Company Registration No. 08034002 (England and Wales)
Veloce Classic and Sports Cars Ltd
Unaudited accounts
for the year ended 30 April 2023
Veloce Classic and Sports Cars Ltd
Unaudited accounts
Contents
Veloce Classic and Sports Cars Ltd
Company Information
for the year ended 30 April 2023
Company Number
08034002 (England and Wales)
Registered Office
3rd Floor Vyman House
104 College Road
Harrow
Middx
HA1 1BQ
Accountants
RMR Partnership LLP
3rd Floor, Vyman House
104 College Road
Harrow
Middlesex
HA1 1BQ
Veloce Classic and Sports Cars Ltd
Statement of financial position
as at 30 April 2023
Tangible assets
4,126
2,374
Inventories
657,475
618,952
Cash at bank and in hand
7,767
34,365
Creditors: amounts falling due within one year
(622,026)
(560,152)
Net current assets
142,271
181,220
Total assets less current liabilities
146,397
183,594
Creditors: amounts falling due after more than one year
(293,406)
(179,172)
Net (liabilities)/assets
(147,009)
4,422
Called up share capital
1
1
Profit and loss account
(147,010)
4,421
Shareholders' funds
(147,009)
4,422
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 17 April 2024 and were signed on its behalf by
Mr D Spyropoulos
Director
Company Registration No. 08034002
Veloce Classic and Sports Cars Ltd
Notes to the Accounts
for the year ended 30 April 2023
Veloce Classic and Sports Cars Ltd is a private company, limited by shares, registered in England and Wales, registration number 08034002. The registered office is 3rd Floor Vyman House, 104 College Road, Harrow, Middx, HA1 1BQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
15% reducing balance method
Computer equipment
33.33% staright line method
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Veloce Classic and Sports Cars Ltd
Notes to the Accounts
for the year ended 30 April 2023
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 May 2022
1,509
6,599
8,108
At 30 April 2023
4,464
6,599
11,063
At 1 May 2022
1,403
4,331
5,734
Charge for the year
863
340
1,203
At 30 April 2023
2,266
4,671
6,937
At 30 April 2023
2,198
1,928
4,126
At 30 April 2022
106
2,268
2,374
Amounts falling due within one year
Trade debtors
76,758
64,758
Other debtors
22,297
23,297
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
153,622
29,245
Trade creditors
40,930
21,770
Taxes and social security
15,230
19,800
Other creditors
225,720
362,580
Loans from directors
169,710
99,146
7
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
253,283
179,172
Obligations under finance leases and hire purchase contracts
40,123
-
8
Average number of employees
During the year the average number of employees was 1 (2022: 1).