Silverfin false false 31/03/2024 25/11/2022 31/03/2024 Mr A J Broad 25/11/2022 Mr D Sergison 25/11/2022 05 August 2024 The principal activity of the Company during the financial period was design and development of air, spacecraft and related machinery. 14506694 2024-03-31 14506694 bus:Director1 2024-03-31 14506694 bus:Director2 2024-03-31 14506694 core:CurrentFinancialInstruments 2024-03-31 14506694 core:ShareCapital 2024-03-31 14506694 core:RetainedEarningsAccumulatedLosses 2024-03-31 14506694 core:OtherPropertyPlantEquipment 2022-11-24 14506694 2022-11-24 14506694 core:OtherPropertyPlantEquipment 2024-03-31 14506694 bus:OrdinaryShareClass1 2024-03-31 14506694 2022-11-25 2024-03-31 14506694 bus:FilletedAccounts 2022-11-25 2024-03-31 14506694 bus:SmallEntities 2022-11-25 2024-03-31 14506694 bus:AuditExemptWithAccountantsReport 2022-11-25 2024-03-31 14506694 bus:PrivateLimitedCompanyLtd 2022-11-25 2024-03-31 14506694 bus:Director1 2022-11-25 2024-03-31 14506694 bus:Director2 2022-11-25 2024-03-31 14506694 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-11-25 2024-03-31 14506694 core:OtherPropertyPlantEquipment 2022-11-25 2024-03-31 14506694 core:CurrentFinancialInstruments 2022-11-25 2024-03-31 14506694 bus:OrdinaryShareClass1 2022-11-25 2024-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 14506694 (England and Wales)

VELOX FLIGHT SYSTEMS LIMITED

Unaudited Financial Statements
For the financial period from 25 November 2022 to 31 March 2024
Pages for filing with the registrar

VELOX FLIGHT SYSTEMS LIMITED

Unaudited Financial Statements

For the financial period from 25 November 2022 to 31 March 2024

Contents

VELOX FLIGHT SYSTEMS LIMITED

BALANCE SHEET

As at 31 March 2024
VELOX FLIGHT SYSTEMS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 31.03.2024
£
Fixed assets
Tangible assets 3 26,942
26,942
Current assets
Debtors 4 2,101
Cash at bank and in hand 5 1,904
4,005
Creditors: amounts falling due within one year 6 ( 22,085)
Net current liabilities (18,080)
Total assets less current liabilities 8,862
Net assets 8,862
Capital and reserves
Called-up share capital 7 2
Profit and loss account 8,860
Total shareholders' funds 8,862

For the financial period ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Velox Flight Systems Limited (registered number: 14506694) were approved and authorised for issue by the Board of Directors on 05 August 2024. They were signed on its behalf by:

Mr A J Broad
Director
VELOX FLIGHT SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 25 November 2022 to 31 March 2024
VELOX FLIGHT SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 25 November 2022 to 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Velox Flight Systems Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3RP, United Kingdom. The principal place of business is Flat 81 Copenhagen Court, Pell Street, Deptford, London, SE8 5ES.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

Period from
25.11.2022 to
31.03.2024
Number
Monthly average number of persons employed by the Company during the period, including directors 0

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 25 November 2022 0 0
Additions 31,539 31,539
At 31 March 2024 31,539 31,539
Accumulated depreciation
At 25 November 2022 0 0
Charge for the financial period 4,597 4,597
At 31 March 2024 4,597 4,597
Net book value
At 31 March 2024 26,942 26,942

4. Debtors

31.03.2024
£
VAT recoverable 2,101

5. Cash and cash equivalents

31.03.2024
£
Cash at bank and in hand 1,904

6. Creditors: amounts falling due within one year

31.03.2024
£
Trade creditors 103
Amounts owed to Group undertakings 9,413
Amounts owed to directors 10,569
Accruals 2,000
22,085

7. Called-up share capital

31.03.2024
£
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2

During the period, 2 Ordinary £1 shares were issued for par value.