Company registration number 07465570 (England and Wales)
VELAIR GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
VELAIR GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
VELAIR GROUP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
3,793
5,058
Tangible assets
5
30,721
11,271
Investments
6
838,515
-
0
873,029
16,329
Current assets
Stocks
300,234
203,886
Debtors
7
911,742
1,060,958
Cash at bank and in hand
293,559
161,759
1,505,535
1,426,603
Creditors: amounts falling due within one year
8
(560,044)
(282,679)
Net current assets
945,491
1,143,924
Total assets less current liabilities
1,818,520
1,160,253
Creditors: amounts falling due after more than one year
9
(306,352)
-
0
Net assets
1,512,168
1,160,253
Capital and reserves
Called up share capital
200
200
Share premium account
6,256
6,256
Other reserves
29,086
-
0
Profit and loss reserves
1,476,626
1,153,797
Total equity
1,512,168
1,160,253
VELAIR GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 22 August 2024
Mr M L Anderson
Director
Company Registration No. 07465570
VELAIR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Velair Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2E Queensway, Stem Lane Industrial Estate, New Milton, Hampshire, BH25 5NN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover form the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the customer. This is usually when the goods are shipped and title has passed.

Turnover from the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% straight line base
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

VELAIR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Straight line over useful life
Plant and equipment
20.00% reducing balance
Fixtures and fittings
15.00% reducing balance
Computers
33.33% reducing balance
Motor vehicles
25.00% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets. A provision is made for any impairment loss and taken to the profit and loss account.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

VELAIR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Financial instruments

The company only enters into Basic financial instrument transactions.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.

 

Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

VELAIR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
9
8
VELAIR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Intangible fixed assets
Software
£
Cost
At 1 January 2023 and 31 December 2023
6,323
Amortisation and impairment
At 1 January 2023
1,265
Amortisation charged for the year
1,265
At 31 December 2023
2,530
Carrying amount
At 31 December 2023
3,793
At 31 December 2022
5,058
5
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
3,012
-
0
8,323
11,392
-
0
22,727
Additions
-
0
1,075
133
1,343
19,331
21,882
At 31 December 2023
3,012
1,075
8,456
12,735
19,331
44,609
Depreciation and impairment
At 1 January 2023
-
0
-
0
3,693
7,763
-
0
11,456
Depreciation charged in the year
-
0
118
703
1,289
322
2,432
At 31 December 2023
-
0
118
4,396
9,052
322
13,888
Carrying amount
At 31 December 2023
3,012
957
4,060
3,683
19,009
30,721
At 31 December 2022
3,012
-
0
4,630
3,629
-
0
11,271
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
838,515
-
0
VELAIR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
-
Additions
838,515
At 31 December 2023
838,515
Carrying amount
At 31 December 2023
838,515
At 31 December 2022
-
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
368,798
286,597
Amounts owed by group undertakings
59,842
-
0
Other debtors
483,102
774,361
911,742
1,060,958
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,546
-
0
Trade creditors
21,937
72,887
Corporation tax
112,294
119,961
Other taxation and social security
119,897
65,029
Other creditors
296,370
24,802
560,044
282,679
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
306,352
-
0

The effective rate of interest on the loans is 2.75%.

VELAIR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
10
2023
2022
£
£
At the beginning of the year
-
-
Additions
29,086
-
At the end of the year
29,086
-

The Loan Notes NPV Reserve represents the difference between the transaction value and the net present value of future receipts discounted at a market rate of interest of 2.75%. An adjustment is made annually to the profit and loss reserve.

11
Related party transactions

Ballard Row Limited

 

At the reporting date, the balance due from Ballard Row Limited amounted to £420,358 (2022 £632,210) No interest is being charged on the loan.

 

During the year a management charge of £400,000 was paid to Ballard Row Limited

 

Enviro-Save (UK) Limited

 

At the reporting date, the balance outstanding from Enviro-Save Limited amounted to £59,842 (2023 £nil) No interest is being charged on the loan.

 

 

12
Parent company

The parent company of Velair Group Limited is Ballard Row Limited and its registered office is Tagus House, 9 Ocean Way, Southampton, SO14 3TJ.

2023-12-312023-01-01false05 September 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr M L Andersonfalsefalse074655702023-01-012023-12-31074655702023-12-31074655702022-12-3107465570core:ComputerSoftware2023-12-3107465570core:ComputerSoftware2022-12-3107465570core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-12-3107465570core:PlantMachinery2023-12-3107465570core:FurnitureFittings2023-12-3107465570core:ComputerEquipment2023-12-3107465570core:MotorVehicles2023-12-3107465570core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3107465570core:PlantMachinery2022-12-3107465570core:FurnitureFittings2022-12-3107465570core:ComputerEquipment2022-12-3107465570core:MotorVehicles2022-12-3107465570core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3107465570core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3107465570core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3107465570core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3107465570core:CurrentFinancialInstruments2023-12-3107465570core:CurrentFinancialInstruments2022-12-3107465570core:ShareCapital2023-12-3107465570core:ShareCapital2022-12-3107465570core:SharePremium2023-12-3107465570core:SharePremium2022-12-3107465570core:OtherMiscellaneousReserve2023-12-3107465570core:OtherMiscellaneousReserve2022-12-3107465570core:RetainedEarningsAccumulatedLosses2023-12-3107465570core:RetainedEarningsAccumulatedLosses2022-12-3107465570bus:Director12023-01-012023-12-3107465570core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3107465570core:ComputerSoftware2023-01-012023-12-3107465570core:LandBuildingscore:LongLeaseholdAssets2023-01-012023-12-3107465570core:PlantMachinery2023-01-012023-12-3107465570core:FurnitureFittings2023-01-012023-12-3107465570core:ComputerEquipment2023-01-012023-12-3107465570core:MotorVehicles2023-01-012023-12-31074655702022-01-012022-12-3107465570core:ComputerSoftware2022-12-3107465570core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3107465570core:PlantMachinery2022-12-3107465570core:FurnitureFittings2022-12-3107465570core:ComputerEquipment2022-12-3107465570core:MotorVehicles2022-12-31074655702022-12-3107465570core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-012023-12-3107465570core:WithinOneYear2023-12-3107465570core:WithinOneYear2022-12-3107465570core:Non-currentFinancialInstruments2023-12-3107465570core:Non-currentFinancialInstruments2022-12-3107465570bus:PrivateLimitedCompanyLtd2023-01-012023-12-3107465570bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3107465570bus:FRS1022023-01-012023-12-3107465570bus:AuditExemptWithAccountantsReport2023-01-012023-12-3107465570bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP