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REGISTERED NUMBER: 07960349 (England and Wales)















VELOC LIMITED

Unaudited Financial Statements

for the Year Ended 29 February 2024






VELOC LIMITED (Registered number: 07960349)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


VELOC LIMITED

Company Information
for the Year Ended 29 February 2024







DIRECTORS: S Allanson
Mrs M A Allanson





SECRETARY: Mrs M A Allanson





REGISTERED OFFICE: 1 Park View Court
St Paul's Road
Shipley
West Yorkshire
BD18 3DZ





REGISTERED NUMBER: 07960349 (England and Wales)





ACCOUNTANTS: Maclean & Company
1 Park View Court
St Paul's Road
Shipley
West Yorkshire
BD18 3DZ

VELOC LIMITED (Registered number: 07960349)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 73,209 77,206
Tangible assets 5 2,643 603
75,852 77,809

CURRENT ASSETS
Cash at bank 46,433 47,477

CREDITORS
Amounts falling due within one year 6 4,465 6,459
NET CURRENT ASSETS 41,968 41,018
TOTAL ASSETS LESS CURRENT
LIABILITIES

117,820

118,827

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 117,620 118,627
SHAREHOLDERS' FUNDS 117,820 118,827

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

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 27 November 2024 and were signed on its behalf by:





S Allanson - Director


VELOC LIMITED (Registered number: 07960349)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

VELOC 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.

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 represents net invoiced sales of goods and services, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment & software - 33% on cost

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.

Research and development
The company capitalises expenditure on specific methodology, tools and practices which it will actively market in future years. Such expenditure is amortised over the succeeding five years in equal instalments.

3. EMPLOYEES AND DIRECTORS

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

VELOC LIMITED (Registered number: 07960349)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. INTANGIBLE FIXED ASSETS
Development
Goodwill costs Totals
£    £    £   
COST
At 1 March 2023 40,000 260,459 300,459
Additions - 21,007 21,007
At 29 February 2024 40,000 281,466 321,466
AMORTISATION
At 1 March 2023 40,000 183,253 223,253
Amortisation for year - 25,004 25,004
At 29 February 2024 40,000 208,257 248,257
NET BOOK VALUE
At 29 February 2024 - 73,209 73,209
At 28 February 2023 - 77,206 77,206

5. TANGIBLE FIXED ASSETS
Computer
equipment
& software
£   
COST
At 1 March 2023 64,655
Additions 2,642
At 29 February 2024 67,297
DEPRECIATION
At 1 March 2023 64,052
Charge for year 602
At 29 February 2024 64,654
NET BOOK VALUE
At 29 February 2024 2,643
At 28 February 2023 603

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade creditors 730 997
Taxation 2,115 3,644
Other creditors 1,620 1,818
4,465 6,459