Velvet Homes Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 10070775 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

VELVET HOMES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P J Cloherty

REGISTERED OFFICE:

30-34 North Street

Hailsham

East Sussex

BN27 1DW

REGISTERED NUMBER:

10070775 (England and Wales)

ACCOUNTANTS:

Watson Associates (Professional Services) Limited

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

FIXED ASSETS

Tangible assets

4

6,549

7,705

Investments

5

100

Investment property

6

3,823,482

3,830,131

3,831,287

CURRENT ASSETS

Debtors

7

412,002

327,132

CREDITORS

Amounts falling due within one year

8

(514,914

)

(576,735

)

NET CURRENT LIABILITIES

(102,912

)

(249,603

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

3,727,219

3,581,684

CREDITORS

Amounts falling due after more than one
year

9

(2,396,097

)

(2,232,098

)

PROVISIONS FOR LIABILITIES

(419,966

)

(339,238

)

NET ASSETS

911,156

1,010,348

CAPITAL AND RESERVES

Called up share capital

10

100

Non-distributable reserves

930,078

1,011,935

Retained earnings

(19,022

)

(1,687

)

SHAREHOLDERS' FUNDS

911,156

1,010,348

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 Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 December 2025 and were signed by:

P J Cloherty - Director

1.	STATUTORY INFORMATION

Velvet Homes 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 as modified by the revaluation of certain assets.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2024

and 31 December 2024

9,065

DEPRECIATION

At 1 January 2024

1,360

Charge for year

1,156

At 31 December 2024

2,516

NET BOOK VALUE

At 31 December 2024

6,549

At 31 December 2023

7,705

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

100

NET BOOK VALUE

At 31 December 2024

100

At 31 December 2023

100

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

3,823,482

NET BOOK VALUE

At 31 December 2024

3,823,482

At 31 December 2023

3,823,482

Fair value at 31 December 2024 is represented by:

£

Valuation in 2016

194,175

Valuation in 2018

480,405

Valuation in 2019

619,380

Valuation in 2020

157,563

Valuation in 2021

200,817

Valuation in 2022

(288,054

)

Cost

2,544,196

3,908,482

**	TOTAL SHOWN ON CLIENT SCREEN - REVALUATION ANALYSIS - DOES NOT AGREE TO TOTAL OF FIXED ASSET 'COST' ACCOUNT HELD AT END OF YEAR IN RESPECT OF

INVESTMENT PROPERTY

'COST' ACCOUNT TOTAL

Cost/valuation b/f

3,823,482

CLIENT SCREEN TOTAL

=

3,908,482

If Investment Property had not been revalued it would have been included at the following historical cost:

2024

2023

£

Cost

2,544,196

2,474,235

Investment property was valued on an open market basis on 31 December 2023 by the Director .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Other debtors

412,002

327,132

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts

5,266

6,819

Trade creditors

3,900

7,400

Taxation and social security

11,556

15,740

Other creditors

494,192

546,776

514,914

576,735

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2024

2023

£

Bank loans

2,396,097

2,232,098

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

2,396,097

2,232,098

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

100

Ordinary

1

100

11.	RELATED PARTY DISCLOSURES

PJC Property Consultants Limited, a company controlled by the Director P Cloherty is owed £24,962(2023: £36,050) by the company at the year end. No interest is payable on this loan and there are no formal repayment terms.

PPC Properties Limited, a company controlled by the Director P Cloherty owes £65,129 (2023: £61,789) by the company at the year end. No interest is payable on this loan and there are no formal repayment terms.

Phoenix Homes SE Limited, a company controlled by the Director P Cloherty owes £135,484 (2023: £128,954) to the company at the year end. No interest is payable on this loan and there are no formal repayment terms.