REGISTERED NUMBER: 07893929 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Velresco Group Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M A Whittaker

REGISTERED OFFICE:

7 East Ridge View

Garforth

Leeds

LS25 2PN

REGISTERED NUMBER:

07893929 (England and Wales)

ACCOUNTANTS:

S&W Partners (Leeds) Limited

Accountants

3rd Floor

56 Wellington Street

Leeds

West Yorkshire

LS1 2EE

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

76

277

Investments

7

3

3

79

280

CURRENT ASSETS

Debtors: amounts failing

within one year

8

9,286

48,760

Cash at bank

7,462

8,610

16,748

57,370

CREDITORS

Amounts falling due within one year

9

39,829

56,767

NET CURRENT (LIABILITIES)/ASSETS

(23,081

)

603

TOTAL ASSETS LESS CURRENT LIABILITIES

(23,002

)

883

CREDITORS

Amounts falling due after more than one year

10

10,250

34,850

NET LIABILITIES

(33,252

)

(33,967

)

CAPITAL AND RESERVES

Called up share capital

11

3

3

Retained Earnings

(33,255

)

(33,970

)

SHAREHOLDERS' FUNDS

(33,252

)

(33,967

)

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 May 2025 and were signed by:

M A Whittaker - Director

1.	STATUTORY INFORMATION

Velresco Group 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Preparation of consolidated financial statements

The financial statements contain information about Velresco Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Revenue

Revenue is recognised to the extent that is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All Intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made the useful life shall not exceed ten years.

Tangible fixed assets

Tangible fixed assets under 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 a 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:

Computer equipment - 33%

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 the Statement of Income and Retained Earnings.

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Debtors

Short term debtors are measured at transaction price, less any impairment

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of

Comprehensive Income, 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.

Creditors

Short term creditors are measured at the transaction price

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 3 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

300,000

AMORTISATION

At 1 January 2024

and 31 December 2024

300,000

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

11,382

Additions

108

At 31 December 2024

11,490

DEPRECIATION

At 1 January 2024

11,105

Charge for year

309

At 31 December 2024

11,414

NET BOOK VALUE

At 31 December 2024

76

At 31 December 2023

277

7.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

2024

2023

£

£

Investments in subsidiary

companies

3

3

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

-

39,176

Other debtors

5,933

6,553

VAT

3,353

2,906

Prepayments and accrued income

-

125

9,286

48,760

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

-

6,718

Trade creditors

(820

)

4,526

Social security and other taxes

6,712

-

Bank loans

24,600

24,600

Other creditors

-

5,616

Directors' current accounts

8,035

8,877

Accruals and deferred income

1,302

6,430

39,829

56,767

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

10,250

34,850

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

3

Ordinary shares

£1

3

3

12.	RELATED PARTY DISCLOSURES

There were no transactions with related parties that took place as are required to be reported under Section 1A of FRS 102.