BrightAccountsProduction v1.0.0 v1.0.0 2023-10-24 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts Sale of used cars and light motor vehicles 24 July 2025 1 1 NI703676 2024-10-31 NI703676 2023-10-23 NI703676 2022-10-23 NI703676 2023-10-24 2024-10-31 NI703676 2022-10-24 2023-10-23 NI703676 uk-bus:PrivateLimitedCompanyLtd 2023-10-24 2024-10-31 NI703676 uk-curr:PoundSterling 2023-10-24 2024-10-31 NI703676 uk-bus:SmallCompaniesRegimeForAccounts 2023-10-24 2024-10-31 NI703676 uk-bus:AbridgedAccounts 2023-10-24 2024-10-31 NI703676 uk-core:ShareCapital 2024-10-31 NI703676 uk-core:ShareCapital 2023-10-23 NI703676 uk-core:RetainedEarningsAccumulatedLosses 2024-10-31 NI703676 uk-core:RetainedEarningsAccumulatedLosses 2023-10-23 NI703676 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-10-31 NI703676 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-10-23 NI703676 uk-bus:FRS102 2023-10-24 2024-10-31 NI703676 2023-10-24 2024-10-31 NI703676 uk-bus:CompanySecretaryDirector1 2023-10-24 2024-10-31 NI703676 uk-bus:AuditExempt-NoAccountantsReport 2023-10-24 2024-10-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI703676
 
 
Velocity Car Sales Ltd
 
ABRIDGED UNAUDITED FINANCIAL STATEMENTS
 
for the financial period ended 31 October 2024
VELOCITY CAR SALES LTD
Company Registration Number: NI703676
ABRIDGED STATEMENT OF FINANCIAL POSITION
as at 31 October 2024

Oct 24 Oct 23
Notes £ £
 
Current Assets
Stocks 29,630 -
Cash and cash equivalents 3,851 -
───────── ─────────
33,481 -
───────── ─────────
Creditors: amounts falling due within one year (25,671) -
───────── ─────────
Net Current Assets/(Liabilities) 7,810 -
───────── ─────────
Total Assets less Current Liabilities 7,810 -
═════════ ═════════
 
Capital and Reserves
Called up share capital 3 -
Retained earnings 7,807 -
───────── ─────────
Shareholders' (Deficit)/Funds 7,810 -
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Abridged Income Statement and Director's Report.
For the financial period ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial period in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges his responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial period and of its profit and loss for the financial period 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.
           
Approved by the Director and authorised for issue on 24 July 2025
           
           
Ankush Vij          
Director          
           



VELOCITY CAR SALES LTD
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD ENDED 31 OCTOBER 2024

   
1. General Information
 
Velocity Car Sales Ltd is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI703676. The registered office of the company is Unit 5 Ballyore Business Park, Derry, BT47 2TH, United Kingdom which is also the principal place of business of the company. Sale of used cars and light motor vehicles The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial period ended 31 October 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial period and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Period of financial statements
 
The financial statements are for the 12 month 8 days period ended 31 October 2024.
       
4. Employees
 
  Oct 24 Oct 23
  Number Number
 
Total 1 1
  ═════════ ═════════