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REGISTERED NUMBER: 08399497 (England and Wales)














Unaudited Financial Statements

FOR THE PERIOD

1st September 2023 to 30th September 2024

for

VELOCITY WORKWEAR LTD

VELOCITY WORKWEAR LTD (REGISTERED NUMBER: 08399497)

Contents of the Financial Statements
FOR THE PERIOD 1ST SEPTEMBER 2023 TO 30TH SEPTEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


VELOCITY WORKWEAR LTD

Company Information
FOR THE PERIOD 1ST SEPTEMBER 2023 TO 30TH SEPTEMBER 2024







DIRECTOR: A Gilmore





REGISTERED OFFICE: 124 City Road
London
EC1V 2NX





REGISTERED NUMBER: 08399497 (England and Wales)





ACCOUNTANTS: M.B.McGrady & Co
Chartered Accountants
27 Frances Street
Newtownards
County Down
BT23 7DW

VELOCITY WORKWEAR LTD (REGISTERED NUMBER: 08399497)

Balance Sheet
30TH SEPTEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 118,722 61,871

CURRENT ASSETS
Stocks 993,493 610,513
Debtors 5 860,737 231,284
Cash at bank 29,339 277,518
1,883,569 1,119,315
CREDITORS
Amounts falling due within one year 6 828,187 440,366
NET CURRENT ASSETS 1,055,382 678,949
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,174,104

740,820

CREDITORS
Amounts falling due after more than one
year

7

360,669

-
NET ASSETS 813,435 740,820

CAPITAL AND RESERVES
Called up share capital 9 10 10
Retained earnings 813,425 740,810
SHAREHOLDERS' FUNDS 813,435 740,820

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30th September 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 30th September 2024 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.

VELOCITY WORKWEAR LTD (REGISTERED NUMBER: 08399497)

Balance Sheet - continued
30TH SEPTEMBER 2024


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 8th May 2025 and were signed by:





A Gilmore - Director


VELOCITY WORKWEAR LTD (REGISTERED NUMBER: 08399497)

Notes to the Financial Statements
FOR THE PERIOD 1ST SEPTEMBER 2023 TO 30TH SEPTEMBER 2024


1. STATUTORY INFORMATION

Velocity Workwear Ltd is a private company, limited by shares , registered in England and Wales. 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Straight Line over 6 years
Plant and machinery - Straight Line over 6 years
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the period 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 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

VELOCITY WORKWEAR LTD (REGISTERED NUMBER: 08399497)

Notes to the Financial Statements - continued
FOR THE PERIOD 1ST SEPTEMBER 2023 TO 30TH SEPTEMBER 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 4 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st September 2023 34,572 40,804 75,376
Additions - 79,332 79,332
At 30th September 2024 34,572 120,136 154,708
DEPRECIATION
At 1st September 2023 5,276 8,229 13,505
Charge for period 5,757 16,724 22,481
At 30th September 2024 11,033 24,953 35,986
NET BOOK VALUE
At 30th September 2024 23,539 95,183 118,722
At 31st August 2023 29,296 32,575 61,871

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 84,182 182,023
Amounts owed by group undertakings 770,811 -
Other debtors 5,744 49,261
860,737 231,284

The amounts owed by group undertaking relate to an interest free loan, totalling £770,811 (2023: £Nil), made to the holding company BAM Investire Limited.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 175,644 37,500
Trade creditors 241,114 73,153
Taxation and social security 327,577 295,241
Other creditors 83,852 34,472
828,187 440,366

VELOCITY WORKWEAR LTD (REGISTERED NUMBER: 08399497)

Notes to the Financial Statements - continued
FOR THE PERIOD 1ST SEPTEMBER 2023 TO 30TH SEPTEMBER 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 344,012 -
Other creditors 16,657 -
360,669 -

All loans are repayable within 5 years.

8. SECURED DEBTS

Danske Bank hold a fixed and floating charge over the Company's assets and undertakings as security against the bank loans and overdraft.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary shares 0.10 10 10

10. ULTIMATE CONTROLLING PARTY

Velocity Workwear Limited is a 90% subsidiary of BAM Investire Limited.
The ultimate controlling party is Tool Monster Limited.