VELOMOTION LIMITED - Period Ending 2014-11-30

Registration number: 07025569

VELOMOTION LIMITED

Unaudited Abbreviated Accounts

for the Year Ended 30 November 2014
 

Minney & Co
Chartered Accountants

VELOMOTION LIMITED
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
VELOMOTION LIMITED
for the Year Ended 30 November 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of VELOMOTION LIMITED for the year ended 30 November 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of VELOMOTION LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of VELOMOTION LIMITED and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than VELOMOTION LIMITED and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that VELOMOTION LIMITED has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of VELOMOTION LIMITED. You consider that VELOMOTION LIMITED is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of VELOMOTION LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Minney & Co
Chartered Accountants

26 January 2015

Page 1

VELOMOTION LIMITED
(Registration number: 07025569)
Abbreviated Balance Sheet at 30 November 2014

		Note			30 November 2014 £			30 November 2013 £
Fixed assets
Tangible fixed assets		2			17,181			9,001
Current assets
Stocks					2,117			638
Debtors					626			1,400
Cash at bank and in hand					22,190			1,366
					24,933			3,404
Creditors: Amounts falling due within one year					(32,763)			(8,593)
Net current liabilities					(7,830)			(5,189)
Net assets					9,351			3,812
Capital and reserves
Called up share capital		3			3			3
Revaluation reserve					7,400			-
Profit and loss account					1,948			3,809
Shareholders' funds					9,351			3,812

For the year ending 30 November 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 26 January 2015 and signed on its behalf by:

.........................................
Mr Michael Leonard Smith
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

VELOMOTION LIMITED
Notes to the Abbreviated Accounts for the Year Ended 30 November 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and equipment	20% straight line method

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

VELOMOTION LIMITED
Notes to the Abbreviated Accounts for the Year Ended 30 November 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 December 2013		22,156			22,156
Revaluations		7,400			7,400
Additions		6,515			6,515
At 30 November 2014		36,071			36,071
Depreciation
At 1 December 2013		13,155			13,155
Charge for the year		5,735			5,735
At 30 November 2014		18,890			18,890
Net book value
At 30 November 2014		17,181			17,181
At 30 November 2013		9,001			9,001

3	Share capital

Allotted, called up and fully paid shares

	30 November 2014						30 November 2013
		No.			£			No.			£
Ordinary shares of £1 each		3			3			3			3

Page 4