BrightAccountsProduction v1.0.0 v1.0.0 2023-01-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is as a customer engagement agency that uses both digital and traditional marketing channels to gain superior content and analytics to build business strategy. 12 April 2024 3 3 NI609734 2023-12-31 NI609734 2022-12-31 NI609734 2021-12-31 NI609734 2023-01-01 2023-12-31 NI609734 2022-01-01 2022-12-31 NI609734 uk-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI609734 uk-curr:PoundSterling 2023-01-01 2023-12-31 NI609734 uk-bus:AbridgedAccounts 2023-01-01 2023-12-31 NI609734 uk-core:ShareCapital 2023-12-31 NI609734 uk-core:ShareCapital 2022-12-31 NI609734 uk-core:SharePremium 2023-12-31 NI609734 uk-core:SharePremium 2022-12-31 NI609734 uk-core:RetainedEarningsAccumulatedLosses 2023-12-31 NI609734 uk-core:RetainedEarningsAccumulatedLosses 2022-12-31 NI609734 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-12-31 NI609734 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-12-31 NI609734 uk-bus:FRS102 2023-01-01 2023-12-31 NI609734 uk-core:Buildings 2023-01-01 2023-12-31 NI609734 uk-core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 NI609734 uk-core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 NI609734 2023-01-01 2023-12-31 NI609734 uk-bus:Director1 2023-01-01 2023-12-31 NI609734 uk-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI609734
 
 
Velocity Worldwide Ltd
 
Abridged Unaudited Financial Statements
 
for the financial year ended 31 December 2023
Velocity Worldwide Ltd
Company Registration Number: NI609734
ABRIDGED BALANCE SHEET
as at 31 December 2023

2023 2022
Notes £ £
 
Fixed Assets
Tangible assets 5 4,154 4,272
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Current Assets
Debtors (1,616,948) (1,225,405)
Creditors: amounts falling due within one year (1,341,377) (1,650,450)
───────── ─────────
Net Current Liabilities (2,958,325) (2,875,855)
───────── ─────────
Total Assets less Current Liabilities (2,954,171) (2,871,583)
 
Creditors:
amounts falling due after more than one year (2,855,905) (2,855,905)
───────── ─────────
Net Liabilities (5,810,076) (5,727,488)
═════════ ═════════
 
Capital and Reserves
Called up share capital 150 150
Share premium account 499,975 499,975
Retained earnings (6,310,201) (6,227,613)
───────── ─────────
Equity attributable to owners of the company (5,810,076) (5,727,488)
═════════ ═════════
 
The financial statements have been prepared 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).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account and Director's Report.
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges his responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Director and authorised for issue on 12 April 2024
           
           
           
________________________________          
Mr. Enda McShane          
Director          
           



Velocity Worldwide Ltd
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 31 December 2023

   
1. General Information
 
Velocity Worldwide Ltd is a private company limited by shares incorporated in Northern Ireland. 16 Mount Charles, Belfast, BT7 1NZ is the registered office. The principal place of business of the company is Custom House,1 Ulster Street, Belfast, BT1 3ET.The company registeration number is NI609734. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 December 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The company relies on the continued support of the bank and creditors. The director has considered all uncertainties and has concluded that the going concern basis is appropriate.
 
Consolidated accounts
The company is entitled to the exemption in Section 399 of the Companies Act 2006 from the obligation to prepare group accounts.
 
Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. Turnover represents the total invoice value, excluding value added tax, of sales made during the year.

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Short term Lease Adaptions - 10% straight line
  Fixtures, fittings and equipment - 33% reducing balance
  Computer Equipment - 33% reducing balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recongnised as part of the cost of stock or fixed assets.

The cost of 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.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Significant accounting judgements and key sources of estimation uncertainty
 
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. 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 if the revision affects that period. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are described below.

(i) Going concern assumption
The company continues to rely on the support of the shareholders and group subsidiaries with loans primarily from shareholders. The director has  made enquiries and considered the uncertainties and has concluded that the company will have adequate resources to continue in operational existence for the foreseeable future.

(ii) Impairment of debtors
The company makes an estimate of the recoverable value of debtors. The company uses estimates based on information available and historical experience in determining the level of debts which the company believes will not be collected. The level of the impairment is reviewed on an on-going basis.
       
4. Employees
 
The average monthly number of employees, including director, during the financial year was 3, (2022 - 3).
 
  2023 2022
  Number Number
 
Employees 3 3
  ═════════ ═════════
           
5. Tangible assets
  Short term Fixtures, Computer Total
  Lease fittings and Equipment  
  Adaptions equipment    
  £ £ £ £
Cost
At 1 January 2023 29,966 29,347 8,138 67,451
Additions - - 1,497 1,497
  ───────── ───────── ───────── ─────────
At 31 December 2023 29,966 29,347 9,635 68,948
  ───────── ───────── ───────── ─────────
Depreciation
At 1 January 2023 29,965 28,043 5,171 63,179
Charge for the financial year - 430 1,185 1,615
  ───────── ───────── ───────── ─────────
At 31 December 2023 29,965 28,473 6,356 64,794
  ───────── ───────── ───────── ─────────
Net book value
At 31 December 2023 1 874 3,279 4,154
  ═════════ ═════════ ═════════ ═════════
At 31 December 2022 1 1,304 2,967 4,272
  ═════════ ═════════ ═════════ ═════════
   
6. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.