Registration number:
Velden Engineering (U.K.) Ltd
for the Year Ended 31 December 2025
Velden Engineering (U.K.) Ltd
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Velden Engineering (U.K.) Ltd
Company Information
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Directors |
Mr A Kitchen Miss A N Kitchen Mrs J Kitchen |
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Company secretary |
Ms A M Gordon |
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Registered office |
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Auditors |
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Velden Engineering (U.K.) Ltd
Strategic Report for the Year Ended 31 December 2025
The directors present their strategic report for the year ended 31 December 2025.
Principal activity
The principal activity of the company is sub contract engineering services.
Fair review of the business
The directors are disappointed with the overall results for 2025, however acknowledge the ongoing challenges with increasing employment and running costs along with worldwide factors which impact marketplace confidence and also affect the supply and price of materials. The directors were however encouraged by the last quarter of 2025 which showed a significant improvement in performance and profitability. This is expected to continue throughout 2026.
Challenging conditions are expected to continue within the marketplace, however, there are solid long-term relationships with the customer base, and the directors expect the company to use its best endeavours to continue to achieve positive results with existing customers whilst seeking out new markets and customers to continue to drive the company forward and back to long term trend growth.
The company provides a wide range of services to customers and to many provides a comprehensive one stop service. The intention is to continue to invest in new technologies to maintain a competitive advantage in the marketplace.
The company's key financial and other performance indicators during the year were as follows:
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Financial KPIs |
Unit |
2025 |
2024 |
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Turnover |
£ |
8,432,938 |
7,597,537 |
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Gross profit |
% |
27.2 |
30.4 |
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Operating profit |
£ |
85,169 |
190,425 |
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Balance sheet value |
£ |
3,712,636 |
3,787,247 |
Internally, the senior management team uses a variety of KPI's to assess and monitor development, performance and trends within the business. These are reported to the directors and acted upon on a regular bsis.
Principal risks and uncertainties
Further material supply chain issues caused by the worldwide factors beyond the company control impacting on ability to respond and deliver to customer short term requirements.
Approved and authorised by the
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Velden Engineering (U.K.) Ltd
Directors' Report for the Year Ended 31 December 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
Directors of the company
The directors who held office during the year were as follows:
Dividends
Particulars of recommended dividends are detailed in note 23 to the financial statements.
Information included in the Strategic Report
The company has chosen in accordance with s414C(11) Companies Act 2006, to set out its company's strategic report information required by schedule 7 of the Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors report.
Financial instruments
The company's financial instruments comprise sterling bank accounts an invoice financing facility together with various basic financial instruments such as accounts receivable and accounts payable that arise directly from its operations.
The company may offer credit terms to its customers which allow payment of the debt after delivery of goods. The company is at risk to the extent that a customer may not be able to pay on the specified due date. This risk is mitigated by strong on-going customer relationships.
The company borrows from its bankers using term loans and an invoice financing facility whose tenure depends on the nature of the asset and management's view of the future direction of interest rates.
