2 2 Veloces Properties Limited 09901627 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is that of property investment Digita Accounts Production Advanced 6.30.9574.0 true 09901627 2024-01-01 2024-12-31 09901627 2024-12-31 09901627 bus:OrdinaryShareClass1 2024-12-31 09901627 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 09901627 bus:SmallEntities 2024-01-01 2024-12-31 09901627 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 09901627 bus:FilletedAccounts 2024-01-01 2024-12-31 09901627 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 09901627 bus:RegisteredOffice 2024-01-01 2024-12-31 09901627 bus:Director1 2024-01-01 2024-12-31 09901627 bus:Director2 2024-01-01 2024-12-31 09901627 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 09901627 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 09901627 bus:Agent1 2024-01-01 2024-12-31 09901627 countries:England 2024-01-01 2024-12-31 09901627 2023-12-31 09901627 2023-01-01 2023-12-31 09901627 2023-12-31 09901627 bus:OrdinaryShareClass1 2023-12-31 09901627 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 09901627

Veloces Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Veloces Properties Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Veloces Properties Limited

Company Information

Directors

P Nanasbaum

S Nanasbaum

Registered office

590 Green Lanes
Palmers Green
London
N13 5RY

Accountants

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

 

Veloces Properties Limited

(Registration number: 09901627)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

400,821

400,821

Current assets

 

Cash at bank and in hand

 

12,078

10,580

Creditors: Amounts falling due within one year

5

(321,687)

(331,178)

Net current liabilities

 

(309,609)

(320,598)

Net assets

 

91,212

80,223

Capital and reserves

 

Called up share capital

6

2

2

Retained earnings

91,210

80,221

Shareholders' funds

 

91,212

80,223

For the financial year ending 31 December 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 6 March 2025 and signed on its behalf by:
 

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

 

Veloces Properties Limited

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

1

General information

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

The address of its registered office is:
590 Green Lanes
Palmers Green
London
N13 5RY

These financial statements were authorised for issue by the Board on 6 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 represents amounts derived from rents charged to tennants during the period and is recognised at the date the rental period occured. This is stated after discounts and other sales taxes.

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

Veloces Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Investment properties

2024
£

At 1 January

400,821

At 31 December

400,821

The investment property is valued based on an assessment of the property and the market by the company directors.The directors are of the opinion that the current market value of the property is the same as the original purchase price and therefore no revaluation is necessary

 

Veloces Properties Limited

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

5

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

2,687

3,178

Other creditors

319,000

328,000

321,687

331,178

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

7

Related party transactions

Included in other creditors is an amount of £312,500 (2023: £321,500) owed to Veloces of London (Holdings) Ltd and an amount of £5,000 (2023: £5,000) owed to Veloces of London Ltd, companies under common control.