General Information
VELOHAWK UK LIMITED is a private company, limited by shares, registered in England and Wales, registration number 12051284, registration address Suite 2a, 7th Floor, City Reach, 5 Greenwich View Place, London, E14 9NN.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the director that he will continue to give financial support to the company for the foreseeable future.
On this basis, the director considers it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Research and development expenditure
Expenditure on research and development, whilst revenue in nature, is capitalised in the year it is incurred.The company has decided to commence writing down the costs. It will be amortised to the profit and loss account over its estimated economic life of three years.
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 company’s 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.
Development expenditures
The company had capitalised research and devlopment costs totalling £578,614 incurred during the accouting periods to 30 June 2021. These costs are revenue in nature relating to labour, materials and parts used during this process.
|
| 2. |
Average number of employees
Average number of employees during the year was 0 (2024 : 0).
|
| 3. |
Intangible fixed assets
| Cost |
Research and Development |
|
Total |
| |
£ |
|
£ |
| At 01 July 2024 |
578,614 |
|
578,614 |
| Additions |
- |
|
- |
| Disposals |
- |
|
- |
| At 30 June 2025 |
578,614 |
|
578,614 |
| Amortisation |
| At 01 July 2024 |
578,614 |
|
578,614 |
| Charge for year |
- |
|
- |
| On disposals |
- |
|
- |
| At 30 June 2025 |
578,614 |
|
578,614 |
| Net book values |
| At 30 June 2025 |
- |
|
- |
| At 30 June 2024 |
- |
|
- |
|
| 4. |
Debtors: amounts falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Debtors |
- |
|
25,248 |
| VAT |
5,853 |
|
3,880 |
|
5,853 |
|
29,128 |
|
| 5. |
Creditors: amount falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Creditors |
- |
|
2,391 |
| Bank Loans & Overdrafts |
- |
|
11,047 |
| Amounts Owed to Group Undertakings |
425 |
|
5,900 |
| Accrued Expenses |
2,627 |
|
2,077 |
| Other Creditors |
754,548 |
|
705,896 |
|
757,600 |
|
727,311 |
|
| 6. |
Share Capital
Allotted, called up and fully paid
|
2025
£ |
|
2024
£ |
|
100
Class A shares of £1.00 each |
100 |
|
100 |
|
100 |
|
100 |
|
| 7. |
Related Party Transactions
The company is fully owned by Velohawk Limited.
During the year, Velohawk Limited provided financial assistance of £Nil (2024: £1,000). At year end, the company owed Velohawk Limited £425 (2024: 5,900).
|
| 8. |
Ultimate Controlling Party
The company's immediate and ultimate parent undertaking is Velohawk Limited. Velohawk Limited was incorporated in New Zealand. The ultimate controlling party is Mr James Doughty who controls 100% of the shares of Velohawk UK Limited.
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2
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