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REGISTERED NUMBER: SC067492 (Scotland)















Abridged Financial Statements for the Year Ended 30 April 2024

for

Velendia Limited

Velendia Limited (Registered number: SC067492)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 3


Velendia Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: Mrs A O Armour
Mrs F V Young
K W Young
R M Armour





SECRETARY: R M Armour





REGISTERED OFFICE: 14 Rutland Square
Edinburgh
Midlothian
EH1 2BD





REGISTERED NUMBER: SC067492 (Scotland)





ACCOUNTANT: Gibson McKerrell Burrows Limited
28 Rutland Square
Edinburgh
EH1 2BW

Velendia Limited (Registered number: SC067492)

Abridged Statement of Financial Position
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,068 1,188
Investment property 5 1,080,000 682,500
1,081,068 683,688

CURRENT ASSETS
Investments 149,872 149,872
Cash at bank 93,192 310,044
243,064 459,916
CREDITORS
Amounts falling due within one year 14,680 185,209
NET CURRENT ASSETS 228,384 274,707
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,309,452

958,395

PROVISIONS FOR LIABILITIES 6 167,360 54,388
NET ASSETS 1,142,092 904,007

CAPITAL AND RESERVES
Called up share capital 10,006 10,006
Retained earnings 7 1,132,086 894,001
SHAREHOLDERS' FUNDS 1,142,092 904,007

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 30 April 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 13 August 2024 and were signed on its behalf by:





Mrs F V Young - Director


Velendia Limited (Registered number: SC067492)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Velendia Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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" 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. Turnover is attributable to the company's principal activity of letting property.

Tangible fixed assets
Tangible fixed assets are initially measured at cost. Cost includes the original purchase price and costs directly attributable to bringing the asset to its present location and into its present condition. After initial recognition, the assets are measured at cost less any accumulated depreciation and any accumulated impairment losses. Freehold properties are subsequently measured at their revalued amount, being the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses

Depreciation is provided by equal instalments at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings - 10% reducing balance

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Fixed Asset Investments
Fixed asset investments are included in the company's statement of financial position at cost less any amounts written off for permanent diminution in value.

At the end of each reporting period, investments are assessed for objective evidence of impairment. If objective impairment is found, an impairment loss is recognised in the Income Statement.

On disposal of an investment, the difference between the disposal proceeds and the carrying amount of the investment is recognised in the Income Statement.

Investment property
Investment properties are properties held to earn rentals and/or for capital appreciation.

Investment properties are initially measured at cost, including transaction costs. Subsequently, investment properties whose fair value can be measured reliably without undue cost or effort, on an on-going basis, are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in Income Statement in the period in which they arise.

Investment properties whose fair value cannot be measured reliably without undue cost or effort, on an on-going basis, are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses.

Velendia Limited (Registered number: SC067492)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and payables, loans from banks and other third parties.

At the end of each reporting period, financial assets that are measured at cost are assessed for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. 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. The impairment reversal is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows arising 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.

Financial liabilities are measured at amortised cost less any accumulated impairment losses. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 May 2023
and 30 April 2024 10,951
DEPRECIATION
At 1 May 2023 9,763
Charge for year 120
At 30 April 2024 9,883
NET BOOK VALUE
At 30 April 2024 1,068
At 30 April 2023 1,188

Velendia Limited (Registered number: SC067492)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023 682,500
Revaluations 397,500
At 30 April 2024 1,080,000
NET BOOK VALUE
At 30 April 2024 1,080,000
At 30 April 2023 682,500

The investment property was revalued by the directors at 01 December 2023.

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2007 228,587
Valuation in 2017 202,700
Valuation in 2023 397,500
Cost 251,213
1,080,000

If investment property had not been revalued it would have been included at the following historical cost:

30.4.24 30.4.23
£    £   
Cost 251,213 251,213

6. PROVISIONS FOR LIABILITIES
30.4.24 30.4.23
£    £   
Deferred tax
Deferred tax on revaluation 54,388 54,388
Deferred tax 112,972 -
167,360 54,388

Deferred
tax
£   
Balance at 1 May 2023 54,388
Accelerated capital allowances
Deferred tax on revaluation 112,972
Balance at 30 April 2024 167,360

7. RESERVES

Retained earnings are analysed as follows:

30.4.2430.4.23
££
Distributable364,647411,090
Non-Distributable767,439482,911
Total1,132,086894,001

Velendia Limited (Registered number: SC067492)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

8. RELATED PARTY DISCLOSURES

During the year, total dividends of £60,000 (2023 - £140,000) were paid to the directors .