REGISTERED NUMBER: |
Financial Statements |
for the period |
18 April 2023 to 30 April 2024 |
for |
VELA APAC UK HOLDCO LTD |
REGISTERED NUMBER: |
Financial Statements |
for the period |
18 April 2023 to 30 April 2024 |
for |
VELA APAC UK HOLDCO LTD |
VELA APAC UK HOLDCO LTD (REGISTERED NUMBER: 14812498) |
Contents of the Financial Statements |
for the period 18 April 2023 to 30 April 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
VELA APAC UK HOLDCO LTD |
Company Information |
for the period 18 April 2023 to 30 April 2024 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
Northern Assurance Buildings |
9-21 Princess Street |
Manchester |
M2 4DN |
VELA APAC UK HOLDCO LTD (REGISTERED NUMBER: 14812498) |
Balance Sheet |
30 April 2024 |
Notes | £ | £ |
Fixed assets |
Investments | 5 |
Current assets |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current liabilities | ( |
) |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 7 |
Shareholders' funds |
The financial statements were approved by the Board of Directors and authorised for issue on |
VELA APAC UK HOLDCO LTD (REGISTERED NUMBER: 14812498) |
Notes to the Financial Statements |
for the period 18 April 2023 to 30 April 2024 |
1. | Statutory information |
Vela Apac Uk Holdco Ltd is a |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
Going Concern |
The company broke even for the year but has net current liabilities of £8,671,333 and overall net assets of £100 as at 30 April 2024. The company is dependent, in the absence of other funding on the continued financial support of its parent company. The company has confirmed that they will continue to support the company. |
On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that might be necessary if the directors were not to provide further support. |
Preparation of consolidated financial statements |
The financial statements contain information about Vela Apac Uk Holdco Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions on investment valuation, in particular around the impairment of these investments. The investments are valued based on the workings on the purchase price allocation which require estimates of forecasted results to determine the splits for the intangible assets. These estimates and judgements are continually evaluated and any significant variations in the forecasts will be assessed for any impairments. There are not considered to be any critical judgements in applying the company's accounting policies.The company makes estimates and assumptions concerning the future. The resulting accounting estimates will by definition, seldom equal the actual results. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
a) Financial assets |
Basic financial assets, including cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment.The impairment loss is recognised in the profit or loss. |
b) Financial liabilities |
Basic financial liabilities, including loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
VELA APAC UK HOLDCO LTD (REGISTERED NUMBER: 14812498) |
Notes to the Financial Statements - continued |
for the period 18 April 2023 to 30 April 2024 |
3. | Accounting policies - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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. |
Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Share capital |
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
4. | Employees and directors |
The average number of employees during the period was NIL. |
5. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
Additions |
At 30 April 2024 |
Net book value |
At 30 April 2024 |
6. | Creditors: amounts falling due within one year |
£ |
Amounts owed to group undertakings |
VELA APAC UK HOLDCO LTD (REGISTERED NUMBER: 14812498) |
Notes to the Financial Statements - continued |
for the period 18 April 2023 to 30 April 2024 |
7. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | £1 | 100 |
100 Ordinary shares of £1 each were allotted and fully paid for |
8. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | Post balance sheet events |
On 1 October 2024, the company acquired 100% of Figtree Systems Europe Limited and Tambla International Limited for £1,296,819 and £193,365 respectively. |