ACCOUNTS - Final Accounts

Registered number: 1185757

VELMORE LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

LUBBOCK FINE LLP

Chartered Accountants

Paternoster House

65 St Paul's Churchyard

London EC4M 8AB


VELMORE LIMITED			REGISTERED NUMBER:01185757

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£


Tangible Fixed Assets	4		-		-
Current assets
Debtors: amounts falling due within one year	5	560,313		566,499
Cash at bank and in hand	6	97,487		91,950
		657,800		658,449
Creditors: amounts falling due within one year	7	(449,501)		(457,144)
Net current assets			208,299		201,305
Total assets less current liabilities			208,299		201,305

Net assets			208,299		201,305

Capital and reserves
Called up share capital	8	30,000	30,000
Profit and loss account		178,299	171,305
		208,299	201,305

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.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

X F Zhang

Director

Date: 23 September 2025

The notes on pages 2 to 6 form part of these financial statements.

Page 1

VELMORE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Velmore Limited is a private company limited by shares incorporated in England and Wales, registration number 01185757. The registered office and principal place of business is NP-105 ICentre, Howard Way,
Newport Pagnell, Milton Keynes, MK16 9PY.
The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Tristate Holdings Limited as at 31 December 2024 and these financial statements may be obtained from the head office and principal place of business of Tristate Holdings Limited at 5th Floor, 66-72 Lei Muk Road, Kwai Chung, New Territories, Hong Kong.

2.3

Going concern

The Company relies upon a single customer for its income. The customer is a subsidiary of the intermediate parent company, Tristate Holdings Limited. There is no indication that the intermediate parent company does not wish to, or is not able to continue to support Velmore Limited for a period of at least 12 months after the signing of the financial statements. Management monitor the Company's working capital requirements and the directors consider it is appropriate to prepare the financial statements on a going concern basis.
If the Company is unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of the assets to their recoverable amounts, provide for further liabilities that may arise and reclassify fixed assets as current assets.

2.4

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

Page 2

VELMORE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Turnover

Turnover comprises revenue recognised by the Company in respect of services supplied during the year, exclusive of Value Added Tax.

2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment

25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

Foreign currency translation

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

VELMORE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.12

Related party group exemption

The Company has taken advantage of the exemption from disclosing transactions with entities which are a wholly owned part of the same group.

2.13

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.14

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 5).

Page 4

VELMORE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

4.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	At 1 January 2024	2,415
	At 31 December 2024	2,415
	Depreciation
	At 1 January 2024	2,415
	At 31 December 2024	2,415
	Net book value
	At 31 December 2024	-
	At 31 December 2023	-

Debtors

					2024	2023
					£	£


Amounts owed by group undertakings	552,993	559,988
Other debtors	3,033	2,977
Prepayments	4,287	3,534
	560,313	566,499

6.	Cash and cash equivalents
		2024	2023
		£	£

	Cash at bank and in hand	97,487	91,950

Page 5

VELMORE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	655	755
Amounts owed to group undertakings	430,914	430,914
Corporation tax	2,417	2,500
Other taxation and social security	77	9,074
Other creditors	1,038	1,071
Accruals and deferred income	14,400	12,830
	449,501	457,144

8.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

30,000 (2023 - 30,000) Ordinary shares of £1 each	30,000	30,000

9.	Pension commitments

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 pension cost charge represents contributions payable by the Company to the fund and amounted to £1,802 (2023 - £2,158). Contributions totalling £77 (2023 - £498) were payable to the fund at the balance sheet date and are included in creditors.

10.	Controlling party

The smallest and largest group in which the results of the Company are consolidated is that headed by Tristate Holdings Limited, incorporated in Bermuda. The registered office of Tristate Holdings Limited is Victoria Place, 5th Floor, 31 Victoria Street, Hamilton HM10, Bermuda.

11.	Auditors' information

These financial statements have been prepared for the purpose of filing with Companies House and no Statement of Income and Retained Earnings is included within this set of financial statements. The full financial statements for the year ended 31 December 2024 have been subject to audit and the auditors' report was unqualified and unmodified. The audit was undertaken by Lubbock Fine LLP Chartered Accountants & Statutory Auditors, and the Senior Statutory Auditor was Mathew Green.

The audit report was signed on 23 September 2025 by Matthew Green (Senior Statutory Auditor) on behalf of Lubbock Fine LLP.

Page 6