Company registration number 11306738 (England and Wales)
VELOX TRADING LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
VELOX TRADING LTD
COMPANY INFORMATION
Director
A Hyde
Company number
11306738
Registered office
30 Great Guildford Street
London
United Kingdom
SE1 0HS
Auditor
Henton & Co LLP
Northgate
118 North Street
Leeds
England
LS2 7PN
VELOX TRADING LTD
CONTENTS
Page
Strategic report
1
Director's report
2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Statement of cash flows
9
Notes to the financial statements
10 - 17
VELOX TRADING LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
The director presents the strategic report for the year ended 30 April 2024.
Review of the business
The company is a proprietary trading company that has been operating in the digital asset industry for several years. During this time, it has accumulated a wealth of knowledge, experience, and expertise in the industry.
The company takes a very technological and research based approach, heavily investing in developing its own trading strategies based on state of the art machine learning and AI techniques. The company anticipates it will continue to expand and grow within the coming years. Longer term plans are reviewed continually to ensure that the underlying strategy is maintained to achieve the planned results.
Financial Position
Turnover for the company was £3,858,057,959 (2023: £6,283,877,972), and the company generated profits of £4,914,488 (2023: £975,638). The directors consider that the company has performed well in this financial year, which has been aided by the recovery of the overall market after what was a challenging year previously.
Principal risks and uncertainties
Risk management is built into the company's systems and procedures, and it is something that the company takes very seriously. It monitors and aims to reduce the risks that it is exposed to, such as market risk by spreading its portfolio over several hundred digital assets, automated trading risk by thoroughly testing and placing limits on any deployed trading strategy, and counterparty risk by limiting its exposures to counterparties by holding digital assets over several exchanges and wallets owned by the company.
Healthy cash balances are maintained at all times to meet operating expenditures for at least the subsequent six months.
Key Stakeholders
Employees
Employees are given the opportunity to expand their knowledge and acquire a broad set of skills by working on many different projects covering all aspects of the business.
Business Relationships
The company encourages business relationships with the exchanges it trades on while maintaining the highest standards of conduct.
Suppliers
The company sources its technology systems from multiple suppliers so as to reduce the impact of a single supplier going out of business.
Environmental Impact
The company takes its responsibility for reducing greenhouse gas emissions, switching to renewable energy consumption and improving energy efficiency very seriously. To this end, it has invested in energy efficient technology systems.
A Hyde
Director
17 January 2025
VELOX TRADING LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
The director presents his annual report and financial statements for the year ended 30 April 2024.
Principal activities
The principal activity of the company continued to be that of cryptocurrency trading.
Results and dividends
The results for the year are set out on page 6.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr D Grech
(Resigned 27 June 2023)
A Hyde
Statement of director's responsibilities
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
A Hyde
Director
17 January 2025
VELOX TRADING LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF VELOX TRADING LTD
- 3 -
Opinion
We have audited the financial statements of Velox Trading Ltd (the 'company') for the year ended 30 April 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
VELOX TRADING LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF VELOX TRADING LTD (CONTINUED)
- 4 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Reviewed the nature of the industry and sector, the control environment and business performance for the year.
Identifying the laws and regulations the company operates within and enquiring with management if they are aware of any non compliance issues.
Discussed how and where fraud may occur with all members of the audit engagement team.
In line with all audits under ISAs (UK) we were required to perform tests to respond to the risk of management override. We tested the appropriateness of journal entries, evaluated the judgements made for accounting estimates to assess if any bias, and assessed the rationale behind any significant or unusual transactions.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
VELOX TRADING LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF VELOX TRADING LTD (CONTINUED)
- 5 -
This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.
Chris Howitt (Senior Statutory Auditor)
For and on behalf of Henton & Co LLP, Statutory Auditor
Chartered Accountants
Northgate
118 North Street
Leeds
England
LS2 7PN
17 January 2025
VELOX TRADING LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
2024
2023
Notes
£'000
£'000
Turnover
3
3,858,057
6,283,877
Cost of sales
(3,848,729)
(6,282,357)
Gross profit
9,328
1,520
Administrative expenses
(2,718)
(307)
Operating profit
4
6,610
1,213
Interest payable and similar expenses
8
(57)
Profit before taxation
6,553
1,213
Tax on profit
9
(1,639)
(237)
Profit for the financial year
4,914
976
The profit and loss account has been prepared on the basis that all operations are continuing operations.
The notes on pages 10 to 17 form part of these financial statements.
VELOX TRADING LTD
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 7 -
2024
2023
Notes
£'000
£'000
£'000
£'000
Fixed assets
Tangible assets
11
5
8
Current assets
Stocks
12
20,126
14,380
Debtors
13
13
4
Cash at bank and in hand
31
75
20,170
14,459
Creditors: amounts falling due within one year
14
(498)
296
Net current assets
19,672
14,755
Net assets
19,677
14,763
Capital and reserves
Called up share capital
Profit and loss reserves
19,677
14,763
Total equity
19,677
14,763
The notes on pages 10 to 17 form part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on 17 January 2025 and are signed on its behalf by:
A Hyde
Director
Company registration number 11306738 (England and Wales)
VELOX TRADING LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
Share capital
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
Balance at 1 May 2022
23,587
23,587
Year ended 30 April 2023:
Profit and total comprehensive income
-
976
976
Dividends
10
-
(9,800)
(9,800)
Balance at 30 April 2023
14,763
14,763
Year ended 30 April 2024:
Profit and total comprehensive income
-
4,914
4,914
Balance at 30 April 2024
19,677
19,677
The notes on pages 10 to 17 form part of these financial statements.
