VELOCITY VENTURE CAPITAL LTD

VELOCITY VENTURE CAPITAL LTD

VELOCITY VENTURE CAPITAL LTD - Company Information

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VELOCITY VENTURE CAPITAL LTD

Company Registration Number:
07227174 (England and Wales)

Unaudited abridged accounts for the year ended 30 April 2018

Period of accounts

Start date: 01 May 2017

End date: 30 April 2018

VELOCITY VENTURE CAPITAL LTD

Contents of the Financial Statements

for the Period Ended 30 April 2018

Balance sheet
Notes

VELOCITY VENTURE CAPITAL LTD

Balance sheet

As at 30 April 2018


Notes
2018
2017


£
£
Fixed assets
Tangible assets: 3 9,413 21,699
Investments: 4 808,020 808,095
Total fixed assets: 817,433 829,794
Current assets
Debtors: 5 1,953,155 1,099,395
Cash at bank and in hand: 16,326 57,381
Total current assets: 1,969,481 1,156,776
Creditors: amounts falling due within one year: 6 (2,246,584) (1,619,621)
Net current assets (liabilities): (277,103) (462,845)
Total assets less current liabilities: 540,330 366,949
Provision for liabilities:   (141)
Total net assets (liabilities): 540,330 366,808
Capital and reserves
Called up share capital: 853,426 853,426
Profit and loss account: (313,096) (486,618)
Shareholders funds: 540,330 366,808

The notes form part of these financial statements

VELOCITY VENTURE CAPITAL LTD

Balance sheet statements

For the year ending 30 April 2018 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 14 January 2019
and signed on behalf of the board by:

Name: N M Foulston
Status: Director

The notes form part of these financial statements

VELOCITY VENTURE CAPITAL LTD

Notes to the Financial Statements

for the Period Ended 30 April 2018

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover represents sales to external customers at invoiced amounts less VAT where applicable.

Tangible fixed assets and 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 lineMotor vehicles 25% straight line

Other accounting policies

Investments- Investments are stated at cost less any provision for impairment. 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. Taxation- Taxation represents the sum of tax currently payable and deferred tax. 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 in respect of all timing differences (including fair value adjustments) that have originated but not reversed by the balance sheet date except that a deferred tax asset is only recognised to the extent that it is regarded as recoverable. Deferred tax is measured using the rate of tax that is expected to apply in the periods in which the timing differences are expected to reverse.

VELOCITY VENTURE CAPITAL LTD

Notes to the Financial Statements

for the Period Ended 30 April 2018

2. Employees

2018 2017
Average number of employees during the period 2 2

VELOCITY VENTURE CAPITAL LTD

Notes to the Financial Statements

for the Period Ended 30 April 2018

3. Tangible Assets

Total
Cost £
At 01 May 2017 169,536
Additions 150
At 30 April 2018 169,686
Depreciation
At 01 May 2017 147,837
Charge for year 12,436
At 30 April 2018 160,273
Net book value
At 30 April 2018 9,413
At 30 April 2017 21,699

VELOCITY VENTURE CAPITAL LTD

Notes to the Financial Statements

for the Period Ended 30 April 2018

4. Fixed investments

Property Investments - Cost b/f c/f £808,000; Investments in group undertakings B/f 95, disposals (75), c/f £20. The company holds more than 20% of the share capital of the following companies:LAT Holdings Limited-England & Wales-Ordinary shares-100%. - Capital and reserves (£8,596), Loss for the year (£6,262).

VELOCITY VENTURE CAPITAL LTD

Notes to the Financial Statements

for the Period Ended 30 April 2018

5. Debtors

2018 2017
££
Debtors due after more than one year: 116,700 0

VELOCITY VENTURE CAPITAL LTD

Notes to the Financial Statements

for the Period Ended 30 April 2018

6. Creditors: amounts falling due within one year note

Trade creditors £69,184 (2017-£38,742), Amounts owed to group undertakings £1,154,556 (2017-£964,601), Taxation and social security £25,181 (2017-£10,230), Corporation tax £1,826 (2017 £-), Other creditors £995,837 (2017-£606,048).