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Velvet Group Limited Registered number: 06609723 Information for filing with The Registrar For the year ended 30 June 2025
VELVET GROUP LIMITED REGISTERED NUMBER: 06609723 BALANCE SHEET AS AT 30 JUNE 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 4 | - |  | 364,532 |
Debtors: amounts falling due within one year | 4 | 437,031 |  | 1,302,176 |
|  | 437,031 |  | 1,666,708 |
Creditors: amounts falling due within one year | 5 | - |  | (229,449) |
Net current assets |  |  | 437,031 |  | 1,437,259
Total assets less current liabilities |  |  | 437,031 |  | 1,437,259
Net assets |  |  | 437,031 |  | 1,437,259
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 100 |  | 100
Profit and loss account |  |  | 436,931 |  | 1,437,159
|  |  | 437,031 |  | 1,437,259
The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Christopher Andrew Quarmby
Director
Date: 20 May 2026
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VELVET GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1. | General information
Velvet Group Limited is a private limited company registered in England. Its registered office address is 20 Rivermead, East Molesey, England, KT8 9AZ, United Kingdom. The Company's registered number is 06609723. The principal activities of the Company during the year continued to be that of an investment company. A summary of the Company's accounting policies, which have been consistently applied, are set out below: 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Going concern
The Directors will pay liabilities as they fall due and fulfil negative reserves through the continued support of cash injections as required. On the basis of the above, the shareholders consider the Company to be a going concern for the foreseeable future. On that basis, the financial statements have been prepared on a going concern basis.
| 2.3 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.4 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method. - 2 -
VELVET GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.6 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
3. | Employees
| The average monthly number of employees, including Directors, during the year was 2 (2024 - 3).
4. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Due from participating interests | - | 364,532
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due within one year |  |
| Amounts owed by joint ventures and associated undertakings | 20,191 | 621,893
| Other debtors | 416,840 | 680,283
|  | 437,031 | 1,302,176
5. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Director's loan account | - | 225,000
| Accruals and deferred income | - | 4,449
|  | - | 229,449
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VELVET GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
6. | Business combinations
| Acquisition of Enter name of entity
| Recognised amounts of identifiable assets acquired and liabilities assumed
|  |  |  |  | Book value | Fair value adjustments
|  |  |  |  | £ | £
| Total purchase consideration
| Consideration
| Total purchase consideration
| Cash outflow on acquisition
| Net cash outflow on acquisition
| The results of Enter name of entity since acquisition are as follows:
| Result for the period since acquisition
7. | Related party transactions
| During the year, the Company entered into a group reorganisation transaction with its parent undertaking, Quarmby Group Limited. As part of this reorganisation, the Company transferred assets with a book value totalling £1,020,493 to its parent undertaking. The consideration for the transfer was satisfied by the issue of loan notes by the Company to the parent undertaking, which were subsequently waived. The transaction was undertaken as part of a group restructuring and no gain or loss arose on the transfer. At the 30 June 2025 Velvet Group Limited was owed by C Quarmby £Nil (2024 - £482,367). This amount is interest free and has no fixed repayment terms. At the 30 June 2025 Quarmby Group Limited owed Velvet Group Limited £21,496 (2024 - £621,893). This amount is interest free and payable on demand.
8. | Controlling party
At 30 June 2025 the company was controlled by Quarmby Group Limited by virtue of their 95% shareholding in the company. The ultimate controlling party of Quarmby Group Limited is C Quarmby and J Quarmby through the ownership of 50% of the shares each.
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