Veltech (UK) Co Ltd

Audited Financial Statements for the Period 1 May 2023 to 31 October 2024

DIRECTORS:

J G Evans

J Chi

REGISTERED OFFICE:

Unit 1 Kenfig Industrial Estate

Margarm

Port Talbot

SA13 2PE

REGISTERED NUMBER:

13738281 (England and Wales)

AUDITORS:

BPU Limited

Chartered Accountants

Statutory Auditor

Radnor House

Greenwood Close

Cardiff Gate Business Park

Cardiff

CF23 8AA

FIXED ASSETS

Tangible assets

3

23,699

15,401

CURRENT ASSETS

Stocks

1,485,216

503,765

Debtors

4

323,147

79,221

Cash at bank and in hand

123,697

296,649

1,932,060

879,635

CREDITORS

Amounts falling due within one year

5

3,526,636

1,235,979

NET CURRENT LIABILITIES

(1,594,576

)

(356,344

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,570,877

)

(340,943

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(1,570,879

)

(340,945

)

(1,570,877

)

(340,943

)

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 Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2025 and were signed on its behalf by:

J G Evans - Director

1.	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.

The accounts have been prepared on the going concern basis as the company has the ongoing financial support of it's Directors and ultimate parent company. The ultimate parent company, Changshan Hongkong Trading Co. Ltd, has indicated that, for at least 12 months from the date of approval of these financial statements, it will continue to provide the necessary resources to continue operations.

Please see the "Material uncertainty related to going concern" in the Auditors Report for their opinion on this matter.

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.

Improvements to property

-

20% straight line

Plant and machinery

-

20% straight line

Fixtures and fittings

-

20% straight line

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 period comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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 period 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs

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.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 10 (2023 - 10 ) .

3.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 May 2023

1,986

6,673

10,043

18,702

Additions

-

-

13,429

13,429

At 31 October 2024

1,986

6,673

23,472

32,131

DEPRECIATION

At 1 May 2023

346

1,132

1,823

3,301

Charge for period

466

1,518

3,147

5,131

At 31 October 2024

812

2,650

4,970

8,432

NET BOOK VALUE

At 31 October 2024

1,174

4,023

18,502

23,699

At 30 April 2023

1,640

5,541

8,220

15,401

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

(Unaudited)

£

£

Trade debtors

230,559

25,615

Other debtors & prepayments

92,588

53,606

323,147

79,221

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

(Unaudited)

£

£

Trade creditors

28,243

30,475

Amounts owed to group undertakings

3,434,258

1,185,346

Taxes & social security costs

25,075

-

Other creditors & accruals

39,060

20,158

3,526,636

1,235,979

6.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Nicholas Matthew Toye FCA (Senior Statutory Auditor)

for and on behalf of BPU Limited

Material uncertainty related to going concern

We draw attention to the Balance Sheet, which indicates that at 31 October 2024 the company's current liabilities exceeded it's current assets. The primary creditor of the company is it's parent company, which has provided a guarantee that it will provide ongoing support and financial assistance for a period of 12 months from the accounts being signed off.

As this guarantee is not a legally binding contract this support could be withdrawn at any point and the creditor would be due for payment. If this were to be the case then this would cast significant doubt on the company's ability to continue as a going concern. Our audit report is not modified in respect of this matter.

7.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Shijiazhung ChangShan BeiMingTechnology Co Ltd.