Velswood Limited 31/10/2025 iXBRL

Company registration number: 01071766

Velswood Limited

Unaudited filleted abridged financial statements

31 October 2025

Velswood Limited

Contents

Abridged statement of financial position

Statement of changes in equity

Notes to the financial statements

Velswood Limited

Abridged statement of financial position

31 October 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Tangible assets	5	1,300,000		1,300,000
Investments	6	258,634		252,715
		_______		_______
			1,558,634		1,552,715

Current assets
Debtors		( 135)		( 497)
Cash at bank and in hand		86,491		-
		_______		_______
		86,356		( 497)
Creditors: amounts falling due
within one year		( 303,750)		( 236,423)
		_______		_______
Net current liabilities			( 217,394)		( 236,920)
			_______		_______
Total assets less current liabilities			1,341,240		1,315,795

Creditors: amounts falling due
after more than one year			( 291,013)		( 359,457)

Provisions for liabilities			( 101,807)		( 101,807)

			_______		_______
Net assets			948,420		854,531
			_______		_______

Capital and reserves
Called up share capital			125,999		125,999
Other reserves			801,762		795,843
Profit and loss account			20,659		( 67,311)
			_______		_______
Shareholders funds			948,420		854,531
			_______		_______

For the year ending 31 October 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

All of the members have consented to the preparation of the abridged statement of financial position for the current year ending 31 October 2025 in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements were approved by the board of directors and authorised for issue on 10 July 2026 , and are signed on behalf of the board by:

V C Sharples

Director

Company registration number: 01071766

Velswood Limited

Statement of changes in equity

Year ended 31 October 2025

	Called up share capital	Fair value reserve	Profit and loss account	Total
	£	£	£	£


At 1 November 2023	125,999	797,927	( 121,983)	801,943

Profit for the year			54,672	54,672
Other comprehensive income for the year:
Reclassification from fair value reserve to profit and loss account		(2,084)	-	(2,084)
	_______	_______	_______	_______
Total comprehensive income for the year	-	( 2,084)	54,672	52,588

	_______	_______	_______	_______
At 31 October 2024 and 1 November 2024	125,999	795,843	( 67,311)	854,531

Profit for the year			135,726	135,726
Other comprehensive income for the year:
Reclassification from fair value reserve to profit and loss account		5,919	-	5,919
	_______	_______	_______	_______
Total comprehensive income for the year	-	5,919	135,726	141,645

Dividends paid and payable			( 47,756)	( 47,756)
	_______	_______	_______	_______
Total investments by and distributions to owners	-	-	( 47,756)	( 47,756)

	_______	_______	_______	_______
At 31 October 2025	125,999	801,762	20,659	948,420
	_______	_______	_______	_______

Velswood Limited

Notes to the financial statements

Year ended 31 October 2025

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is Bank House, 9 Dicconson Terrace, Lytham St Annes, FY8 5JY.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Freehold property	-	Nil %

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2024: 5 ).

5. Tangible assets


		£
	Cost
	At 1 November 2024 and 31 October 2025	1,300,430
		_______
	Depreciation
	At 1 November 2024 and 31 October 2025	430
		_______
	Carrying amount
	At 31 October 2025	1,300,000
		_______
	At 31 October 2024	1,300,000
		_______

Investment property

In accordance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', properties held for investment and included in fixed assets are stated on Statement of Financial Position at an estimated fair value.The directors' valuation of these properties have been incorporated in these financial statements with any fair value adjustments reported through the profit and loss account. A deferred taxation liability has also been recognised for any investment property held at fair value.

Tangible assets held at valuation

The investment properties were revalued in 2007 on the basis of replacement cost as this is considered by the board of directors to be the most appropriate method of valuation. This revaluation was reviewed by the board of directors in 2023 and, in their opinion, remains an accurate valuation.

6. Investments


		£
	Cost or valuation
	At 1 November 2024	252,715
	Revaluations	5,919
		_______
	At 31 October 2025	258,634
		_______
	Impairment
	At 1 November 2024 and 31 October 2025	-
		_______
	Carrying amount
	At 31 October 2025	258,634
		_______
	At 31 October 2024	252,715
		_______

7. Directors advances, credits and guarantees

There have been no advances to directors included in these financial statements.

8. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2025	2024	2025	2024
	£	£	£	£
The Saint Annes on the Sea Land and Building Company Limited	11,475	-	-	( 11,475)
Fairhaven Hotels Limited	60,000	( 10,000)	-	(60,000)
Otawell Limited	515	30,000	( 58,300)	( 58,815)
	_______	_______	_______	_______

During the comparative year management consultancy fees of £38,000 were received from Otawell Limited. This year a refund of management consultancy fees of £1,985 were repaid to Otawell Limited.Management consultancy fees of £20,004 (2024 £19,254) were paid to The Saint Annes on the Sea Land and Building Company Limited during the year.The loan from Fairhaven Hotels Limited is interest free and repayable at £10,000 p.a. This loan was repaid in full during the year.In the comparative year, management fees of £39,878 were paid to Velswood Holding Co Limited.