

8

(9,287,689

)

(9,740,394

)

PROVISIONS FOR LIABILITIES (493,023 ) (379,070 )
NET ASSETS 2,296,804 2,087,335

CAPITAL AND RESERVES
Called up share capital 102 102
Retained earnings 2,296,702 2,087,233
SHAREHOLDERS' FUNDS 2,296,804 2,087,335

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

VELOZ PROPERTIES LTD (REGISTERED NUMBER: 09167031)

BALANCE SHEET - continued
30 JUNE 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 Board of Directors and authorised for issue on 20 March 2024 and were signed on its behalf by:





Pearse John Flynn - Director


VELOZ PROPERTIES LTD (REGISTERED NUMBER: 09167031)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023


1. STATUTORY INFORMATION

Veloz Properties Ltd 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 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 3 ) .

VELOZ PROPERTIES LTD (REGISTERED NUMBER: 09167031)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2022
and 30 June 2023 2,027,878
DEPRECIATION
At 1 July 2022 1,935,085
Charge for year 52,586
At 30 June 2023 1,987,671
NET BOOK VALUE
At 30 June 2023 40,207
At 30 June 2022 92,793

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2022
and 30 June 2023 11,500,000
NET BOOK VALUE
At 30 June 2023 11,500,000
At 30 June 2022 11,500,000

Fair value at 30 June 2023 is represented by:
£   
Valuation in 2019 92,873
Valuation in 2022 2,005,000
Cost 9,402,127
11,500,000

If the investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 9,402,127 9,402,127

The investment properties were valued on an open market basis on 30 June 2022 by the directors .

VELOZ PROPERTIES LTD (REGISTERED NUMBER: 09167031)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 168,387 128,892
Other debtors 754,709 547,562
923,096 676,454

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 65,139 26,269
Taxation and social security 290,802 210,119
Other creditors 173,346 158,937
529,287 395,325

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors 9,287,689 9,740,394

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2023 2022
£    £   
Pearse John Flynn
Balance outstanding at start of year (7,260,821 ) (7,487,726 )
Amounts advanced 452,705 226,905
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (6,808,116 ) (7,260,821 )

10. RELATED PARTY DISCLOSURES

Included in creditors is an amount of £1,768,102 (2022 - £1,768,102) owed to Creditfix Limited, a company under common control. There are no fixed terms for repayment and no interest is charged.

Included in debtors is an amount of £711,426 (2022 - £517,426) owed by 141 West Regent Street Limited, a company under common control. There are no fixed terms for repayment and no interest is charged.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Pearse John Flynn.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
VELOZ PROPERTIES LTD


The following reproduces the text of the report prepared for the directors 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 Directors 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 Veloz Properties Ltd for the year ended 30 June 2023 which comprise the Income Statement, Balance Sheet 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 Board of Directors of Veloz Properties Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Veloz Properties Ltd and state those matters that we have agreed to state to the Board of Directors of Veloz Properties Ltd, 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 the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Veloz Properties 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 Veloz Properties Ltd. You consider that Veloz Properties 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 Veloz Properties 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.






D M McNaught & Co Ltd
Chartered Accountants
166 Buchanan Street
Glasgow
Lanarkshire
G1 2LW


20 March 2024