The company manages its liquidity risk, to ensure sufficient it meets its financial obligations as and when they fall due. The company expects to meet its financial obligations through operating cash flows.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
Velden Engineering (U.K.) Ltd
Directors' Report for the Year Ended 31 December 2025
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Velden Engineering (U.K.) Ltd
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Velden Engineering (U.K.) Ltd
Independent Auditor's Report to the Members of Velden Engineering (U.K.) Ltd
Opinion
We have audited the financial statements of Velden Engineering (U.K.) Ltd (the 'company') for the year ended 31 December 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Velden Engineering (U.K.) Ltd
Independent Auditor's Report to the Members of Velden Engineering (U.K.) Ltd
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
In identifying and assessing risks of material miistatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures include the following:-
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The responsible individual for the audit engagement ensured that the engagement team collectively had the appropriate competence, capabilities and skill to identify or recognise non-compliance with laws and regulations. |
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Enquiring of management whether they are aware of any non-compliance with laws and regulations. |
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Enquiring of management whether they are aware of any actual, suspected or alleged fraud. |
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Enquiring of management whether they had internal controls established to mitigate risk related to fraud or non-compliance with laws and regulations. |
Velden Engineering (U.K.) Ltd
Independent Auditor's Report to the Members of Velden Engineering (U.K.) Ltd
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Discussion amongst the audit team as to how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of management override of controls) and determined that the principal risks related to management bias in accounting estimates and the risk of fraudulent revenue recognition. |
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Obtaining an understanding of the regulatory framework the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations. The key laws and regulations that we considered in this context include; the financial framework the company operates uner (FRS 102), the UK Companies Act, tax legislation, employment, environmental and health and safety legislation. |
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To address the risk of fraud through management bias in accounting estimates and override of controls, we:- |
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Performed analytical procedures to identify any unusual or unexpected relationships. |
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Audited the risk of management override of controls, including through testing of journal entries for appropriateness. |
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Assessed whether judgements and assumptions made in determining the accounting estimates included in the financial statements showed indications of potential bias. |
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Reviewed the basis of valuation for stock and work in progress. |
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Investigated the rationale behind any significant or unusual transactions included in the financial statements. |
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To address the risk of fraudulent revenue recognition we: |
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Performed analytical procedures on turnover to identify any unusual or unexpected relationships. |
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Performed testing on a sample of turnover transactions that occured during the financial year. |
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Performed cut off testing on turnover around the year end. |
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In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included but are not limited to; |
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Agreeing the financial statement disclosure to underlying records. |
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Enquiring of management as to actual any potential litigation claims they are aware of. |
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Reviewing legal costs for evidence of potential litigation or claims. |
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Reviewing correspondence with regulators for evience of non-comliance with laws and regulations. |
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A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Velden Engineering (U.K.) Ltd
Independent Auditor's Report to the Members of Velden Engineering (U.K.) Ltd
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For and on behalf of
Cricketers Way
Westhoughton
Bolton
BL5 3AJ
Velden Engineering (U.K.) Ltd
Profit and Loss Account for the Year Ended 31 December 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Distribution costs |
( |
( |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
85,169 |
190,426 |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
( |
( |
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(82,164) |
(75,990) |
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Profit before tax |
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Tax on profit |
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( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Velden Engineering (U.K.) Ltd
(Registration number: 01556804)
Balance Sheet as at 31 December 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
66,661 |
66,661 |
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Share premium reserve |
75,913 |
75,913 |
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Retained earnings |
3,570,062 |
3,644,673 |
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Shareholders' funds |
3,712,636 |
3,787,247 |
Approved and authorised by the
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Velden Engineering (U.K.) Ltd
Statement of Changes in Equity for the Year Ended 31 December 2025
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Share capital |
Share premium |
Retained earnings |
Total |
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At 1 January 2025 |
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Profit for the year |
- |
- |
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Dividends |
- |
- |
( |
( |
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At 31 December 2025 |
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Share capital |
Share premium |
Revaluation reserve |
Retained earnings |
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At 1 January 2024 |
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Profit for the year |
- |
- |
- |
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Other comprehensive income |
- |
- |
( |
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Total comprehensive income |
- |
- |
( |
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Dividends |
- |
- |
- |
( |
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At 31 December 2024 |
66,661 |
75,913 |
- |
3,644,673 |
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Total |
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At 1 January 2024 |
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Profit for the year |
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Other comprehensive income |
- |
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Total comprehensive income |
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Dividends |
( |
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At 31 December 2024 |
3,787,247 |
Velden Engineering (U.K.) Ltd
Statement of Cash Flows for the Year Ended 31 December 2025
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Note |
2025 |
2024 |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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Loss on disposal of tangible assets |
- |
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Finance income |
( |
( |
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Finance costs |
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Income tax expense |
( |
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Working capital adjustments |
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(Increase)/decrease in stocks |
( |
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Increase in trade debtors |
( |
( |
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Increase/(decrease) in trade creditors |
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( |
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Cash generated from operations |
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Income taxes received/(paid) |
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( |
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Net cash flow from operating activities |
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Cash flows from investing activities |
|||
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Interest received |
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Acquisitions of tangible assets |
( |
( |
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Proceeds from sale of tangible assets |
- |
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Net cash flows from investing activities |
( |
( |
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Cash flows from financing activities |
|||
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Interest paid |
( |
( |
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Proceeds from bank borrowing draw downs |
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Repayment of bank borrowing |
( |
- |
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Repayment of other borrowing |
( |
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Payments to finance lease creditors |
( |
( |
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Dividends paid |
( |
( |
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Net cash flows from financing activities |
( |
( |
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Net increase/(decrease) in cash and cash equivalents |
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( |
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Cash and cash equivalents at 1 January |
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Cash and cash equivalents at 31 December |
38,636 |
15,307 |
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Velden Engineering (U.K.) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
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.
