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Registration number: 4956303

Velvet Stores Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2025

 

Velvet Stores Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Velvet Stores Limited

Company Information

Director

Ms Emma Draper

Registered office

66-68 Church Road
Hove
BN3 2FP

Accountants

Melrose Accountants
62 Florence Road
Brighton
East Sussex
BN1 6DJ

 

Velvet Stores Limited

(Registration number: 4956303)
Balance Sheet as at 28 February 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

115,162

50,830

Current assets

 

Stocks

5

100,930

149,768

Debtors

6

699,238

718,049

Investments

7

406,404

204,146

Cash at bank and in hand

 

209,233

267,393

 

1,415,805

1,339,356

Creditors: Amounts falling due within one year

8

(270,998)

(235,651)

Net current assets

 

1,144,807

1,103,705

Total assets less current liabilities

 

1,259,969

1,154,535

Creditors: Amounts falling due after more than one year

8

(77,205)

(22,228)

Provisions for liabilities

(9,059)

(10,622)

Net assets

 

1,173,705

1,121,685

Capital and reserves

 

Called up share capital

9

102

102

Retained earnings

1,173,603

1,121,583

Shareholders' funds

 

1,173,705

1,121,685

For the financial year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 June 2025
 

 

Velvet Stores Limited

(Registration number: 4956303)
Balance Sheet as at 28 February 2025

.........................................
Ms Emma Draper
Director

 

Velvet Stores Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

1

General information

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

The address of its registered office is:
66-68 Church Road
Hove
BN3 2FP
England

These financial statements were authorised for issue by the director on 27 June 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.

Going concern

The financial statements have been prepared on a going concern basis.

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 and deferred 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.

 

Velvet Stores Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Land and Buildings

over the term of the lease

Furniture, Fittings and Equipment

15-25% straight line basis

Motor Vehicles

15-20% straight line basis

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.

 

Velvet Stores Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Velvet Stores Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 15 (2024 - 15).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2024

25,837

59,693

42,390

127,920

Additions

71,814

7,467

-

79,281

At 28 February 2025

97,651

67,160

42,390

207,201

Depreciation

At 1 March 2024

25,837

51,253

-

77,090

Charge for the year

-

6,471

8,478

14,949

At 28 February 2025

25,837

57,724

8,478

92,039

Carrying amount

At 28 February 2025

71,814

9,436

33,912

115,162

At 29 February 2024

-

8,440

42,390

50,830

Included within the net book value of land and buildings above is £71,814 (2024 - £Nil) in respect of short leasehold land and buildings.
 

5

Stocks

2025
£

2024
£

Other inventories

100,930

149,768

6

Debtors

Current

Note

2025
£

2024
£

Trade debtors

 

4,219

2,635

Amounts owed by related parties

671,023

683,023

Prepayments

 

5,215

3,625

Other debtors

 

18,781

28,766

   

699,238

718,049

 

Velvet Stores Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

7

Current asset investments

2025
£

2024
£

Other investments

406,404

204,146

Listed investments

Investments having a net book value of £406,404 (29 February 2024 - £204,146) are listed on a recognised stock exchange and had a market value of £406,404 at the end of the year (29 February 2024 - £204,146).

8

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

10

34,379

-

Trade creditors

 

142,060

48,974

Taxation and social security

 

60,625

153,375

Accruals and deferred income

 

19,700

22,700

Other creditors

 

14,234

10,602

 

270,998

235,651

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

10

64,608

-

Other non-current financial liabilities

 

12,597

22,228

 

77,205

22,228

 

Velvet Stores Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

9

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

ordinary of £0.01 each

10,000

100

10,000

100

ordinary B of £0.01 each

150

2

150

2

ordinary C of £0.01 each

50

1

50

1

10,200

102

10,200

102

10

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

64,608

-

Current loans and borrowings

2025
£

2024
£

Bank borrowings

34,379

-

Bank borrowings

Term Loan is denominated in £ with a nominal interest rate of 4.22%, and the final instalment is due on 28 February 2028. The carrying amount at year end is £98,987 (2024 - £Nil).

security provided for the loan is a personal guarantee given by the Company's Director Ms E Draper

11

Dividends

Interim dividends paid

2025
£

2024
£

Interim dividend of £7.04 (2024 - £10.50) per each ordinary

70,400

105,000

Interim dividend of £80.00 (2024 - £86.67) per each ordinary B

12,000

13,000

Interim dividend of £819.50 (2024 - £682.12) per each ordinary C

40,975

34,106

123,375

152,106