Company Registration No. 08337309 (England and Wales)
VELCO TRANS LTD
Unaudited accounts
for the year ended 31 December 2023
VELCO TRANS LTD
Unaudited accounts
Contents
VELCO TRANS LTD
Company Information
for the year ended 31 December 2023
Company Number
08337309 (England and Wales)
Registered Office
172 BENSON CLOSE
LUTON
LU3 3QR
ENGLAND
Accountants
Tahas Kimti Ltd
5 Ruislip Road
Greenford
UB6 9QD
VELCO TRANS LTD
Statement of financial position
as at 31 December 2023
Tangible assets
283,795
354,744
Cash at bank and in hand
163,534
172,236
Creditors: amounts falling due within one year
(236,738)
(335,059)
Net current assets
109,477
105,554
Net assets
393,272
460,298
Called up share capital
100
100
Profit and loss account
393,172
460,198
Shareholders' funds
393,272
460,298
For the year ending 31 December 2023 the company was entitled to exemption from audit 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 16 August 2024 and were signed on its behalf by
Costel Velicu
Director
Company Registration No. 08337309
VELCO TRANS LTD
Notes to the Accounts
for the year ended 31 December 2023
VELCO TRANS LTD is a private company, limited by shares, registered in England and Wales, registration number 08337309. The registered office is 172 BENSON CLOSE, LUTON, LU3 3QR, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Reducing Balance
Fixtures & fittings
20% Reducing Balance
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
VELCO TRANS LTD
Notes to the Accounts
for the year ended 31 December 2023
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 January 2023
518,060
12,602
530,662
At 31 December 2023
518,060
12,602
530,662
At 1 January 2023
169,769
6,149
175,918
Charge for the year
69,659
1,290
70,949
At 31 December 2023
239,428
7,439
246,867
At 31 December 2023
278,632
5,163
283,795
At 31 December 2022
348,291
6,453
354,744
Amounts falling due within one year
Trade debtors
129,681
180,227
Accrued income and prepayments
-
15,150
Other debtors
53,000
73,000
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Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
29,158
59,915
Obligations under finance leases and hire purchase contracts
-
493
Trade creditors
811
99,121
Taxes and social security
50,118
66,639
Other creditors
154,851
106,741
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Average number of employees
During the year the average number of employees was 22 (2022: 22).