General Information
Craftwork Velo Limited is a private company, limited by shares, registered in England and Wales, registration number 15622177, registration address 43 Whitehaven Road, Bramhall, Stockport, Cheshire, SK7 1EN.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The company is able to meet its day to day trading needs with the ongoing support of its creditors and, as such, the director considers that the company is trading as a going concern.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Finance lease and hire purchase charges
The finance element of finance lease and hire purchase agreements is charged to the income statement over the relevant period.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The companys liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Franchise Fees
Franchise Fees is stated at cost less amortization. Amortization is calculated on a straight line basis over the estimated expected useful economic life of the Franchise Fees of 5 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Motor Vehicles |
25% Reducing Balance
|
| Fixtures and Fittings |
20% Reducing Balance
|
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
|
| 2. |
Average number of employees
Average number of employees during the period was 0.
|
| 3. |
Intangible fixed assets
| Cost |
Franchise Fees |
|
Total |
| |
£ |
|
£ |
| At 06 April 2024 |
- |
|
- |
| Additions |
10,000 |
|
10,000 |
| Disposals |
- |
|
- |
| At 30 April 2025 |
10,000 |
|
10,000 |
| Amortisation |
| At 06 April 2024 |
- |
|
- |
| Charge for period |
2,000 |
|
2,000 |
| On disposals |
- |
|
- |
| At 30 April 2025 |
2,000 |
|
2,000 |
| Net book values |
| At 30 April 2025 |
8,000 |
|
8,000 |
| At 05 April 2024 |
- |
|
- |
|
| 4. |
Tangible fixed assets
| Cost or valuation |
Fixtures and Fittings |
|
Motor Vehicles |
|
Total |
| |
£ |
|
£ |
|
£ |
| At 06 April 2024 |
- |
|
- |
|
- |
| Additions |
12,584 |
|
15,495 |
|
28,079 |
| Disposals |
- |
|
- |
|
- |
| At 30 April 2025 |
12,584 |
|
15,495 |
|
28,079 |
| Depreciation |
| At 06 April 2024 |
- |
|
- |
|
- |
| Charge for period |
2,517 |
|
3,874 |
|
6,391 |
| On disposals |
- |
|
- |
|
- |
| At 30 April 2025 |
2,517 |
|
3,874 |
|
6,391 |
| Net book values |
| Closing balance as at 30 April 2025 |
10,067 |
|
11,621 |
|
21,688 |
| Opening balance as at 06 April 2024 |
- |
|
- |
|
- |
|
| 5. |
Controlling Parties
The company's ultimate controlling party is DJ Gooding.
|
2
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