Velocity Works Limited in Sunderland, SR1 2NL

Description

Data updated on: 01-11-2023

Velocity Works has been on the market for 20 years. Started under 05282359, it operates as a Private Limited Company. You may find the office of this firm during its opening times at the following address: Woodbine Street, SR1 2NL Sunderland. Launched as Pineshield, it used the name up till 2004, when it was replaced by Velocity Works Limited. This company's declared SIC number is 70100 meaning Activities of head offices. 2021-12-31 is the last time account status updates were filed.

As mentioned in the firm's directors directory, since 2011 there have been two directors: John R. and Dominic G..

Executives who control the firm include: John R. owns over 3/4 of company shares and has 3/4 to full of voting rights. Susan R. owns over 3/4 of company shares and has 3/4 to full of voting rights.

Previous company's names
Velocity Works Limited 2004-12-21
Pineshield Limited 2004-11-10

Financial data based on annual reports

Profit & Loss
Date of Accounts	2021-12-31	2022-12-31
Currency

Balance Sheet
Cash Bank On Hand	1 342 544	456 671
Current Assets	3 341 250	2 779 623
Debtors	14 733	14 733
Net Assets Liabilities	1 485 626	1 485 626
Other Debtors	5 789	1 371
Total Inventories	422 153	314 280

Other Financial Data
Audit Fees Expenses	13 750	20 250
Accrued Income	13 640	20 027
Accumulated Amortisation Impairment Intangible Assets	5 931	8 684
Accumulated Depreciation Impairment Property Plant Equipment	1 799 121	1 758 920
Additional Provisions Increase From New Provisions Recognised		29 598
Additions Other Than Through Business Combinations Property Plant Equipment		309 385
Administration Support Average Number Employees	15	15
Administrative Expenses	2 088 231	2 772 191
Amortisation Expense Intangible Assets	2 640	2 753
Amounts Owed By Related Parties	14 733	14 733
Amounts Owed To Related Parties	36 715
Applicable Tax Rate	19	19
Average Number Employees During Period	129	125
Balances With Banks	1 340 799	456 598
Cash Cash Equivalents	1 342 544	456 671
Cash Cash Equivalents Cash Flow Value	1 342 544
Cash On Hand	1 745	73
Comprehensive Income Expense	115 521	-1 076 221
Comprehensive Income Expense Attributable To Owners Parent	115 521	-1 076 221
Cost Sales	10 139 649	10 941 460
Creditors	2 699 805	1 523 712
Current Tax For Period	12 000	-127 000
Deferred Tax Expense Credit Relating To Changes In Tax Rates Or Laws	36 843	9 358
Deferred Tax Expense Credit Relating To Origination Reversal Timing Differences	25 604	29 631
Deferred Tax Liabilities	-66 881	-60 061
Depreciation Amortisation Expense	243 480	246 466
Depreciation Expense Property Plant Equipment	240 840	243 713
Disposals Decrease In Depreciation Impairment Property Plant Equipment		-270 007
Disposals Property Plant Equipment		-284 353
Distribution Costs	220 913	234 899
Finance Lease Liabilities Present Value Total	97 414	97 181
Finance Lease Payments Owing Minimum Gross	235 344	220 893
Financial Liabilities	2 561 875
Fixed Assets	1 559 462	1 633 614
Foreign Exchange Differences Increase Decrease In Depreciation Impairment Property Plant Equipment		33 467
Further Item Cash Flow From Used In Financing Activities Component Net Cash Flows From Used In Financing Activities		-1 159 969
Future Minimum Lease Payments Under Non-cancellable Operating Leases	104 587	90 613
Gain Loss Due To Foreign Exchange Differences Net Tax In Other Comprehensive Income	-2 381	-2 611
Gain Loss In Cash Flows From Change In Creditors Trade Other Payables	-692 339	321 984
Gain Loss In Cash Flows From Change In Debtors Trade Other Receivables	-466 505	432 119
Gain Loss In Cash Flows From Change In Inventories	-55 502	-107 873
Gain Loss On Disposals Property Plant Equipment		-14 346
Government Grant Income	30 586
Gross Profit Loss	2 509 634	1 881 633
Income Taxes Paid Refund Classified As Operating Activities	12 000	-124 179
Increase Decrease From Foreign Exchange Differences Property Plant Equipment		42 740
Increase Decrease In Cash Cash Equivalents Before Foreign Exchange Differences Changes In Consolidation	-78 346	-885 873
Increase Decrease In Current Tax From Adjustment For Prior Periods	-298	-9 391
Increase Decrease In Net Debt From Cash Flows		-1 025 998
Increase From Amortisation Charge For Year Intangible Assets		2 753
