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Concrete & Velvet Limited

Registered Number
08953617
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

Concrete & Velvet Limited
Company Information
for the year from 1 June 2023 to 31 May 2024

Director

S J Gough

Registered Address

24 Farnley Road
London
SE25 6NZ

Registered Number

08953617 (England and Wales)
Concrete & Velvet Limited
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3449561
449561
Current assets
Stocks4-3,204
Debtors-606
Cash at bank and on hand6,254267
6,2544,077
Creditors amounts falling due within one year5(10,452)(9,773)
Net current assets (liabilities)(4,198)(5,696)
Total assets less current liabilities(3,749)(5,135)
Net assets(3,749)(5,135)
Capital and reserves
Called up share capital11
Profit and loss account(3,750)(5,136)
Shareholders' funds(3,749)(5,135)
The financial statements were approved and authorised for issue by the Director on 19 February 2025, and are signed on its behalf by:
S J Gough
Director
Registered Company No. 08953617
Concrete & Velvet Limited
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing 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 transition can be measured reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Fixtures and fittings20
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year00
3.Tangible fixed assets

Fixtures & fittings

Total

££
Cost or valuation
At 01 June 231,2791,279
At 31 May 241,2791,279
Depreciation and impairment
At 01 June 23718718
Charge for year112112
At 31 May 24830830
Net book value
At 31 May 24449449
At 31 May 23561561
4.Stocks

2024

2023

££
Work in progress-3,204
Total-3,204
5.Creditors: amounts due within one year

2024

2023

££
Other creditors9,5548,874
Accrued liabilities and deferred income898899
Total10,4529,773