Velo Developments Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC051832 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Velo Developments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr M G Will

REGISTERED OFFICE:

Stewart & Watson

4 North Street

Mintlaw

Peterhead

Aberdeenshire

AB42 5HH

REGISTERED NUMBER:

SC051832 (Scotland)

ACCOUNTANTS:

SBP

Accountants

Glebefield House

21 Links Terrace

Peterhead

Aberdeenshire

AB42 2XA

FIXED ASSETS

Tangible assets

4

7,419

6,736

Investment property

5

200,000

200,000

207,419

206,736

CURRENT ASSETS

Debtors

6

92

85

Cash at bank

11,465

13,551

11,557

13,636

CREDITORS

Amounts falling due within one year

7

83,643

82,218

NET CURRENT LIABILITIES

(72,086

)

(68,582

)

TOTAL ASSETS LESS CURRENT LIABILITIES

135,333

138,154

PROVISIONS FOR LIABILITIES

5,673

-

NET ASSETS

129,660

138,154

CAPITAL AND RESERVES

Called up share capital

15,000

15,000

Other reserves

8

113,383

119,056

Retained earnings

8

1,277

4,098

SHAREHOLDERS' FUNDS

129,660

138,154

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 August 2023 and were signed by:

Mr M G Will - Director

1.	STATUTORY INFORMATION

Velo Developments Limited 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Furnishings & fittings

-

15% on reducing balance

Office equipment

-

33% on cost

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 July 2021. 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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

Furnishings

Office

machinery

& fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2022

300

33,554

-

33,854

Additions

-

1,437

1,376

2,813

Disposals

-

(23,485

)

-

(23,485

)

At 31 March 2023

300

11,506

1,376

13,182

DEPRECIATION

At 1 April 2022

60

27,058

-

27,118

Charge for year

48

1,113

454

1,615

Eliminated on disposal

-

(22,970

)

-

(22,970

)

At 31 March 2023

108

5,201

454

5,763

NET BOOK VALUE

At 31 March 2023

192

6,305

922

7,419

At 31 March 2022

240

6,496

-

6,736

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

and 31 March 2023

200,000

NET BOOK VALUE

At 31 March 2023

200,000

At 31 March 2022

200,000

Fair value at 31 March 2023 is represented by:

£

Valuation in 1998

35,207

Valuation in 2021

83,849

Cost

80,944

200,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Other debtors

92

85

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade creditors

2,477

-

Directors' current accounts

79,485

73,233

Accrued expenses

1,681

8,985

83,643

82,218

8.

RESERVES

Retained

Other

earnings

reserves

Totals

£

£

£

At 1 April 2022

4,098

119,056

123,154

Deficit for the year

(8,494

)

-

(8,494

)

Transfer

5,673

(5,673

)

-

At 31 March 2023

1,277

113,383

114,660

9.	ULTIMATE CONTROLLING PARTY

The company is controlled by the Director, Mr M G Will.