VELOCITY GOURMET LIMITED

Company Registration Number:
SC532496 (Scotland)

Unaudited abridged accounts for the year ended 30 April 2023

Period of accounts

Start date: 01 May 2022

End date: 30 April 2023

VELOCITY GOURMET LIMITED

Contents of the Financial Statements

for the Period Ended 30 April 2023

Balance sheet
Notes

VELOCITY GOURMET LIMITED

Balance sheet

As at 30 April 2023


Notes

2023

2022


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 129,682 129,682
Investments: 4 550,000 550,000
Total fixed assets: 679,682 679,682
Current assets
Stocks: 0 0
Debtors:   3,950 3,950
Cash at bank and in hand: 0 3,527
Investments:   0 0
Total current assets: 3,950 7,477
Creditors: amounts falling due within one year:   (558,060) (558,060)
Net current assets (liabilities): (554,110) (550,583)
Total assets less current liabilities: 125,572 129,099
Creditors: amounts falling due after more than one year:   (37,027) (37,027)
Provision for liabilities: (21,416) (21,416)
Total net assets (liabilities): 67,129 70,656
Capital and reserves
Called up share capital: 100 100
Share premium account: 0 0
Revaluation reserve:5259,664259,664
Other reserves: 0 0
Profit and loss account: (192,635) (189,108)
Shareholders funds: 67,129 70,656

The notes form part of these financial statements

VELOCITY GOURMET LIMITED

Balance sheet statements

For the year ending 30 April 2023 the company was entitled to exemption 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 01 September 2023
and signed on behalf of the board by:

Name: JIN LU
Status: Director

The notes form part of these financial statements

VELOCITY GOURMET LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Tangible fixed assets and depreciation policy

Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Equipment and Fittings 15% on cost

Other accounting policies

Investment property Investment properties are shown at their fair value. The surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market is not considered to be permanent. This is in accordance with FRS102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve together with the fair value movement. Basic financial instruments Basic financial instruments such as cash, debtors and creditors are measured at transaction price. Financial liabilities classified as payable within one year are not amortised. 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 balance sheet date. Deferred tax Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

VELOCITY GOURMET LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2023

2. Employees

2023 2022
Average number of employees during the period 0 0

VELOCITY GOURMET LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2023

3. Tangible Assets

Total
Cost £
At 01 May 2022 129,682
At 30 April 2023 129,682
Depreciation
At 01 May 2022 0
At 30 April 2023 0
Net book value
At 30 April 2023 129,682
At 30 April 2022 129,682

VELOCITY GOURMET LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2023

4. Fixed investments

Investment property Investment properties are shown at their fair value. The surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market is not considered to be permanent. This is in accordance with FRS102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve together with the fair value movement.

VELOCITY GOURMET LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2023

5. Revaluation reserve

2023
£
Balance at 01 May 2022 259,664
Surplus or deficit after revaluation 0
Balance at 30 April 2023 259,664