Accounts Submission
Accounts Submission
VELO MARKETING LTD
Company Registration Number:
07191038
(England and Wales)
Unaudited statutory accounts for the year ended 31 March 2020
Period of accounts
Start date: 01 April 2019
End date: 31 March 2020
VELO MARKETING LTD
Contents of the Financial Statements
for the Period Ended 31 March 2020
Company Information - 3 | |
Balance sheet - 4 | |
Additional notes - 6 | |
Balance sheet notes - 10 |
VELO MARKETING LTD
Company Information
for the Period Ended 31 March 2020
Registered office: |
England |
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Company Registration Number: |
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VELO MARKETING LTD
Balance sheet
As at
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2020 £ |
2019 £ |
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Fixed assets | |||
Tangible assets: | 5 |
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Total fixed assets: |
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Current assets | |||
Debtors: | 6 |
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Cash at bank and in hand: |
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Total current assets: |
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Creditors: amounts falling due within one year: | 7 |
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Net current assets (liabilities): |
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Total assets less current liabilities: |
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Creditors: amounts falling due after more than one year: | 8 |
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Total net assets (liabilities): |
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The notes form part of these financial statements
VELO MARKETING LTD
Balance sheet continued
As at 31 March 2020
Notes |
2020 £ |
2019 £ |
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Capital and reserves | |||
Called up share capital: |
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Profit and loss account: |
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Shareholders funds: |
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This report was approved by the board of directors on
And Signed On Behalf Of The Board By:
Name:
Status: Director
The notes form part of these financial statements
VELO MARKETING LTD
Notes to the Financial Statements
for the Period Ended 31 March 2020
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1. Accounting policies
Basis of measurement and preparation
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102 Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.Tangible fixed assets depreciation policy
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment Useful life of 3 Years
Office Equipment and Furniture Useful life of 4 YearsOther accounting policies
Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
VELO MARKETING LTD
Notes to the Financial Statements
for the Period Ended 31 March 2020
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2. Employees
2020
2019Average number of employees during the period 22 14
VELO MARKETING LTD
Notes to the Financial Statements
for the Period Ended 31 March 2020
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3. Off balance sheet disclosure
No
VELO MARKETING LTD
Notes to the Financial Statements
for the Period Ended 31 March 2020
4. Dividends
2020 £ |
2019 £ |
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Dividends paid |
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VELO MARKETING LTD
Notes to the Financial Statements
for the Period Ended 31 March 2020
5. Tangible assets
Plant & machinery | Total | |
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Cost | £ | £ |
At 01 April 2019 |
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Additions |
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Disposals | - | - |
Revaluations | - | - |
Transfers | - | - |
At 31 March 2020 |
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Depreciation | ||
At 01 April 2019 |
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Charge for year |
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On disposals | - | - |
Other adjustments | - | - |
At 31 March 2020 |
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Net book value | ||
At 31 March 2020 |
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At 31 March 2019 |
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VELO MARKETING LTD
Notes to the Financial Statements
for the Period Ended 31 March 2020
6. Debtors
2020 £ |
2019 £ |
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Trade debtors |
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Other debtors |
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Total |
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VELO MARKETING LTD
Notes to the Financial Statements
for the Period Ended 31 March 2020
7.Creditors: amounts falling due within one year note
2020 £ |
2019 £ |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Total |
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VELO MARKETING LTD
Notes to the Financial Statements
for the Period Ended 31 March 2020
8.Creditors: amounts falling due after more than one year
2020 £ |
2019 £ |
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Bank loans and overdrafts |
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Amounts due under finance leases and hire purchase contracts |
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Other creditors |
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Total |
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