Company registration number SC753221 (Scotland)
Velocity Subsea Limited
Unaudited financial statements
for the period ended 31 December 2023
Pages for filing with registrar
Velocity Subsea Limited
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Velocity Subsea Limited
1

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Velocity Subsea Limited for the period ended 31 December 2023 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.

This report is made solely to the board of directors of Velocity Subsea Limited, as a body, in accordance with the terms of our engagement letter dated 23 November 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Velocity Subsea Limited and state those matters that we have agreed to state to the board of directors of Velocity Subsea Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Velocity Subsea Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Velocity Subsea Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Velocity Subsea Limited. You consider that Velocity Subsea Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Velocity Subsea Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

James Milne
Chartered Accountants
Rosewood
Raemoir Road
Banchory
AB31 4ET
13 September 2024
Velocity Subsea Limited
Statement of financial position
as at 31 December 2023
31 December 2023
2
2023
Notes
£
£
Fixed assets
Tangible assets
3
51,885
Current assets
Stocks
4,823
Debtors
39,589
Cash at bank and in hand
144,950
189,362
Creditors: amounts falling due within one year
(5,484)
Net current assets
183,878
Total assets less current liabilities
235,763
Creditors: amounts falling due after more than one year
(100,000)
Net assets
135,763
Capital and reserves
Called up share capital
100
Share premium account
149,990
Profit and loss reserves
(14,327)
Total equity
135,763

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial period 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period 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.

Velocity Subsea Limited
Statement of financial position (continued)
as at 31 December 2023
31 December 2023
3
The financial statements were approved by the board of directors and authorised for issue on 13 September 2024 and are signed on its behalf by:
Mark Neill
Director
Company registration number SC753221 (Scotland)
Velocity Subsea Limited
Notes to the financial statements
for the period ended 31 December 2023
4
1
Accounting policies
Company information

Velocity Subsea Limited is a private company limited by shares incorporated in Scotland. The registered office is Unit 4, Kellockbank Business Park, Insch, AB52 6TY.

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.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
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.

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:

Plant and equipment
15% 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.

1.3
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.

 

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.

1.4
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Velocity Subsea Limited
Notes to the financial statements (continued)
for the period ended 31 December 2023
5
2
Employees

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

2023
Number
Total
-
0
3
Tangible fixed assets
Total
£
Cost
At 15 December 2022
-
0
Additions
53,637
At 31 December 2023
53,637
Depreciation and impairment
At 15 December 2022
-
0
Depreciation charged in the period
1,752
At 31 December 2023
1,752
Carrying amount
At 31 December 2023
51,885
4
Related party transactions

At 31st December 2023 £35,000 was loaned to a company in which the directors' have an interest. The loan is unsecured, interest free and repayable on demand.

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