11 10 Veloces of London Ltd 04245849 false 2023-11-01 2024-10-31 2024-10-31 The principal activity of the company is the purchase and resale of motor vehicles and ancillary services Digita Accounts Production Advanced 6.30.9574.0 true false 04245849 2023-11-01 2024-10-31 04245849 2024-10-31 04245849 bus:OrdinaryShareClass1 2024-10-31 04245849 core:CurrentFinancialInstruments 2024-10-31 04245849 core:CurrentFinancialInstruments core:WithinOneYear 2024-10-31 04245849 core:ConstructionInProgressAssetsUnderConstruction 2024-10-31 04245849 core:FurnitureFittingsToolsEquipment 2024-10-31 04245849 core:LandBuildings 2024-10-31 04245849 core:MotorVehicles 2024-10-31 04245849 core:OtherPropertyPlantEquipment 2024-10-31 04245849 bus:SmallEntities 2023-11-01 2024-10-31 04245849 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 04245849 bus:FilletedAccounts 2023-11-01 2024-10-31 04245849 bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 04245849 bus:RegisteredOffice 2023-11-01 2024-10-31 04245849 bus:Director1 2023-11-01 2024-10-31 04245849 bus:Director2 2023-11-01 2024-10-31 04245849 bus:OrdinaryShareClass1 2023-11-01 2024-10-31 04245849 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 04245849 bus:Agent1 2023-11-01 2024-10-31 04245849 core:ConstructionInProgressAssetsUnderConstruction 2023-11-01 2024-10-31 04245849 core:FurnitureFittings 2023-11-01 2024-10-31 04245849 core:FurnitureFittingsToolsEquipment 2023-11-01 2024-10-31 04245849 core:LandBuildings 2023-11-01 2024-10-31 04245849 core:MotorVehicles 2023-11-01 2024-10-31 04245849 core:OtherPropertyPlantEquipment 2023-11-01 2024-10-31 04245849 core:PlantMachinery 2023-11-01 2024-10-31 04245849 1 2023-11-01 2024-10-31 04245849 countries:AllCountries 2023-11-01 2024-10-31 04245849 2023-10-31 04245849 core:ConstructionInProgressAssetsUnderConstruction 2023-10-31 04245849 core:FurnitureFittingsToolsEquipment 2023-10-31 04245849 core:LandBuildings 2023-10-31 04245849 core:MotorVehicles 2023-10-31 04245849 core:OtherPropertyPlantEquipment 2023-10-31 04245849 2022-11-01 2023-10-31 04245849 2023-10-31 04245849 bus:OrdinaryShareClass1 2023-10-31 04245849 core:CurrentFinancialInstruments 2023-10-31 04245849 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 04245849 core:ConstructionInProgressAssetsUnderConstruction 2023-10-31 04245849 core:FurnitureFittingsToolsEquipment 2023-10-31 04245849 core:LandBuildings 2023-10-31 04245849 core:MotorVehicles 2023-10-31 04245849 core:OtherPropertyPlantEquipment 2023-10-31 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 04245849

Veloces of London Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Veloces of London Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Veloces of London Ltd

Company Information

Directors

S Nanasbaum

P Nanasbaum

Registered office

Warwick Yard
183 Victoria Road
Barnet
Herts
EN4 9PA

Accountants

Thomas Alexander & Co Ltd 590 Green Lanes
Palmers Green
London
N13 5RY

 

Veloces of London Ltd

(Registration number: 04245849)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

915,358

620,547

Investments

5

184,995

177,255

 

1,100,353

797,802

Current assets

 

Stocks

6

388,253

549,001

Debtors

7

61,024

180,548

Cash at bank and in hand

 

8,711

160,484

 

457,988

890,033

Creditors: Amounts falling due within one year

8

(1,457,468)

(1,585,305)

Net current liabilities

 

(999,480)

(695,272)

Net assets

 

100,873

102,530

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

100,872

102,529

Shareholders' funds

 

100,873

102,530

For the financial year ending 31 October 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 year 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 and 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 31 March 2025 and signed on its behalf by:
 

.........................................
P Nanasbaum
Director

 

Veloces of London Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
Warwick Yard
183 Victoria Road
Barnet
Herts
EN4 9PA

These financial statements were authorised for issue by the Board on 31 March 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Veloces of London Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property

20% Straight line method

Plant & machinery

20% Straight line method

Fixtures, fittings & equipment

20% Straight line method

Motor vehicles

20% Reducing balance method

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

 

Veloces of London Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 10).

 

Veloces of London Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Properties under construction
 £

Plant and machinery

Total
£

Cost or valuation

At 1 November 2023

63,126

21,526

19,811

606,805

37,434

748,702

Additions

-

-

-

287,328

14,000

301,328

At 31 October 2024

63,126

21,526

19,811

894,133

51,434

1,050,030

Depreciation

At 1 November 2023

61,916

17,888

17,960

-

30,391

128,155

Charge for the year

1,210

728

370

-

4,209

6,517

At 31 October 2024

63,126

18,616

18,330

-

34,600

134,672

Carrying amount

At 31 October 2024

-

2,910

1,481

894,133

16,834

915,358

At 31 October 2023

1,210

3,638

1,851

606,805

7,043

620,547

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of long leasehold land and buildings and £Nil (2023 - £1,210) in respect of short leasehold land and buildings.
 

 

Veloces of London Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

5

Investments

2024
£

2023
£

Other investments

184,995

177,255

6

Stocks

2024
£

2023
£

Other inventories

388,253

549,001

7

Debtors

Current

2024
£

2023
£

Trade debtors

6,881

24,664

Other debtors

54,143

155,884

 

61,024

180,548

 

Veloces of London Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts owed to group undertakings

11

1,354,709

1,412,450

Social security and other taxes

 

34,266

35,272

Other creditors

 

7,825

7,824

Accruals

 

18,250

18,250

Corporation tax liability

42,418

111,509

 

1,457,468

1,585,305

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

10

Dividends

2024

2023

£

£

Interim dividend of £150,000.00 (2023 - £400,000.00) per ordinary share

150,000

400,000

 

 

11

Related party transactions

Included in other debtors is an amount of £49,143 (2023: £150,844) owed from Dinahtron Properties Ltd, a company under common control. During the year the company paid rent of £100,000 (2023: £112,500) at a commercial rate to Dinahtron Properties Ltd in respect of the trading premises. Also included in other debtors is an amount of £5,000 (2023: £5,000) owed from Veloces Properties Ltd, a company under common control.

Included in other creditors is an amount of £4,725 (2023: £5,625) owed to P Nanasbaum and S Nanasbaum, the directors of the company. Included in creditors is an amount of £1,354,709 (2023: £1,412,450) owed to Veloces of London (Holdings) Ltd, the parent company.

 

Veloces of London Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

12

Parent and ultimate parent undertaking

The company is a wholly owned subsidiary of Veloces of London (Holdings) Ltd, a company registered in the United Kingdom. Veloces of London (Holdings) Ltd is controlled by P Nanasbaum and S Nanasbaum, the directors of the company.