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Registration number: 07125740


Velo Management Ltd

Directors' Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Velo Management Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Velo Management Ltd

Company Information

Directors

Mr P Jeffers

Mrs S Jeffers

Registered office

The Velo Store
Emerald Way
Stone Business Park
Stone
Staffordshire
ST15 0SR

Accountants

Howsons
Chartered Accountants
Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW

 

Velo Management Ltd

(Registration number: 07125740)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

54,331

171,845

Current assets

 

Stocks

5

312,037

283,284

Debtors

6

172,742

7,512

Cash at bank and in hand

 

9,479

13,125

 

494,258

303,921

Creditors: Amounts falling due within one year

7

(373,960)

(442,508)

Net current assets/(liabilities)

 

120,298

(138,587)

Total assets less current liabilities

 

174,629

33,258

Provisions for liabilities

(11,002)

(2,384)

Net assets

 

163,627

30,874

Capital and reserves

 

Called up share capital

2

2

Retained earnings

163,625

30,872

Shareholders' funds

 

163,627

30,874

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of Financial Reporting Standard 102 (FRS 102) Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Velo Management Ltd

(Registration number: 07125740)
Balance Sheet as at 31 August 2023

Approved and authorised by the Board on 31 August 2024 and signed on its behalf by:
 

.........................................
Mr P Jeffers
Director

.........................................
Mrs S Jeffers
Director

 

Velo Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Velo Store
Emerald Way
Stone Business Park
Stone
Staffordshire
ST15 0SR

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's presentational currency is pound sterling (£). The accounts are rounded to the nearest whole pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Velo Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Asset class

Depreciation method and rate

Freehold property

2% straight line basis

Plant and machinery

25% reducing balance basis

Fixtures and fittings

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Office equipment

25% reducing balance basis

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
Basic financial liabilities, including trade and other trade creditors, bank and other loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

 Recognition and measurement
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit and loss.

 Impairment
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised in the profit or loss.

Financial assets are derecognised when a) the contractual rights to the cash flows from the asset expire or are settled, or b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

 

Velo Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

3

Staff numbers

The average number of persons employed by the company (excluding directors) during the year, was 3 (2022 - 4).

 

Velo Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Office equipment
£

Total
£

Cost or valuation

At 1 September 2022

195,208

50,545

6,995

9,133

16,445

278,326

Additions

-

-

56,000

-

-

56,000

Disposals

(195,208)

-

-

-

-

(195,208)

At 31 August 2023

-

50,545

62,995

9,133

16,445

139,118

Depreciation

At 1 September 2022

35,137

42,319

6,295

8,370

14,360

106,481

Charge for the year

651

2,056

10,675

191

521

14,094

Eliminated on disposal

(35,788)

-

-

-

-

(35,788)

At 31 August 2023

-

44,375

16,970

8,561

14,881

84,787

Carrying amount

At 31 August 2023

-

6,170

46,025

572

1,564

54,331

At 31 August 2022

160,071

8,226

700

762

2,086

171,845

 

Velo Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

5

Stocks

2023
£

2022
£

Other inventories

312,037

283,284

6

Debtors

2023
£

2022
£

Trade debtors

1,866

3,360

Prepayments

-

2,940

Other debtors

170,876

1,212

 

172,742

7,512

7

Creditors

2023
£

2022
£

Due within one year

Bank loans and overdrafts

18

18

Trade creditors

110,299

125,707

Taxation and social security

22,935

28,794

Other creditors

240,708

285,868

Directors' loan account

-

2,121

373,960

442,508

8

Related party transactions

Loans to related parties

2023

Key management
£

Total
£

At start of period

(2,121)

(2,121)

Advanced

165,088

165,088

Repaid

(36,374)

(36,374)

At end of period

126,593

126,593

 

Velo Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

2022

Key management
£

Total
£

At start of period

2,651

2,651

Advanced

7,204

7,204

Repaid

(11,976)

(11,976)

At end of period

(2,121)

(2,121)

9

Going Concern

At the date of approving these accounts, the directors consider that the company is a going concern. The directors are happy to continue to support the company.