VELOCITY GOURMET LIMITED

Company Registration Number:
SC532496 (Scotland)

Unaudited statutory accounts for the year ended 30 April 2024

Period of accounts

Start date: 1 May 2023

End date: 30 April 2024

VELOCITY GOURMET LIMITED

Contents of the Financial Statements

for the Period Ended 30 April 2024

Balance sheet
Additional notes
Balance sheet notes

VELOCITY GOURMET LIMITED

Balance sheet

As at 30 April 2024

Notes 2024 2023


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 129,682 129,682
Investments: 4 550,000 550,000
Total fixed assets: 679,682 679,682
Current assets
Stocks:   0 0
Debtors: 5 3,950 3,950
Cash at bank and in hand: 0 0
Investments:   0 0
Total current assets: 3,950 3,950
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 6 ( 558,060 ) ( 558,060 )
Net current assets (liabilities): (554,110) (554,110)
Total assets less current liabilities: 125,572 125,572
Creditors: amounts falling due after more than one year: 7 ( 37,027 ) ( 37,027 )
Provision for liabilities: ( 21,416 ) ( 21,416 )
Accruals and deferred income: 0 0
Total net assets (liabilities): 67,129 67,129
Capital and reserves
Called up share capital: 100 100
Share premium account: 0 0
Other reserves: 259,664 259,664
Profit and loss account: (192,635 ) (192,635 )
Total Shareholders' funds: 67,129 67,129

The notes form part of these financial statements

VELOCITY GOURMET LIMITED

Balance sheet statements

For the year ending 30 April 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 1 December 2024
and signed on behalf of the board by:

Name: Jin Lu
Status: Director

The notes form part of these financial statements

VELOCITY GOURMET LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Tangible fixed assets depreciation policy

    Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Equipment and fittings 15%on cost

    Valuation information and policy

    Investment Investment properties are shown at their fair value. The surplus or deficit arising from hanges in fair value are recognised in the proft and loss account for the ycar. A roduction in value duc to fluctuation in the prcry market is not considered to be permanent. This is in accordance with FRS102which, unlike the Companies Act 2006, doest require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance.

    Other accounting policies

    Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve together with the fair value movement. Basic financial instruments Basic financial instruments such as cash, debtors and creditors are measured at transaction price. Financial liabilities classified as payable within one year are not amortised. 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 renggnised in other comprehensivg 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 fax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date Timing differences arisc 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.

VELOCITY GOURMET LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 0 0

VELOCITY GOURMET LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 May 2023 129,682 129,682
Additions
Disposals
Revaluations
Transfers
At 30 April 2024 129,682 129,682
Depreciation
At 1 May 2023 0 0
Charge for year
On disposals
Other adjustments
At 30 April 2024 0 0
Net book value
At 30 April 2024 129,682 129,682
At 30 April 2023 129,682 129,682

VELOCITY GOURMET LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

4. Fixed assets investments note

Investment Investment properties are shown at their fair value. The surplus or deficit arising from hanges in fair value are recognised in the proft and loss account for the ycar. A roduction in value duc to fluctuation in the prcry market is not considered to be permanent. This is in accordance with FRS102which, unlike the Companies Act 2006, doest require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve together with the fair value movement.

VELOCITY GOURMET LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

5. Debtors

2024 2023
£ £
Other debtors 3,950 3,950
Total 3,950 3,950
Debtors due after more than one year: 0 0

VELOCITY GOURMET LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

6. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 0 0
Taxation and social security 0 0
Accruals and deferred income 0 0
Other creditors 558,060 558,060
Total 558,060 558,060

VELOCITY GOURMET LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

7. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Other creditors 37,027 37,027
Total 37,027 37,027