VELOX TRADING LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
2024
2023
Notes
£'000
£'000
£'000
£'000
Cash flows from operating activities
Cash generated from operations
17
859
9,969
Interest paid
(57)
Income taxes paid
(843)
(2,301)
Net cash (outflow)/inflow from operating activities
(41)
7,668
Investing activities
Purchase of tangible fixed assets
(3)
Net cash used in investing activities
(3)
-
Financing activities
Dividends paid
(9,800)
Net cash used in financing activities
-
(9,800)
Net decrease in cash and cash equivalents
(44)
(2,132)
Cash and cash equivalents at beginning of year
75
2,207
Cash and cash equivalents at end of year
31
75
The notes on pages 10 to 17 form part of these financial statements.
VELOX TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
1
Accounting policies
Company information
Velox Trading Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 30 Great Guildford Street, London, United Kingdom, SE1 0HS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £'000.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable in the normal course of business.
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost and subsequently measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
33% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks represent the holding of cryptocurrencies which have been recognised at fair value less an estimated cost of disposal, under the specific rules within ISA 2 relating to broker-trader businesses.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
VELOX TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 11 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price unless the arrangement constitutes a financing transaction.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
VELOX TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 12 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Foreign exchange
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
VELOX TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
3
Turnover
2024
2023
£'000
£'000
Turnover analysed by class of business
Sale of Crypto currency
3,858,057
6,283,877
2024
2023
£'000
£'000
Turnover analysed by geographical market
Worldwide
3,858,057
6,283,877
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£'000
£'000
Depreciation of owned tangible fixed assets
6
5
Operating lease charges
39
24
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£'000
£'000
For audit services
Audit of the financial statements of the company
38
38
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Operations
3
1
Management
1
2
Total
4
3
Their aggregate remuneration comprised:
2024
2023
£'000
£'000
Wages and salaries
2,224
162
Social security costs
298
17
Pension costs
4
1
2,526
180
VELOX TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
7
Director's remuneration
2024
2023
£'000
£'000
Remuneration for qualifying services
2,000
60
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£'000
£'000
Remuneration for qualifying services
2,000
60
8
Interest payable and similar expenses
2024
2023
£'000
£'000
Other finance costs:
Other interest
57
9
Taxation
2024
2023
£'000
£'000
Current tax
UK corporation tax on profits for the current period
1,639
237
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£'000
£'000
Profit before taxation
6,553
1,213
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
1,638
303
Tax effect of expenses that are not deductible in determining taxable profit
1
(66)
Taxation charge for the year
1,639
237
10
Dividends
2024
2023
£'000
£'000
Final paid
9,800
VELOX TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
11
Tangible fixed assets
Computers
£'000
Cost
At 1 May 2023
16
Additions
3
At 30 April 2024
19
Depreciation and impairment
At 1 May 2023
8
Depreciation charged in the year
6
At 30 April 2024
14
Carrying amount
At 30 April 2024
5
At 30 April 2023
8
12
Stocks
2024
2023
£'000
£'000
Stocks
20,126
14,380
Stocks represent the holding of cryptocurrencies which have been recognised at fair value less an estimated cost of disposal, under the specific rules within IAS 2 relating to broker-trader businesses.
13
Debtors
2024
2023
Amounts falling due within one year:
£'000
£'000
Prepayments and accrued income
13
4
14
Creditors: amounts falling due within one year
2024
2023
£'000
£'000
Trade creditors
3
Corporation tax
379
(417)
Other creditors
119
118
498
(296)
VELOX TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 16 -
15
Retirement benefit schemes
2024
2023
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
4
1
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
16
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£'000
£'000
Within one year
22
22
Between two and five years
11
22
33
44
A new office lease was signed on the 2 October 2023, with the occupation period starting 2 October 2023 and ending 1 October 2025.
17
Cash generated from operations
2024
2023
£'000
£'000
Profit after taxation
4,914
976
Adjustments for:
Taxation charged
1,639
237
Finance costs
57
Depreciation and impairment of tangible fixed assets
6
5
Decrease in provisions
(100)
Movements in working capital:
(Increase)/decrease in stocks
(5,746)
8,854
Increase in debtors
(9)
Decrease in creditors
(2)
(4)
Cash generated from operations
859
9,968
Difference
-
1
Per cash flow statement page
859
9,969
VELOX TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 17 -
18
Analysis of changes in net funds
1 May 2023
Cash flows
30 April 2024
£'000
£'000
£'000
Cash at bank and in hand
75
(44)
31
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