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Registered number: 07558837
Velopy Ltd
Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07558837
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 608 810
608 810
CURRENT ASSETS
Debtors 5 8,383 3,580
Cash at bank and in hand 10,367 12,720
18,750 16,300
Creditors: Amounts Falling Due Within One Year 6 (2,429 ) (1,703 )
NET CURRENT ASSETS (LIABILITIES) 16,321 14,597
TOTAL ASSETS LESS CURRENT LIABILITIES 16,929 15,407
PROVISIONS FOR LIABILITIES
Deferred Taxation (115 ) (154 )
NET ASSETS 16,814 15,253
CAPITAL AND RESERVES
Called up share capital 7 2 2
Profit and Loss Account 16,812 15,251
SHAREHOLDERS' FUNDS 16,814 15,253
Page 1
Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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
Mrs Victoria Knight
Director
22nd January 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Velopy Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07558837 . The registered office is:
4-8 Gothic Buildings Victoria Road North, Southsea, PO5 1PH.
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
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is
passed.
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:
Fixtures & Fittings 25% reducing balance
Computer Equipment over 3 years
2.4. Stocks and Work in Progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs,
which comprise direct production costs, are based on the method most appropriate to the type of
inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as
incurred. Net realisable value is based on the estimated selling price less any estimated completion or
selling costs.
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in
which the related revenue is recognised. The amount of any write-down of stocks to net realisable value
and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs.
The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of
inventories recognised as an expense in the period in which the reversal occurs.
Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and
related costs as contract activity progresses.
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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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 May 2023 14,292 708 15,000
As at 30 April 2024 14,292 708 15,000
Depreciation
As at 1 May 2023 13,482 708 14,190
Provided during the period 202 - 202
As at 30 April 2024 13,684 708 14,392
Net Book Value
As at 30 April 2024 608 - 608
As at 1 May 2023 810 - 810
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 8,267 3,580
Other debtors 116 -
8,383 3,580
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other creditors 204 163
Taxation and social security 2,225 1,540
2,429 1,703
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
8. Reserves
Page 5