Velo Developments Limited - Accounts to registrar (filleted) - small 18.2
Velo Developments Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2020 |
| for |
| Velo Developments Limited |
| Velo Developments Limited (Registered number: SC051832) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Velo Developments Limited |
| Company Information |
| for the Year Ended 31 March 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Accountants |
| Glebefield House |
| 21 Links Terrace |
| Peterhead |
| Aberdeenshire |
| AB42 2XA |
| Velo Developments Limited (Registered number: SC051832) |
| Balance Sheet |
| 31 March 2020 |
| 31.3.20 | 31.3.19 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Prepayments and accrued income |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 7 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve | 8 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| Velo Developments Limited (Registered number: SC051832) |
| Balance Sheet - continued |
| 31 March 2020 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on signed on its behalf by: |
| Velo Developments Limited (Registered number: SC051832) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2020 |
| 1. | STATUTORY INFORMATION |
| Velo Developments Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared in UK £ sterling. |
| Going Concern |
| The two directors are the main creditors of the company who will not seek to draw their loan balances unless |
| sufficient funds are available to satisfy all other creditors. |
| Turnover |
| Turnover represents rental income due and collected from property tenants. Income is recognised when the |
| company becomes legally entitled to receive it and when its value can be ascertained with a sufficient degree of |
| certainty. The company is not registered for VAT. |
| Tangible fixed assets |
| Furnishings & fittings | - |
| Office equipment | - |
| Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at |
| the end of each accounting period. |
| Investment property |
| Investment property is reported at most recent valuation with the last full valuation having been carried out in |
| March 1986 on an open market basis. Any gains or losses as a result of revaluations are recognised in the income |
| statement and deferred taxation is provided on these gains at the rate expected to apply when the property is sold. |
| The directors acknowledge that the value as stated in the Balance Sheet may not fully reflect current fair value |
| but consider that a full valuation of all the properties could not be carried out at this time without undue cost and |
| effort. On this basis, no deferred tax has been recognised on the investment property. |
| Debtors and creditors receivable/payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
| transaction price. Any losses arising from impairment are recognised in the profit and loss account in other |
| administrative costs. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
| the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
| substantively enacted by the balance sheet date. |
| Velo Developments Limited (Registered number: SC051832) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
| sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
| those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
| have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
| timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
| will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| No deferred tax has been provided in relation to furniture and equipment as these are taxable on the replacement |
| basis and the amount of deferred taxation arising in this way is not material. |
| No deferred tax provision has been made in respect of the investment property on the basis there have been no |
| recent revaluations of the property recognised in the financial statements. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Furnishings | Office |
| & fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2019 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 March 2020 |
| DEPRECIATION |
| At 1 April 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| Velo Developments Limited (Registered number: SC051832) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2019 |
| and 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| The investment properties were valued in March 1986 on an open market basis. On the historical cost basis |
| investment properties would have been included at a cost of £84,878 (2019 : £84,878). The directors |
| acknowledge that the value as stated in the Balance Sheet may not fully reflect current fair value but consider |
| that a full valuation of all the properties could not be carried out at this time without undue cost and effort. |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.20 | 31.3.19 |
| £ | £ |
| Tax |
| Directors' current accounts | 70,331 | 67,407 |
| Accrued expenses |
| 7. | PROVISIONS FOR LIABILITIES |
| 31.3.20 | 31.3.19 |
| £ | £ |
| Deferred tax | - | 427 |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2019 |
| Provided during year | ( |
) |
| Balance at 31 March 2020 |
| Deferred Tax was been provided in respect of the furnishings and fittings held as assets of the company from 1st |
| April 2017. However as taxation applies to these assets on the replacement basis and not all furnishings and |
| fittings produce a tax adjustment the directors now feel that any deferred taxation provision is not material and |
| the work involved in accurately computing such provision is disproportionate. The provision has accordingly |
| been vacated in the current year. |
| 8. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 April 2019 |
| and 31 March 2020 |
| Velo Developments Limited (Registered number: SC051832) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 9. | ULTIMATE CONTROLLING PARTY |
| The company is controlled by the Director, Mr M G Will. |