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the furture, and by their nature, will rarely equal the related actual outcome. |
Key sources of estimation uncertainty
The company's business is capital intensive and the annual depreciation of plant and equipment forms a significant component of total costs charged to the income statement. Management reviews the residual values and useful lives of plant and equipment at each balance sheet date in accordance with the accounting policy. The estimation of the residual values and useful lives involves significant judgement.. The carrying amount is £4,317,385 (2024 -£4,545,448).
Revenue recognition
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.
Velden Engineering (U.K.) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
Tax
The tax expense for the period comprises 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.
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.
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.
For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.
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:
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Asset class |
Depreciation method and rate |
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Leasehold property improvements |
2% straight line |
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Plant & machinery |
10% reducing balance |
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Motor vehicles |
25% reducing balance |
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Office equipment |
25% reducing balance |
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.
Velden Engineering (U.K.) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
Velden Engineering (U.K.) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
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 as a finance cost in profit or loss in the period it arises.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Velden Engineering (U.K.) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
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Turnover |
The analysis of the company's revenue for the year from continuing operations is as follows:
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2025 |
2024 |
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Sale of goods |
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|
The turnover is attributable to one principal activity of the company.
The analysis of the company's turnover for the year by market is as follows:
|
2025 |
2024 |
|
|
UK |
|
|
|
Europe |
|
|
|
Rest of world |
|
|
|
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Miscellaneous other operating income |
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Operating lease expense - other |
23,209 |
7,030 |
|
Loss on disposal of property, plant and equipment |
- |
|
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
|
|
Velden Engineering (U.K.) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other short-term employee benefits |
|
- |
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Production |
|
|
|
Administration and support |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
Velden Engineering (U.K.) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Taxation |
Tax charged/(credited) in the income statement
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax adjustment to prior periods |
- |
( |
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
|
|
Tax (receipt)/expense in the income statement |
( |
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Effect of tax losses |
( |
( |
|
Tax increase from effect of unrelieved tax losses carried forward |
- |
|
|
Total tax (credit)/charge |
( |
|
Velden Engineering (U.K.) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
Deferred tax
Deferred tax included in the statement of financial position is as follows:
Deferred tax assets and liabilities
|
2025 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
- |
|
|
2024 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
- |
|
|
Tangible assets |
|
Leasehold property improvements |
Furniture, fittings and equipment |
Motor vehicles |
Plant & machinery |
||
|
Cost or valuation |
|||||
|
At 1 January 2025 |
|
|
|
|
|
|
Additions |
- |
|
- |
|
|
|
At 31 December 2025 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 January 2025 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
At 31 December 2025 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 31 December 2025 |
|
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
Velden Engineering (U.K.) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Total |
|||||
|
Cost or valuation |
|||||
|
At 1 January 2025 |
|
||||
|
Additions |
|
||||
|
At 31 December 2025 |
|
||||
|
Depreciation |
|||||
|
At 1 January 2025 |
|
||||
|
Charge for the year |
|
||||
|
At 31 December 2025 |
|
||||
|
Carrying amount |
|||||
|
At 31 December 2025 |
|
||||
|
At 31 December 2024 |
|
||||
Included within the net book value of land and buildings above is £177,286 (2024 - £185,190) in respect of long leasehold land and buildings.
