Velocity Modular Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: SC649487 (Scotland)

Unaudited Financial Statements for the Year Ended 30 June 2022

for

Velocity Modular Ltd

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4

DIRECTOR:

Mrs J Higgins

REGISTERED OFFICE:

Block 2 Caponacre Industrial Estate

Cumnock

KA18 1SH

REGISTERED NUMBER:

SC649487 (Scotland)

ACCOUNTANTS:

The Collins Partnership

Chartered Accountants

Westburn Business Centre

McNee Road

Prestwick

Ayrshire

KA9 2PB

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Profit and loss and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Velocity Modular Ltd for the year ended 30 June 2022 which comprise the Profit and Loss, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Velocity Modular Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Velocity Modular Ltd and state those matters that we have agreed to state to the director of Velocity Modular Ltd in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Velocity Modular Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Velocity Modular Ltd. You consider that Velocity Modular Ltd 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 financial statements of Velocity Modular Ltd. 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 financial statements.

The Collins Partnership

Chartered Accountants

Westburn Business Centre

McNee Road

Prestwick

Ayrshire

KA9 2PB

21 December 2022

FIXED ASSETS

Investments

4

200

CURRENT ASSETS

Debtors

5

1,310

-

Cash in hand

100

1,410

100

CREDITORS

Amounts falling due within one year

6

1,732

1,752

NET CURRENT LIABILITIES

(322

)

(1,652

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(122

)

(1,452

)

CAPITAL AND RESERVES

Called up share capital

7

200

Retained earnings

(322

)

(1,652

)

SHAREHOLDERS' FUNDS

12

(122

)

(1,452

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 December 2022 and were signed by:

Mrs J Higgins - Director

1.	STATUTORY INFORMATION

Velocity Modular Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

After reviewing the company's current and future trading performance, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors therefore continue to adopt the going concern basis in preparing the company's financial statements.

Preparation of consolidated financial statements

The financial statements contain information about Velocity Modular Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality.

The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables

Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses.

Other financial liabilities

Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments

A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred 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.

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value.

Impairment of fixed assets

At each reporting date, the company reviews the carrying amounts of its tangible and intangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 July 2021

and 30 June 2022

200

NET BOOK VALUE

At 30 June 2022

200

At 30 June 2021

200

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Name of Company

Class of shares

Holding

The Wee House Company Ltd

Ordinary

100%

Connect Modular Ltd

Ordinary

100%

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

Amounts owed by group undertakings

1,310

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

Amounts owed to group undertakings

-

770

Other creditors

1,732

982

1,732

1,752

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

200

Ordinary

£1

200

8.	CONTINGENT LIABILITIES

The company granted a bond and floating charge to Santander plc over all of the assets and undertakings of the company. This charge was discharged post year end.

9.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10.	POST BALANCE SHEET EVENTS

On 30th November 2022, the company acquired the entire share capital of Hope Homes Scotland Ltd and its wholly owned subsidiaries, Hope South West Limited and Hope Homes (Chapelton) Limited.

11.	ULTIMATE CONTROLLING PARTY

Velocity Modular Ltd is under the control of the director at the year end by virtue of her owning the entire share capital of the company.

12.	RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

2022

2021

£

Profit/(loss) for the financial year

9,250

(770

)

Dividends

(7,920

)

-

New share capital subscribed

-

100

Net addition/(reduction) to shareholders' funds

1,330

(670

)

Opening shareholders' funds

(1,452

)

(782

)

Closing shareholders' funds

(122

)

(1,452

)

Velocity Modular Ltd - Accounts to registrar (filleted) - small 22.3

Velocity Modular Ltd - Accounts to registrar (filleted) - small 22.3