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REGISTERED NUMBER: SC051832 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 March 2025

for

Velo Developments Limited

Velo Developments Limited (Registered number: SC051832)






Contents of the Financial Statements
for the Year Ended 31 March 2025




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Velo Developments Limited

Company Information
for the Year Ended 31 March 2025







DIRECTOR: Mr M G Will





REGISTERED OFFICE: Riverdale
Balmoor Bridge
North Road
Peterhead
Aberdeenshire
AB42 3BN





REGISTERED NUMBER: SC051832 (Scotland)





ACCOUNTANTS: SBP
Accountants
Glebefield House
21 Links Terrace
Peterhead
Aberdeenshire
AB42 2XA

Velo Developments Limited (Registered number: SC051832)

Balance Sheet
31 March 2025

31.3.25 31.3.24
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 4,693 5,981
Investment property 5 200,000 200,000
204,693 205,981

CURRENT ASSETS
Debtors 6 744 99
Cash at bank 7,498 4,036
8,242 4,135
CREDITORS
Amounts falling due within one year 7 80,737 87,665
NET CURRENT LIABILITIES (72,495 ) (83,530 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

132,198

122,451

PROVISIONS FOR LIABILITIES 5,409 3,405
NET ASSETS 126,789 119,046

CAPITAL AND RESERVES
Called up share capital 15,000 15,000
Fair value reserve 8 113,647 115,651
Retained earnings 8 (1,858 ) (11,605 )
SHAREHOLDERS' FUNDS 126,789 119,046

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Velo Developments Limited (Registered number: SC051832)

Balance Sheet - continued
31 March 2025


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 May 2025 and were signed by:





Mr M G Will - Director


Velo Developments Limited (Registered number: SC051832)

Notes to the Financial Statements
for the Year Ended 31 March 2025

1. STATUTORY INFORMATION

Velo Developments Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents the amounts (excluding value added tax) derived from the rental income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Furnishings & fittings - 15% on reducing balance
Office equipment - 33% on cost

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

Investment property
Investment property is reported at most recent valuation with the last full valuation having been carried out in July 2021. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss and deferred taxation is provided on gains at the rate expected to apply when the property is sold.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current 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 year 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

Velo Developments Limited (Registered number: SC051832)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

4. TANGIBLE FIXED ASSETS
Plant and Furnishings Office
machinery & fittings equipment Totals
£    £    £    £   
COST
At 1 April 2024
and 31 March 2025 300 11,506 1,376 13,182
DEPRECIATION
At 1 April 2024 146 6,147 908 7,201
Charge for year 31 803 454 1,288
At 31 March 2025 177 6,950 1,362 8,489
NET BOOK VALUE
At 31 March 2025 123 4,556 14 4,693
At 31 March 2024 154 5,359 468 5,981

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2024
and 31 March 2025 200,000
NET BOOK VALUE
At 31 March 2025 200,000
At 31 March 2024 200,000

Fair value at 31 March 2025 is represented by:
£   
Valuation in 1998 35,207
Valuation in 2022 83,849
Cost 80,944
200,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.25 31.3.24
£    £   
Other debtors 744 99

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.25 31.3.24
£    £   
Trade creditors - 140
Directors' current accounts 78,781 85,743
Deferred income 66 -
Accrued expenses 1,890 1,782
80,737 87,665

Velo Developments Limited (Registered number: SC051832)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

8. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 April 2024 (11,605 ) 115,651 104,046
Profit for the year 7,743 - 7,743
Transfer 2,004 (2,004 ) -
At 31 March 2025 (1,858 ) 113,647 111,789

9. ULTIMATE CONTROLLING PARTY

The company is controlled by the shareholder.