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REGISTERED NUMBER: 02729319 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2024

for

Velmex Computer Systems Ltd

Velmex Computer Systems Ltd (Registered number: 02729319)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


Velmex Computer Systems Ltd

Company Information
for the Year Ended 31 July 2024







DIRECTORS: M Keeley
R Keeley
L Keeley
M Keeley
D Judge





SECRETARY: M Keeley





REGISTERED OFFICE: Unit 8
Mole Business Park
Randalls Road
Leatherhead
Surrey
KT22 7BA





REGISTERED NUMBER: 02729319 (England and Wales)





ACCOUNTANTS: PB Partners LLP
Endeavour House
78 Stafford Road
Wallington
Surrey
SM6 9AY

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Velmex Computer Systems Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Velmex Computer Systems Ltd for the year ended 31 July 2024 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Velmex Computer Systems Ltd, as a body, in accordance with the terms of our engagement letter dated 1 March 2010. Our work has been undertaken solely to prepare for your approval the financial statements of Velmex Computer Systems Ltd and state those matters that we have agreed to state to the Board of Directors of Velmex Computer Systems Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Velmex Computer Systems Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Velmex Computer Systems Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Velmex Computer Systems Ltd. You consider that Velmex Computer Systems Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Velmex Computer Systems Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






PB Partners LLP
Endeavour House
78 Stafford Road
Wallington
Surrey
SM6 9AY


14 April 2025

Velmex Computer Systems Ltd (Registered number: 02729319)

Statement of Financial Position
31 July 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 32,228 4,965
32,228 4,965

CURRENT ASSETS
Stocks 1,123,225 994,646
Debtors 5 1,590,108 1,592,582
Cash at bank 259,795 210,510
2,973,128 2,797,738
CREDITORS
Amounts falling due within one year 6 2,161,508 1,988,034
NET CURRENT ASSETS 811,620 809,704
TOTAL ASSETS LESS CURRENT
LIABILITIES

843,848

814,669


CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 842,848 813,669
SHAREHOLDERS' FUNDS 843,848 814,669
843,848 814,669

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

Velmex Computer Systems Ltd (Registered number: 02729319)

Statement of Financial Position - continued
31 July 2024


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 14 April 2025 and were signed on its behalf by:





M Keeley - Director


Velmex Computer Systems Ltd (Registered number: 02729319)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Velmex Computer Systems Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 25% per annum on reducing balance
Motor vehicles - 25% per annum on reducing balance
Computer equipment - 25% per annum on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
Expenditure on research and development is written off in the year in which it is incurred.


Velmex Computer Systems Ltd (Registered number: 02729319)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company contributes to personal pension plans and a stakeholder scheme for employees. The assets of the scheme are held separately from those of the company in independently administered funds. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits represents contributions payable by the company to the schemes.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 16 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 August 2023 9,000 17,125 11,768 37,893
Additions - 28,997 4,857 33,854
At 31 July 2024 9,000 46,122 16,625 71,747
DEPRECIATION
At 1 August 2023 7,859 14,655 10,414 32,928
Charge for year 260 5,135 1,196 6,591
At 31 July 2024 8,119 19,790 11,610 39,519
NET BOOK VALUE
At 31 July 2024 881 26,332 5,015 32,228
At 31 July 2023 1,141 2,470 1,354 4,965

5. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 1,425,627 1,433,374
Amounts owed by related undertakings 32,565 32,290
Prepayments and accrued income 86,916 81,918
1,545,108 1,547,582

Velmex Computer Systems Ltd (Registered number: 02729319)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

5. DEBTORS - continued
2024 2023
£    £   
Amounts falling due after more than one year:
Other debtors 45,000 45,000

Aggregate amounts 1,590,108 1,592,582

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 5,846 -
Trade creditors 1,310,751 1,432,222
Amounts owed to related undertakings 74,434 8,392
Corporation tax 37,235 110,394
Social security and other taxes 14,715 54,904
Social security and other taxes 211 -
Other creditors 690,425 355,702
Directors' current accounts 2,891 1,420
Accruals and deferred income 25,000 25,000
2,161,508 1,988,034

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 236,500 160,000
Between one and five years 946,000 640,000
In more than five years 236,500 320,000
1,419,000 1,120,000

Velmex Computer Systems Ltd (Registered number: 02729319)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

8. RELATED PARTY DISCLOSURES

M Keeley, L Keeley and D Judge, who are directors of the company, are also directors of Big Print Plan Limited. M Keeley is also a director of Velmex Technical Services Limited.

The company acts as an agent for Big Print Plan Limited. During the year ended 31 July 2024 the company made sales of £7,094 (2023: £4,066) on behalf of Big Print Plan Limited. The company also made sales directly to Big Print Plan Limited of £298,991 (2023: £176,432).

During the year the company charged management fees of £10,000 (2023: £5,000) to Big Print Plan Limited and £nil (2023 : £nil) to Velmex Technical Services Ltd. The company also recharged expenses of £38,294 (2023 : £73,003) to Velmex Technical Services Limited, and was charged a management fee of £nil (2023 :£nil).

At the balance sheet date, the amounts outstanding were as follows:

2024 2023


Due from


Due to

Due
from


Due to
£ £ £ £
Big Print Plan Limited 32,565 - 32,290 -
Velmex Technical Services Ltd - 74,434 - 8,391

32,565 74,434 32,290 8,391

9. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors.

10. COMMITMENTS AND CONTINGENT LIABILITIES

HSBC Bank Plc holds a debenture dated 11 May 2005 securing the company's indebtedness to the bank by a fixed and floating charge over the company's assets.

HSBC Invoice Finance (UK) Limited holds a fixed charge on non vesting debts and a floating charge dated 18 April 2012 securing all monies due to the company.

There are also personal guarantees given by Mr R Keeley, Mr M Keeley, Mrs M Keeley and Mrs L Keeley for £125,000 securing the company's invoice financing facility with the bank, and for £650,000 with Canon to support the company's credit limit.

Other than the above, the company had no capital commitments or contingent liabilities at the balance sheet date.