Increase From Depreciation Charge For Year Property Plant Equipment		196 339
Intangible Assets	8 029	5 276
Intangible Assets Gross Cost	13 960	13 960
Interest Expense On Financial Liabilities Fair Value Through Profit Or Loss	27 206	31 491
Interest Expense On Obligations Under Finance Leases Hire Purchase Contracts	12 056	11 243
Interest Income On Bank Deposits	237
Interest Paid Classified As Financing Activities	-39 262	-42 734
Interest Paid Classified As Operating Activities	39 262	42 734
Interest Payable Similar Charges Finance Costs	39 262	42 734
Interest Received Classified As Investing Activities	237
Interest Received Classified As Operating Activities	237
Investments Fixed Assets	1 470 893	1 470 893
Investments In Subsidiaries	1 470 893	1 470 893
Minimum Operating Lease Payments Recognised As Expense	20 689	103 850
Net Cash Flows From Used In Financing Activities	-54 294	97 391
Net Cash Flows From Used In Investing Activities	-316 276	-240 536
Net Cash Flows From Used In Operating Activities	292 224	-742 728
Net Cash Generated From Operations	304 224	-866 907
Net Cash Inflow Outflow From Operations Before Movements In Working Capital	474 556	-864 645
Net Current Assets Liabilities	2 514 244	1 619 282
Net Debt Funds	-1 454 675	-1 164 222
New Finance Leases		-85 455
Operating Profit Loss	231 076	-1 125 457
Other Comprehensive Income Expense Net Tax	-2 381	-2 611
Other Creditors	32 612	37 699
Other Departments Average Number Employees	8	9
Other Interest Receivable Similar Income Finance Income	237
Other Items Increase Decrease In Net Debt In Period		1 401 906
Other Operating Income Format1	30 586
Other Payables Accrued Expenses	153 466	288 698
Other Remaining Borrowings		1 400 000
Ownership Interest In Subsidiary Percent	100	100
Payments Finance Lease Liabilities Classified As Financing Activities	-15 032	-99 906
Pension Costs Defined Contribution Plan	138 716	117 318
Prepayments	255 118	604 050
Production Average Number Employees	106	101
Profit Loss	117 902	-1 073 610
Profit Loss Attributable To Owners Parent	117 902	-1 073 610
Profit Loss On Ordinary Activities Before Tax	192 051	-1 168 191
Property Plant Equipment Gross Cost	2 999 778	3 067 550
Provisions	153 511	183 109
Provisions For Liabilities Balance Sheet Subtotal	153 511	183 109
Purchase Intangible Assets	-4 425
Purchase Property Plant Equipment	-312 088	-240 536
Raw Materials Consumables	239 562	247 124
Revenue From Rendering Services	12 649 283	12 823 093
Social Security Costs	381 020	504 136
Staff Costs Employee Benefits Expense	4 479 215	5 197 556
Taxation Social Security Payable	172 211	192 614
Tax Decrease From Tax Losses For Which No Deferred Tax Asset Was Recognised	6 129	139 373
Tax Decrease Increase From Effect Revenue Exempt From Taxation	4 656
Tax Decrease Increase From Effect Tax Incentives	-10 277	-18 559
Tax Expense Credit Applicable Tax Rate	36 490	-221 956
Tax Increase Decrease Arising From Group Relief Tax Reconciliation	12 000
Tax Increase Decrease From Effect Expenses Not Deductible In Determining Taxable Profit Or Loss	2 854	4 453
Tax Increase Decrease From Other Tax Effects Tax Reconciliation	-14 248	2 141
Tax Tax Credit On Profit Or Loss On Ordinary Activities	74 149	-94 581
Total Assets Less Current Liabilities	4 073 706	3 252 896
Total Borrowings	137 930	1 523 712
Total Deferred Tax Expense Credit	62 149	29 598
Total Operating Lease Payments	521 383	560 034
Trade Creditors Trade Payables	318 934	532 003
Trade Debtors Trade Receivables	1 264 429	1 357 133
Turnover Revenue	451 129	59 050
Unpaid Contributions To Pension Schemes	15 654	12 146
Wages Salaries	3 959 479	4 576 102
Work In Progress	182 591	67 156
Company Contributions To Money Purchase Plans Directors	7 269	7 684
Director Remuneration	81 061	109 733

Company staff

John R.

Role: Director

Appointed: 01 July 2011

Latest update: 20 March 2024

Dominic G.

Role: Director

Appointed: 01 July 2011

Latest update: 20 March 2024

Roger A.

Role: Director

Appointed: 11 April 2012

Resigned: 28 February 2017

Latest update: 20 March 2024

Philip K.

Role: Director

Appointed: 11 April 2012

Resigned: 28 March 2017

Latest update: 20 March 2024

Michael S.

Role: Director

Appointed: 27 January 2005

Resigned: 07 December 2006

Latest update: 20 March 2024