IRIS Accounts Production v24.3.2.46 14812498 Board of Directors 18.4.23 30.4.24 30.4.24 25/4/2025 0 false true false false true false Auditors Opinion Ordinary 1.00000 1.00000 Ordinary 1.00000 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh148124982023-04-17148124982024-04-30148124982023-04-182024-04-30148124982023-04-1714812498ns15:EnglandWales2023-04-182024-04-3014812498ns14:PoundSterling2023-04-182024-04-3014812498ns10:Director12023-04-182024-04-3014812498ns10:PrivateLimitedCompanyLtd2023-04-182024-04-3014812498ns10:SmallEntities2023-04-182024-04-3014812498ns10:Audited2023-04-182024-04-3014812498ns10:SmallCompaniesRegimeForDirectorsReport2023-04-182024-04-3014812498ns10:SmallCompaniesRegimeForAccounts2023-04-182024-04-3014812498ns10:FullAccounts2023-04-182024-04-3014812498ns10:OrdinaryShareClass12023-04-182024-04-30148124981ns10:OrdinaryShareClass12023-04-182024-04-3014812498ns10:Director22023-04-182024-04-3014812498ns10:RegisteredOffice2023-04-182024-04-3014812498ns5:CurrentFinancialInstruments2024-04-3014812498ns5:ShareCapital2024-04-3014812498ns5:AdditionsToInvestments2024-04-3014812498ns5:CostValuation2024-04-3014812498ns10:OrdinaryShareClass12024-04-301481249812023-04-182024-04-30
REGISTERED NUMBER: 14812498 (England and Wales)















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: D K Mckay
J T O’Hagan





Registered office: Brook Suite, Ground Floor, Bewley House
Marshfield Road
Chippenham
SN15 1JW





Registered number: 14812498 (England and Wales)





Auditors: S & W Partners Audit Limited
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 8,671,433

Current assets
Cash at bank 2,210,000

Creditors
Amounts falling due within one year 6 10,881,333
Net current liabilities (8,671,333 )
Total assets less current liabilities 100

Capital and reserves
Called up share capital 7 100
Shareholders' funds 100

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 April 2025 and were signed on its behalf by:





J T O’Hagan - Director


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 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.

2. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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 8,671,433
At 30 April 2024 8,671,433
Net book value
At 30 April 2024 8,671,433

6. Creditors: amounts falling due within one year
£
Amounts owed to group undertakings 10,881,333

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: £
100 Ordinary £1 100

100 Ordinary shares of £1 each were allotted and fully paid for cash at par during the period.

8. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Antony Sassen FCA (Senior Statutory Auditor)
for and on behalf of S & W Partners Audit Limited

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.