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REGISTERED NUMBER: 07296602 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

VELO BICI LTD

VELO BICI LTD (REGISTERED NUMBER: 07296602)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


VELO BICI LTD

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: C J Puttnam
K B Thorp





REGISTERED OFFICE: Payton House
Packwood Court
Guild Street
STRATFORD-UPON-AVON
Warwickshire
CV37 6RP





REGISTERED NUMBER: 07296602 (England and Wales)





ACCOUNTANTS: Bernard Rogers & Co
Payton House
Guild Street
Stratford-upon-Avon
Warwickshire
CV37 6RP

VELO BICI LTD (REGISTERED NUMBER: 07296602)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 33,116 -
Tangible assets 5 8,405 45,555
41,521 45,555

CURRENT ASSETS
Stocks 238,524 259,892
Debtors 6 668,283 631,951
Prepayments and accrued income 15,613 663
Cash at bank and in hand 3,015 17,344
925,435 909,850
CREDITORS
Amounts falling due within one year 7 1,107,319 962,152
NET CURRENT LIABILITIES (181,884 ) (52,302 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(140,363

)

(6,747

)

CREDITORS
Amounts falling due after more than one
year

8

157,317

262,195
NET LIABILITIES (297,680 ) (268,942 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (297,780 ) (269,042 )
(297,680 ) (268,942 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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.

VELO BICI LTD (REGISTERED NUMBER: 07296602)

BALANCE SHEET - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2024 and were signed on its behalf by:





K B Thorp - Director


VELO BICI LTD (REGISTERED NUMBER: 07296602)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Velo Bici Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 20% on cost
Plant and machinery etc - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

VELO BICI LTD (REGISTERED NUMBER: 07296602)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
These accounts have been prepared on the going concern basis as the directors believe that the company will continue to trade for the foreseeable future.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2023 3,002 - 3,002
Additions - 7,778 7,778
Disposals (3,002 ) - (3,002 )
Reclassification/transfer - 53,465 53,465
At 31 December 2023 - 61,243 61,243
AMORTISATION
At 1 January 2023 3,002 - 3,002
Charge for year - 8,279 8,279
Eliminated on disposal (3,002 ) - (3,002 )
Reclassification/transfer - 19,848 19,848
At 31 December 2023 - 28,127 28,127
NET BOOK VALUE
At 31 December 2023 - 33,116 33,116
At 31 December 2022 - - -

VELO BICI LTD (REGISTERED NUMBER: 07296602)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 8,157 100,503 108,660
Additions - 1,440 1,440
Disposals (8,157 ) (21,949 ) (30,106 )
Reclassification/transfer - (53,465 ) (53,465 )
At 31 December 2023 - 26,529 26,529
DEPRECIATION
At 1 January 2023 8,155 54,950 63,105
Charge for year - 2,101 2,101
Eliminated on disposal (8,155 ) (19,079 ) (27,234 )
Reclassification/transfer - (19,848 ) (19,848 )
At 31 December 2023 - 18,124 18,124
NET BOOK VALUE
At 31 December 2023 - 8,405 8,405
At 31 December 2022 2 45,553 45,555

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 764 9,973
Other debtors 667,519 621,978
668,283 631,951

£627,822 of the other debtors balance is owed by VB Manufacturing Ltd. VB Manufacturing Ltd is in liquidation and the recoverable amount is uncertain.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 125,043 127,615
Trade creditors 78,410 34,128
Taxation and social security 6,316 7,815
Other creditors 897,550 792,594
1,107,319 962,152

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 157,317 262,195

VELO BICI LTD (REGISTERED NUMBER: 07296602)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


9. RELATED PARTY DISCLOSURES

At 31st December 2023 other creditors included loans made to the Company by the directors of £183,650 (2022: £179,741). The loans are interest free and have no fixed date for repayment.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is C J Puttnam.