REGISTERED NUMBER: 09410038 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Velocity Leisure Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S A Cosgrove

REGISTERED OFFICE:

37 Otterspool Drive

Aigburth

Liverpool

Merseyside

L17 5AL

REGISTERED NUMBER:

09410038 (England and Wales)

ACCOUNTANTS:

Myersons

Chartered Accountants

32 Derby Street

Ormskirk

Lancashire

L39 2BY

FIXED ASSETS

Tangible assets

4

47,510

91,828

CURRENT ASSETS

Stocks

7,500

7,500

Debtors

5

741,565

824,816

Cash at bank and in hand

4,370

3,781

753,435

836,097

CREDITORS

Amounts falling due within one year

6

594,854

517,541

NET CURRENT ASSETS

158,581

318,556

TOTAL ASSETS LESS CURRENT LIABILITIES

206,091

410,384

CREDITORS

Amounts falling due after more than one year

7

-

4,293

NET ASSETS

206,091

406,091

RESERVES

Retained earnings

206,091

406,091

SHAREHOLDERS' FUNDS

206,091

406,091

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 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.

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 30 September 2025 and were signed by:

S A Cosgrove - Director

1.	STATUTORY INFORMATION

Velocity Leisure 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.

Plant and machinery

-

15% on cost

Fixtures and fittings

-

15% on cost

Motor vehicles

-

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 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 67 (2023 - 74 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2024

1,078,095

605,111

25,950

1,709,156

Additions

-

3,750

-

3,750

At 31 December 2024

1,078,095

608,861

25,950

1,712,906

DEPRECIATION

At 1 January 2024

1,026,588

564,790

25,950

1,617,328

Charge for year

26,064

22,004

-

48,068

At 31 December 2024

1,052,652

586,794

25,950

1,665,396

NET BOOK VALUE

At 31 December 2024

25,443

22,067

-

47,510

At 31 December 2023

51,507

40,321

-

91,828

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

24,356

60,711

Other debtors

717,209

764,105

741,565

824,816

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

6,634

14,373

Trade creditors

140,882

219,589

Taxation and social security

311,650

204,332

Other creditors

135,688

79,247

594,854

517,541

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Other creditors

-

4,293

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

£

Within one year

244,375

317,500

Between one and five years

36,667

281,042

281,042

598,542

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Other loans

1,827

25,593

National Westminster Bank Plc have a fixed and floating charge over the assets of the company dated 9th October 2018.

There is a funding circle loan secured by personal guarantees from Mr & Mrs Cosgrove.

10.	RELATED PARTY DISCLOSURES

There is a loan to the parent company of £535,530 (YE 2023 of £586,230).

The company has provided a guarantee for a loan for an associated company.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is S&C Leisure Holding Limited.

The ultimate controlling party is Mr & Mrs S Cosgrove.