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 6 6 NI613311 2023-12-31 NI613311 2022-12-31 NI613311 2021-12-31 NI613311 2023-01-01 2023-12-31 NI613311 2022-01-01 2022-12-31 NI613311 uk-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI613311 uk-curr:PoundSterling 2023-01-01 2023-12-31 NI613311 uk-bus:AbridgedAccounts 2023-01-01 2023-12-31 NI613311 uk-core:ShareCapital 2023-12-31 NI613311 uk-core:ShareCapital 2022-12-31 NI613311 uk-core:RetainedEarningsAccumulatedLosses 2023-12-31 NI613311 uk-core:RetainedEarningsAccumulatedLosses 2022-12-31 NI613311 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-12-31 NI613311 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-12-31 NI613311 uk-bus:FRS102 2023-01-01 2023-12-31 NI613311 uk-core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 NI613311 uk-core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 NI613311 uk-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 NI613311 uk-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 NI613311 uk-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 NI613311 uk-core:CostValuation 2023-12-31 NI613311 uk-core:ParentEntities 2023-01-01 2023-12-31 NI613311 2023-01-01 2023-12-31 NI613311 uk-bus:Director1 2023-01-01 2023-12-31 NI613311 uk-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI613311
 
 
Velocity Worldwide UK Ltd
 
Abridged Unaudited Financial Statements
 
for the financial year ended 31 December 2023
Velocity Worldwide UK Ltd
Company Registration Number: NI613311
ABRIDGED BALANCE SHEET
as at 31 December 2023

2023 2022
Notes £ £
 
Fixed Assets
Intangible assets 5 172,307 155,000
Tangible assets 6 1,169 1,719
Investments 7 1 1
───────── ─────────
Fixed Assets 173,477 156,720
───────── ─────────
 
Current Assets
Debtors 600,169 615,207
Cash and cash equivalents 2,251 8,015
───────── ─────────
602,420 623,222
───────── ─────────
Creditors: amounts falling due within one year (893,951) (720,296)
───────── ─────────
Net Current Liabilities (291,531) (97,074)
───────── ─────────
Total Assets less Current Liabilities (118,054) 59,646
 
Provisions for liabilities (937) (937)
───────── ─────────
Net (Liabilities)/Assets (118,991) 58,709
═════════ ═════════
 
Capital and Reserves
Called up share capital 4 4
Retained earnings (118,995) 58,705
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Equity attributable to owners of the company (118,991) 58,709
═════════ ═════════
 
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 UK Ltd
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 31 December 2023

   
1. General Information
 
Velocity Worldwide UK 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 NI613311. 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.
 
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.
 
Intangible assets
Intangible assets are valued at cost less accumulated amortisation.
 
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:
 
  Fixtures, fittings and equipment - 25% 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.
 
Investments
Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the Profit and Loss Account in the year in which it is receivable.
 
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
Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
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.
 
Research and development
Development expenditure is written off in the same year unless the director are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period from which the company is expected to benefit.
 
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 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 6, (2022 - 6).
 
  2023 2022
  Number Number
 
Employees 6 6
  ═════════ ═════════
       
5. Intangible assets
  Development  
  Costs Total
  £ £
Cost
At 1 January 2023 155,000 155,000
Additions 17,307 17,307
  ───────── ─────────
At 31 December 2023 172,307 172,307
  ───────── ─────────
Net book value
At 31 December 2023 172,307 172,307
  ═════════ ═════════
At 31 December 2022 155,000 155,000
  ═════════ ═════════
 
The director has reviewed the capitalised development expenditure to date, within intangible fixed assets, and is of the opinion that the relevant project is feasible in the long term and therefore no provision for impairment is required.
         
6. Tangible assets
  Fixtures, Computer Equipment Total
  fittings and    
  equipment    
  £ £ £
Cost
At 1 January 2023 3,150 33,361 36,511
  ───────── ───────── ─────────
 
At 31 December 2023 3,150 33,361 36,511
  ───────── ───────── ─────────
Depreciation
At 1 January 2023 2,950 31,842 34,792
Charge for the financial year 50 500 550
  ───────── ───────── ─────────
At 31 December 2023 3,000 32,342 35,342
  ───────── ───────── ─────────
Net book value
At 31 December 2023 150 1,019 1,169
  ═════════ ═════════ ═════════
At 31 December 2022 200 1,519 1,719
  ═════════ ═════════ ═════════
       
7. Investments
  Group and Total
  participating  
  interests/  
  joint ventures  
Investments £ £
Cost
 
At 31 December 2023 1 1
  ───────── ─────────
Net book value
At 31 December 2023 1 1
  ═════════ ═════════
At 31 December 2022 1 1
  ═════════ ═════════
   
8. Parent company
 
The company regards Velocity Worldwide Ltd as its parent company.
 
   
9. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.