Veloc1ty Select Limited 14891251 false 2023-05-24 2024-05-31 2024-05-31 The principal activity of the company is selling used cars and light motor vehicles. Digita Accounts Production Advanced 6.30.9574.0 true true 14891251 2023-05-24 2024-05-31 14891251 2024-05-31 14891251 bus:Director1 1 2024-05-31 14891251 bus:OrdinaryShareClass1 2024-05-31 14891251 core:CurrentFinancialInstruments 2024-05-31 14891251 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 14891251 bus:SmallEntities 2023-05-24 2024-05-31 14891251 bus:AuditExemptWithAccountantsReport 2023-05-24 2024-05-31 14891251 bus:FullAccounts 2023-05-24 2024-05-31 14891251 bus:SmallCompaniesRegimeForAccounts 2023-05-24 2024-05-31 14891251 bus:RegisteredOffice 2023-05-24 2024-05-31 14891251 bus:Director1 2023-05-24 2024-05-31 14891251 bus:Director1 1 2023-05-24 2024-05-31 14891251 bus:Director2 2023-05-24 2024-05-31 14891251 bus:OrdinaryShareClass1 2023-05-24 2024-05-31 14891251 bus:PrivateLimitedCompanyLtd 2023-05-24 2024-05-31 14891251 countries:EnglandWales 2023-05-24 2024-05-31 14891251 bus:Director1 1 2023-05-23 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 14891251

Veloc1ty Select Limited

Unaudited Filleted Financial Statements

for the Period from 24 May 2023 to 31 May 2024

 

Veloc1ty Select Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Veloc1ty Select Limited

Company Information

Directors

Mr Robert Christensson Tellman

Sundeep Bhambra

Registered office

102 Fulham Palace Road
London
Greater London
W6 9PL

Accountants

Michaelides Warner & Co
102 Fulham Palace Road
London
W6 9PL

 

Veloc1ty Select Limited

(Registration number: 14891251)
Balance Sheet as at 31 May 2024

Note

2024
£

Current assets

 

Debtors

4

51

Creditors: Amounts falling due within one year

5

(1,138)

Net liabilities

 

(1,087)

Capital and reserves

 

Called up share capital

6

100

Retained earnings

(1,187)

Shareholders' deficit

 

(1,087)

For the financial period ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 May 2025 and signed on its behalf by:
 

.........................................
Mr Robert Christensson Tellman
Director

 

Veloc1ty Select Limited

Notes to the Unaudited Financial Statements for the Period from 24 May 2023 to 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
102 Fulham Palace Road
London
Greater London
W6 9PL
England

These financial statements were authorised for issue by the Board on 8 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

The directors consider that there are no key judgements that management have made in the process of applying
the company’s accounting policies and that may have had a significant effect on the amounts recognised in the
financial statements.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Veloc1ty Select Limited

Notes to the Unaudited Financial Statements for the Period from 24 May 2023 to 31 May 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification

The company only enters into basic financial instruments transactions that result in the recognition of financial
assets and liabilities like investments, trade and other receivables, cash and bank balances, trade and other
creditors.

 Recognition and measurement
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are
measured, initially and subsequently, at the undiscounted amount of the cash or cash consolidation expected to be
paid or received.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

4

Debtors

Current

2024
£

Other debtors

51

 

51

 

Veloc1ty Select Limited

Notes to the Unaudited Financial Statements for the Period from 24 May 2023 to 31 May 2024

5

Creditors

Creditors: amounts falling due within one year

2024
£

Due within one year

Trade creditors

252

Other creditors

886

1,138

6

Share capital

Allotted, called up and fully paid shares

 

2024

 

No.

£

Oridinary Share Capital of £1 each

100

100

     

7

Related party transactions

Transactions with directors

2024

At 24 May 2023
£

Advances to director
£

At 31 May 2024
£

Mr Robert Christensson Tellman

Amount owed to / (from)

-

886

886