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2025 |
2024 |
|
|
Plant and machinery |
1,584,135 |
1,992,700 |
|
Stocks |
|
2025 |
2024 |
|
|
Raw materials and consumables |
|
|
|
Work in progress |
|
|
|
Finished goods and goods for resale |
|
|
|
|
|
|
Debtors |
Velden Engineering (U.K.) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Current |
Note |
2025 |
2024 |
|
Trade debtors |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
Income tax asset |
- |
|
|
|
|
|
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
Short-term deposits |
|
|
|
|
|
Velden Engineering (U.K.) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Social security and other taxes |
|
|
|
|
Other payables |
|
|
|
|
Accrued expenses |
|
|
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 January 2025 |
|
|
|
Release of accelerated capital allowances |
( |
( |
|
At 31 December 2025 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Velden Engineering (U.K.) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
26,664 |
|
26,664 |
|
|
|
16,667 |
|
16,667 |
|
|
|
13,331 |
|
13,331 |
|
|
|
3,333 |
|
3,333 |
|
|
|
3,333 |
|
3,333 |
|
|
|
3,333 |
|
3,333 |
|
|
|
|
|
|
|
Reserves |
Profit and loss account
Records retained earnings and accumulated losses
Share premium account
Records the amount above the nominal value received for shares sold, less transaction costs.
Revaluation reserve
Records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income
|
Loans and borrowings |
|
2025 |
2024 |
|
|
Non-current loans and borrowings |
||
|
Bank borrowings |
- |
|
|
HP and finance lease liabilities |
|
|
|
|
|
|
|
2025 |
2024 |
|
|
Current loans and borrowings |
||
|
Bank borrowings |
|
|
|
HP and finance lease liabilities |
|
|
|
Other borrowings |
|
|
|
|
|
|
Bank loans are secured by way of a fixed charge of National Westminster Bank Plc, dated 17 June 2024 and 16 July 2013.
Velden Engineering (U.K.) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
Hire purchase liabilities are secured on the assets to which they relate.
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
The existing premises lease expired in February 2026 and is currently rolling. Negotiations for a new five year lease agreement are currently underway but have not been formally executed at the date of approving these financial statements.
Velden Engineering (U.K.) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Dividends |
Interim dividends paid
|
2025 |
2024 |
|||
|
Interim dividend of £ |
|
|
||
|
Interim dividend of £ |
|
|
||
|
Interim dividend of £Nil (2024 - £ |
- |
|
||
|
Interim dividend of £Nil (2024 - £ |
- |
|
||
|
Interim dividend of £ |
|
|
||
|
Interim dividend of £ |
|
- |
||
|
|
|
|
Analysis of changes in net debt |
|
At 1 January 2025 |
Financing cash flows |
At 31 December 2025 |
|
|
Cash and cash equivalents |
|||
|
Cash |
15,307 |
23,329 |
38,636 |
|
Borrowings |
|||
|
Long term borrowings |
(8,947) |
8,947 |
- |
|
Short term borrowings |
(161,892) |
(419,156) |
(581,048) |
|
Lease liabilities |
(1,400,410) |
414,603 |
(985,807) |
|
(1,571,249) |
4,394 |
(1,566,855) |
|
|
( |
|
( |
|
|
|
|||
|
Related party transactions |
Controlling party
The company was under the control of Mr A Kitchen throughout the current and previous period. Mr A Kitchen is the majority shareholder and Chairman.