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Company Registration No. 08034002 (England and Wales)
Veloce Classic and Sports Cars Ltd Unaudited accounts for the year ended 30 April 2024
Veloce Classic and Sports Cars Ltd Unaudited accounts Contents
Page
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Veloce Classic and Sports Cars Ltd Company Information for the year ended 30 April 2024
Director
Mr D Spyropoulos
Company Number
08034002 (England and Wales)
Registered Office
3rd Floor Vyman House 104 College Road Harrow Middx HA1 1BQ
Accountants
RMR Partnership LLP 3rd Floor, Vyman House 104 College Road Harrow Middlesex HA1 1BQ
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Veloce Classic and Sports Cars Ltd Statement of financial position as at 30 April 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
20,153 
4,126 
Current assets
Inventories
917,268 
657,475 
Debtors
130,127 
99,055 
Cash at bank and in hand
8,866 
7,767 
1,056,261 
764,297 
Creditors: amounts falling due within one year
(1,008,018)
(622,026)
Net current assets
48,243 
142,271 
Total assets less current liabilities
68,396 
146,397 
Creditors: amounts falling due after more than one year
(182,616)
(293,406)
Net liabilities
(114,220)
(147,009)
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
(114,221)
(147,010)
Shareholders' funds
(114,220)
(147,009)
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 members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 24 January 2025 and were signed on its behalf by
Mr D Spyropoulos Director Company Registration No. 08034002
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Veloce Classic and Sports Cars Ltd Notes to the Accounts for the year ended 30 April 2024
1
Statutory information
Veloce Classic and Sports Cars Ltd is a private company, limited by shares, registered in England and Wales, registration number 08034002. The registered office is 3rd Floor Vyman House, 104 College Road, Harrow, Middx, HA1 1BQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
15% reducing balance method
Computer equipment
33.33% staright line method
Foreign exchange
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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Veloce Classic and Sports Cars Ltd Notes to the Accounts for the year ended 30 April 2024
4
Tangible fixed assets
Plant & machinery 
Fixtures & fittings 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 May 2023
4,464 
6,599 
11,063 
Additions
266 
17,509 
17,775 
At 30 April 2024
4,730 
24,108 
28,838 
Depreciation
At 1 May 2023
2,266 
4,671 
6,937 
Charge for the year
1,021 
727 
1,748 
At 30 April 2024
3,287 
5,398 
8,685 
Net book value
At 30 April 2024
1,443 
18,710 
20,153 
At 30 April 2023
2,198 
1,928 
4,126 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
304 
- 
Trade debtors
64,758 
76,758 
Accrued income and prepayments
42,768 
- 
Other debtors
22,297 
22,297 
130,127 
99,055 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
169,114 
153,622 
VAT
- 
15,994 
Trade creditors
7,641 
40,930 
Taxes and social security
16,377 
15,230 
Other creditors
719,248 
225,720 
Loans from directors
94,818 
169,710 
Accruals
820 
820 
1,008,018 
622,026 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
145,864 
253,283 
Obligations under finance leases and hire purchase contracts
36,752 
40,123 
182,616 
293,406 
8
Average number of employees
During the year the average number of employees was 1 (2023: 1).
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