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REGISTERED NUMBER: 11318494 (England and Wales)









VELOCETEC LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






VELOCETEC LTD (REGISTERED NUMBER: 11318494)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


VELOCETEC LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: S A Johnstone
R V Carter
B J Yule
A Budd
J Ahmed





REGISTERED OFFICE: Station House
North Street
Havant
Hampshire
PO9 1QU





REGISTERED NUMBER: 11318494 (England and Wales)





ACCOUNTANTS: Morris Crocker
Chartered Accountants
Station House
North Street
Havant
Hampshire
PO9 1QU

VELOCETEC LTD (REGISTERED NUMBER: 11318494)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 18,396 19,552
Tangible assets 5 2,021,401 2,395,996
2,039,797 2,415,548

CURRENT ASSETS
Stocks 37,939 43,297
Debtors 6 1,260,185 1,474,814
Cash at bank 181,566 222,506
1,479,690 1,740,617
CREDITORS
Amounts falling due within one year 7 1,668,780 1,853,546
NET CURRENT LIABILITIES (189,090 ) (112,929 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,850,707

2,302,619

CREDITORS
Amounts falling due after more than one
year

8

(758,335

)

(1,304,228

)

PROVISIONS FOR LIABILITIES (470,807 ) (388,982 )
NET ASSETS 621,565 609,409

CAPITAL AND RESERVES
Called up share capital 153,000 150,000
Share premium 272 -
Retained earnings 468,293 459,409
SHAREHOLDERS' FUNDS 621,565 609,409

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 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.

VELOCETEC LTD (REGISTERED NUMBER: 11318494)

BALANCE SHEET - continued
30 APRIL 2024


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 20 November 2024 and were signed on its behalf by:





J Ahmed - Director


VELOCETEC LTD (REGISTERED NUMBER: 11318494)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Velocetec 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.

Work done
Work done represents net sales of manufacturing solutions and related services, excluding value added tax.

Websites and computer software
Websites and computer software are initially measured at cost. After initial recognition, websites and computer software are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Websites and computer software are being amortised 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - over the period of the lease
Improvements to property - 20% on cost
Plant and machinery - 20% on cost and Straight line over 10 years
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost
Computer equipment - 20% on cost

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

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties and investments in non-puttable ordinary shares.

Trade and other debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

Trade and other creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method


VELOCETEC LTD (REGISTERED NUMBER: 11318494)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2023 - 29 ) .

VELOCETEC LTD (REGISTERED NUMBER: 11318494)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 May 2023 40,213
Additions 5,010
At 30 April 2024 45,223
AMORTISATION
At 1 May 2023 20,661
Amortisation for year 6,166
At 30 April 2024 26,827
NET BOOK VALUE
At 30 April 2024 18,396
At 30 April 2023 19,552

5. TANGIBLE FIXED ASSETS
Improvements
Short to Plant and
leasehold property machinery
£    £    £   
COST
At 1 May 2023 20,092 184,342 3,617,253
Additions - - 79,107
Transfer to ownership - (1 ) -
At 30 April 2024 20,092 184,341 3,696,360
DEPRECIATION
At 1 May 2023 17,360 144,358 1,332,259
Charge for year 2,732 35,113 394,380
At 30 April 2024 20,092 179,471 1,726,639
NET BOOK VALUE
At 30 April 2024 - 4,870 1,969,721
At 30 April 2023 2,732 39,984 2,284,994

VELOCETEC LTD (REGISTERED NUMBER: 11318494)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

5. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 May 2023 21,942 41,531 177,217 4,062,377
Additions - - 18,660 97,767
Transfer to ownership - - - (1 )
At 30 April 2024 21,942 41,531 195,877 4,160,143
DEPRECIATION
At 1 May 2023 17,882 40,120 114,402 1,666,381
Charge for year 2,536 1,411 36,189 472,361
At 30 April 2024 20,418 41,531 150,591 2,138,742
NET BOOK VALUE
At 30 April 2024 1,524 - 45,286 2,021,401
At 30 April 2023 4,060 1,411 62,815 2,395,996

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Improvements
to Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 May 2023 60,936 3,208,286 41,531 3,310,753
Additions - 68,831 - 68,831
Transfer to ownership (60,936 ) (543,362 ) (41,531 ) (645,829 )
At 30 April 2024 - 2,733,755 - 2,733,755
DEPRECIATION
At 1 May 2023 48,748 1,106,284 40,120 1,195,152
Charge for year - 276,205 - 276,205
Transfer to ownership (48,748 ) (264,914 ) (40,120 ) (353,782 )
At 30 April 2024 - 1,117,575 - 1,117,575
NET BOOK VALUE
At 30 April 2024 - 1,616,180 - 1,616,180
At 30 April 2023 12,188 2,102,002 1,411 2,115,601

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 753,975 564,086
Amounts recoverable on
contracts 373,708 723,645
Other debtors 132,502 187,083
1,260,185 1,474,814

VELOCETEC LTD (REGISTERED NUMBER: 11318494)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 150,000 150,000
Hire purchase contracts 468,389 570,892
Trade creditors 427,163 318,790
Amounts owed to group undertakings 182,925 119,418
Taxation and social security 206,329 377,786
Other creditors 233,974 316,660
1,668,780 1,853,546

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 187,500 337,500
Hire purchase contracts 570,835 966,728
758,335 1,304,228

9. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 32,243 164,998

10. ULTIMATE CONTROLLING PARTY

The company's controlling party is Velocetec Holdings Limited, whose registered office is Station House, North Street, Havant,Hampshire, PO9 1QU.