Abbreviated Company Accounts - VELOCITY VENTURE CAPITAL LTD

VELOCITY VENTURE CAPITAL LTD - Company Information

07227174 VELOCITY VENTURE CAPITAL LTD 2016-04-30 false 2015-05-01 2016-04-30 true 07227174 2015-05-01 2016-04-30 07227174 2016-04-30 07227174 2015-04-30 07227174 uk-gaap-cd-bus:Director1 2015-05-01 2016-04-30 07227174 uk-gaap-cd-bus:Director2 2015-05-01 2016-04-30 uk-gaap-cd-bus:OrdinaryShareClass1 2015-05-01 2016-04-30 uk-gaap-cd-bus:OrdinaryShareClass1 2016-04-30 uk-gaap-cd-bus:OrdinaryShareClass1 2015-04-30 iso4217:GBP shares

Registered Number 07227174

VELOCITY VENTURE CAPITAL LTD

Abbreviated Accounts

30 April 2016

VELOCITY VENTURE CAPITAL LTD Registered Number 07227174

Abbreviated Balance Sheet as at 30 April 2016

	Notes	2016	2015
		£	£
Fixed assets
Tangible assets	2	76,682	113,467
Investments	3	1,157,858	1,807,958
		1,234,540	1,921,425
Current assets
Debtors	4	1,275,489	1,201,383
Cash at bank and in hand		37,916	108,202
		1,313,405	1,309,585
Creditors: amounts falling due within one year		(2,288,898)	(1,075,045)
Net current assets (liabilities)		(975,493)	234,540
Total assets less current liabilities		259,047	2,155,965
Creditors: amounts falling due after more than one year		0	(1,341,918)
Provisions for liabilities		(2,746)	(8,349)
Total net assets (liabilities)		256,301	805,698
Capital and reserves
Called up share capital	5	853,426	853,426
Profit and loss account		(597,125)	(47,728)
Shareholders' funds		256,301	805,698

For the year ending 30 April 2016 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 20 January 2017

And signed on their behalf by:
N M Foulston, Director

VELOCITY VENTURE CAPITAL LTD Registered Number 07227174

Notes to the Abbreviated Accounts for the period ended 30 April 2016

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents sales to external customers at invoiced amounts less VAT or local taxes where applicable. The proportion of turnover that is attributable to markets outside the UK is 5% (2016 – 53%).

Tangible assets depreciation policy
Fixed assets are depreciated at the following rates calculated to write of the cost less estimated residual value of each asset over its expected useful life:

Fixtures, fittings and equipment 25% straight line
Motor vehicles 25% straight line

Valuation information and policy
Fixed asset investments are stated at cost less any provision for impairment.

Other accounting policies
Going Concern

The directors consider the company will continue to trade as a going concern as they believe the shareholder will continue to support the company to enable it to meet its liabilities as they fall due.

Foreign currency translation

The accounts are stated in pounds sterling. Monetary assets and liabilities denominated in foreign currencies are translated into pounds sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the profit and loss account.

2Tangible fixed assets

	£
Cost
At 1 May 2015	231,062
Additions	1,934
Disposals	-
Revaluations	-
Transfers	-
At 30 April 2016	232,996
Depreciation
At 1 May 2015	117,595
Charge for the year	38,719
On disposals	-
At 30 April 2016	156,314
Net book values
At 30 April 2016	76,682
At 30 April 2015	113,467

3Fixed assets Investments
The company holds more than 20% of the share capital of the following companies:

London Community Gospel Choir Limited:
England & Wales - Ordinary £1 shares -100
Capital and reserves - £100
Profit for the year -£ nil

Other investments:
Investments in group undertakings includes a £10 investment in VV Capital LLP, a limited liability partnership in which N Foulston and S Saville are also members. During the year the investment in Motorsport Circuit Management Limited was fully transferred out of the company to parties that the director, N Foulston has an interest in.

4Debtors

	2016 £	2015 £
Debtors include the following amounts due after more than one year	0	96,425

5Called Up Share Capital
Allotted, called up and fully paid:

	2016 £	2015 £
853,426 Ordinary shares of £1 each	853,426	853,426