Registration number: 4956303

Velvet Stores Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 10

Velvet Stores Limited

Company Information

Director

Ms Emma Draper

Registered office

66-68 Church Road Hove England BN3 2FP

Accountants

Melrose Accountants 62 Florence Road Brighton East Sussex BN1 6DJ

Velvet Stores Limited

(Registration number: 4956303)
Balance Sheet as at 28 February 2026

	Note	2026 £	2025 £
Fixed assets
Tangible assets	4	208,426	115,162
Current assets
Stocks	5	155,631	100,930
Debtors	6	717,525	699,238
Investments	7	509,765	406,404
Cash at bank and in hand		44,128	209,233
		1,427,049	1,415,805
Creditors: Amounts falling due within one year	8	(279,891)	(270,998)
Net current assets		1,147,158	1,144,807
Total assets less current liabilities		1,355,584	1,259,969
Creditors: Amounts falling due after more than one year	8	(32,825)	(77,205)
Provisions for liabilities		(12,976)	(9,059)
Net assets		1,309,783	1,173,705
Capital and reserves
Called up share capital	9	102	102
Retained earnings		1,309,681	1,173,603
Shareholders' funds		1,309,783	1,173,705

For the financial year ending 28 February 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 8 June 2026
 

......................................... Ms Emma Draper Director

Velvet Stores Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
66-68 Church Road
Hove
BN3 2FP
England

These financial statements were authorised for issue by the director on 8 June 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Velvet Stores Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and Buildings	over the term of the lease
Furniture, Fittings and Equipment	15-25% straight line basis
Motor Vehicles	15-20% straight line basis

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Velvet Stores Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Velvet Stores Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 16 (2025 - 15).

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 March 2025	97,646	67,160	42,390	207,196
Additions	114,446	17,204	-	131,650
At 28 February 2026	212,092	84,364	42,390	338,846
Depreciation
At 1 March 2025	25,837	57,724	8,478	92,039
Charge for the year	20,888	9,015	8,478	38,381
At 28 February 2026	46,725	66,739	16,956	130,420
Carrying amount
At 28 February 2026	165,367	17,625	25,434	208,426
At 28 February 2025	71,814	9,436	33,912	115,162

Included within the net book value of land and buildings above is £165,367 (2025 - £71,814) in respect of short leasehold land and buildings.
 

5

Stocks

	2026 £	2025 £
Other inventories	155,631	100,930

6

Debtors

Current	Note	2026 £	2025 £
Trade debtors		22,142	4,219
Amounts owed by related parties	13	671,023	671,023
Prepayments		5,215	5,215
Other debtors		19,145	18,781
		717,525	699,238

Velvet Stores Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026

7	Current asset investments

	2026 £	2025 £
Other investments	509,765	406,404

Listed investments

Investments having a net book value of £509,765 (28 February 2025 - £406,404) are listed on a recognised stock exchange and had a market value of £Nil at the end of the year (28 February 2025 - £406,404).

8

Creditors

Creditors: amounts falling due within one year

	Note	2026 £	2025 £
Due within one year
Loans and borrowings	10	38,184	34,379
Trade creditors		78,125	142,060
Taxation and social security		66,565	8,683
Accruals and deferred income		16,700	19,700
Other creditors		14,297	14,234
Corporation Tax		66,020	51,942
		279,891	270,998

Creditors: amounts falling due after more than one year

	Note	2026 £	2025 £
Due after one year
Loans and borrowings	10	31,816	64,608
Other financial liabilities		1,009	12,597
		32,825	77,205

Velvet Stores Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026

9	Share capital

Allotted, called up and fully paid shares

	2026		2025
	No.	£	No.	£
ordinary of £0.01 each	10,000	100	10,000	100
ordinary B of £0.01 each	150	2	150	2
ordinary C of £0.01 each	50	1	50	1
	10,200	102	10,200	102

10	Loans and borrowings

Non-current loans and borrowings

	2026 £	2025 £
Bank borrowings	31,816	64,608

Current loans and borrowings

	2026 £	2025 £
Bank borrowings	38,184	34,379

Bank borrowings

Term Loan is denominated in £ with a nominal interest rate of 4.22%, and the final instalment is due on 28 February 2028. The carrying amount at year end is £70,000 (2025 - £98,987). security provided for the loan is a personal guarantee given by the Company's Director Ms E Draper

11	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2026 £	2025 £
Later than one year and not later than five years	255,000	268,000

The amount of non-cancellable operating lease payments recognised as an expense during the year was £78,000 (2025 - £63,000).

Velvet Stores Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026

12

Dividends

Interim dividends paid

		2026 £		2025 £
Interim dividend of £8.55 (2025 - £7.04) per each ordinary		85,500		70,400
Interim dividend of £80.00 per each ordinary B		12,000		12,000
Interim dividend of £291.80 (2025 - £819.50) per each ordinary C		14,592		40,975
		112,092		123,375

13	Related party transactions