Velocity Smart Technology Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 11164204 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

VELOCITY SMART TECHNOLOGY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S McDonald

Mr A Lamoureux

REGISTERED OFFICE:

85 Great Portland St

London

W1W 7LT

REGISTERED NUMBER:

11164204 (England and Wales)

ACCOUNTANTS:

Accurate Business Consulting Limited

International House

36-38 Cornhill

London

EC3V 3NG

FIXED ASSETS

Intangible assets

4

1,318,810

1,362,007

Tangible assets

5

4,322

11,225

1,323,132

1,373,232

CURRENT ASSETS

Stocks

62,340

Debtors

6

1,216,110

1,200,979

Cash at bank

78,013

29,844

1,356,463

1,293,163

CREDITORS

Amounts falling due within one year

7

1,874,405

1,755,480

NET CURRENT LIABILITIES

(517,942

)

(462,317

)

TOTAL ASSETS LESS CURRENT

LIABILITIES

805,190

910,915

CREDITORS

Amounts falling due after more than one

year

8

(404,877

)

(502,130

)

PROVISIONS FOR LIABILITIES

(3,756

)

(3,756

)

NET ASSETS

396,557

405,029

CAPITAL AND RESERVES

Called up share capital

2

Retained earnings

396,555

405,027

396,557

405,029

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

Mr S McDonald - Director

1.	STATUTORY INFORMATION

Velocity Smart Technology 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.	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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of ten years.

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 etc

-

12.5% 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 3 (2024 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2024

1,406,696

Additions

213,720

At 31 March 2025

1,620,416

AMORTISATION

At 1 April 2024

44,689

Charge for year

256,917

At 31 March 2025

301,606

NET BOOK VALUE

At 31 March 2025

1,318,810

At 31 March 2024

1,362,007

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2024

and 31 March 2025

29,297

DEPRECIATION

At 1 April 2024

18,072

Charge for year

6,903

At 31 March 2025

24,975

NET BOOK VALUE

At 31 March 2025

4,322

At 31 March 2024

11,225

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

279,764

487,753

Amounts owed by group undertakings

-

102,128

Other debtors

936,346

611,098

1,216,110

1,200,979

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Bank loans and overdrafts

140,244

211,172

Trade creditors

696,710

593,731

Amounts owed to group undertakings

7,390

-

Taxation and social security

43,685

30,709

Other creditors

986,376

919,868

1,874,405

1,755,480

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

Bank loans

404,877

502,130

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 March 2025 and the period ended 31 March 2024:

2025

2024

£

Mr A Lamoureux

Balance outstanding at start of year

-

Amounts advanced

56,566

-

Amounts repaid

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

56,566

-

Mr S McDonald

Balance outstanding at start of year

-

Amounts advanced

60,162

-

Amounts repaid

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

60,162

-