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Registered number: 05292145
Velmar Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
1 Accounts Online Ltd
Rubine House Manor Road
Haverhill
Suffolk
CB9 0EP
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05292145
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 69,828 34,691
69,828 34,691
CURRENT ASSETS
Stocks 5 10,000 40,000
Debtors 6 593,023 633,279
Cash at bank and in hand 321,035 260,282
924,058 933,561
Creditors: Amounts Falling Due Within One Year 7 (162,645 ) (201,219 )
NET CURRENT ASSETS (LIABILITIES) 761,413 732,342
TOTAL ASSETS LESS CURRENT LIABILITIES 831,241 767,033
PROVISIONS FOR LIABILITIES
Deferred Taxation (16,269 ) (1,830 )
NET ASSETS 814,972 765,203
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 814,872 765,103
SHAREHOLDERS' FUNDS 814,972 765,203
Page 1
Page 2
For the year ending 31 March 2024 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Dean Cutting
Director
Mrs Sharon Cutting
Director
18 October 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Velmar Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05292145 . The registered office is Rubine House, Manor Road, Haverhill, Suffolk, CB9 0EP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% straight line
Motor Vehicles 25% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 April 2023 21,426 56,689 78,115
Additions - 74,782 74,782
Disposals - (28,339 ) (28,339 )
As at 31 March 2024 21,426 103,132 124,558
Depreciation
As at 1 April 2023 18,750 24,674 43,424
Provided during the period 990 22,714 23,704
Disposals - (12,398 ) (12,398 )
As at 31 March 2024 19,740 34,990 54,730
Net Book Value
As at 31 March 2024 1,686 68,142 69,828
As at 1 April 2023 2,676 32,015 34,691
5. Stocks
2024 2023
£ £
Stock 10,000 40,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 57,110 51,276
Prepayments and accrued income 4,208 2,771
Other debtors 521,605 436,444
VAT 10,100 52,788
593,023 543,279
Due after more than one year
Other debtors - 90,000
593,023 633,279
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,896 81,550
Corporation tax 23,871 4,578
Other taxes and social security 1,914 2,290
Directors' loan accounts 134,964 112,801
162,645 201,219
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Related Party Transactions
At the year end the company owed it's directors £134,964 (2023: £112,801). The loans are non-interest bearing and repayable on demand.
At the year end Velmar Property Ltd, wholly owned by the directors, owed the company £521,605 (2023: £526,444). The loan has interest of 2.5% and is repayable on demand.
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