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REGISTERED NUMBER: 03839130 (England and Wales)


















VELVET BUG LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






VELVET BUG LIMITED (REGISTERED NUMBER: 03839130)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


VELVET BUG LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: Mr Richard Craig Morgan Sumner





REGISTERED OFFICE: 7 Jacobs Yard
Middle Barton
Chipping Norton
Oxfordshire
OX7 7BY





REGISTERED NUMBER: 03839130 (England and Wales)





ACCOUNTANTS: Thompson Balch Limited
Chartered Accountants
Sovereign House
15 Towcester Road
Old Stratford
Milton Keynes
MK19 6AN

VELVET BUG LIMITED (REGISTERED NUMBER: 03839130)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,377 12,405

CURRENT ASSETS
Debtors 5 59,427 33,104
Cash at bank 21,384 34,233
80,811 67,337
CREDITORS
Amounts falling due within one year 6 29,460 18,701
NET CURRENT ASSETS 51,351 48,636
TOTAL ASSETS LESS CURRENT
LIABILITIES

61,728

61,041

PROVISIONS FOR LIABILITIES 1,971 2,357
NET ASSETS 59,757 58,684

CAPITAL AND RESERVES
Called up, fully paid share
capital 200 200
Retained earnings 59,557 58,484
SHAREHOLDERS' FUNDS 59,757 58,684

VELVET BUG LIMITED (REGISTERED NUMBER: 03839130)

BALANCE SHEET - continued
31 MARCH 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 September 2024 and were signed by:





Mr Richard Craig Morgan Sumner - Director


VELVET BUG LIMITED (REGISTERED NUMBER: 03839130)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Velvet Bug Limited 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 10% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 25% on cost
Computer equipment - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

VELVET BUG LIMITED (REGISTERED NUMBER: 03839130)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 8,639 30,047 8,456 15,072 62,214
Additions - - 1,031 3,182 4,213
At 31 March 2024 8,639 30,047 9,487 18,254 66,427
DEPRECIATION
At 1 April 2023 3,669 30,047 4,589 11,504 49,809
Charge for year 864 - 2,143 3,234 6,241
At 31 March 2024 4,533 30,047 6,732 14,738 56,050
NET BOOK VALUE
At 31 March 2024 4,106 - 2,755 3,516 10,377
At 31 March 2023 4,970 - 3,867 3,568 12,405

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 15,290 9,170
Other debtors 44,137 23,934
59,427 33,104

Included within other debtors is an interest free loan of £10,721 (2023: £10,721) for GDPR Systems Ltd, an associated company. This loan is repayable on demand.

Included within other debtors is an interest free loan of £1,645 (2023: £1,645) for PBSP Ltd, an associated company. This loan is repayable on demand.

Included within other debtors is an interest free loan of £20,000 (2023: £0.00) for Bumble Bee Bricks LTD, an associated company. This loan is repayable on demand.

VELVET BUG LIMITED (REGISTERED NUMBER: 03839130)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 4,706 -
Taxation and social security 17,807 12,508
Other creditors 6,947 6,193
29,460 18,701