Registered number
13566875
Velocity International Limited
Filleted Accounts
31 August 2023
Velocity International Limited
Registered number: 13566875
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 4,463 4,185
Current assets
Debtors 4 - 23,094
Investments held as current assets 5 78,215 -
Cash at bank and in hand 42,642 40,331
120,857 63,425
Creditors: amounts falling due within one year 6 (32,548) (22,399)
Net current assets 88,309 41,026
Net assets 92,772 45,211
Capital and reserves
Profit and loss account 92,772 45,211
Shareholder's funds 92,772 45,211
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Ling Lee Lucia Cheung
Director
Approved by the board on 12 February 2024
Velocity International Limited
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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:
Plant and machinery S/L 4 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 0
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2022 5,580
Additions 2,231
At 31 August 2023 7,811
Depreciation
At 1 September 2022 1,395
Charge for the year 1,953
At 31 August 2023 3,348
Net book value
At 31 August 2023 4,463
At 31 August 2022 4,185
4 Debtors 2023 2022
£ £
Other debtors - 23,094
5 Investments held as current assets 2023 2022
£ £
Fair value
Listed investments 78,215 -
6 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 24,637 20,650
Other creditors 7,911 1,749
32,548 22,399
7 Other information
Velocity International Limited is a private company limited by shares and incorporated in England. Its registered office is:
71-75 Shelton Street
Covent Garden
WC2H 9JQ
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