Velvet Pictures Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 04054256 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Velvet Pictures Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

C Cottrell

K English

SECRETARY:

C Cottrell

REGISTERED OFFICE:

Badgers Wood

Sway Road

Lymington

Hampshire

SO41 8LR

REGISTERED NUMBER:

04054256 (England and Wales)

ACCOUNTANTS:

Peter Hodgson & Co.

Chartered Accountants

Shadwell House

65 Lower Green Road

Tunbridge Wells

Kent

TN4 8TW

FIXED ASSETS

Intangible assets

4

1,212

1,615

Property, plant and equipment

5

3,089

4,222

4,301

5,837

CURRENT ASSETS

Debtors

6

307

4

Cash at bank

2,416

538

2,723

542

CREDITORS

Amounts falling due within one year

7

14,889

14,618

NET CURRENT LIABILITIES

(12,166

)

(14,076

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(7,865

)

(8,239

)

PROVISIONS FOR LIABILITIES

8

587

802

NET LIABILITIES

(8,452

)

(9,041

)

CAPITAL AND RESERVES

Called up share capital

9

200

Retained earnings

10

(8,652

)

(9,241

)

SHAREHOLDERS' FUNDS

(8,452

)

(9,041

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 24 September 2025 and were signed on its behalf by:

C Cottrell - Director

1.	STATUTORY INFORMATION

Velvet Pictures Limited 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.

Significant judgements and estimates

There are no significant judgements or estimates pertaining to these accounts.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

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 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Functional currency

The functional currency used by the company is £ Sterling.

Financial instruments

Basic financial instruments comprising debtors, bank and cash balances re recorded at fair value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

2,019

AMORTISATION

At 1 January 2024

404

Charge for year

403

At 31 December 2024

807

NET BOOK VALUE

At 31 December 2024

1,212

At 31 December 2023

1,615

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

and

Computer

fittings

equipment

Totals

£

COST

At 1 January 2024

and 31 December 2024

7,801

29,127

36,928

DEPRECIATION

At 1 January 2024

7,801

24,905

32,706

Charge for year

-

1,133

At 31 December 2024

7,801

26,038

33,839

NET BOOK VALUE

At 31 December 2024

-

3,089

At 31 December 2023

-

4,222

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

VAT

307

4

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Social security and other taxes

-

22

Directors' current accounts

14,439

14,096

Accrued expenses

450

500

14,889

14,618

8.	PROVISIONS FOR LIABILITIES

2024

2023

£

Deferred tax

587

802

Deferred

tax

£

Balance at 1 January 2024

802

Provided during year

(215

)

Balance at 31 December 2024

587

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

2

Ordinary

£1

200

10.

RESERVES

Retained

earnings

£

At 1 January 2024

(9,241

)

Profit for the year

589

At 31 December 2024

(8,652

)