Virtuous Circle Engineering Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 06641259 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2014

FOR

VIRTUOUS CIRCLE ENGINEERING LIMITED

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

3

FIXED ASSETS

Tangible assets

2

8,160

3,985

Investment property

3

285,701

-

293,861

3,985

CURRENT ASSETS

Debtors

9,628

8,665

Cash at bank

6,924

66,337

16,552

75,002

CREDITORS

Amounts falling due within one year

4

66,729

22,802

NET CURRENT (LIABILITIES)/ASSETS

(50,177

)

52,200

TOTAL ASSETS LESS CURRENT LIABILITIES

243,684

56,185

CREDITORS

Amounts falling due after more than one year

4

(190,132

)

-

PROVISIONS FOR LIABILITIES

(1,632

)

(1,540

)

NET ASSETS

51,920

54,645

CAPITAL AND RESERVES

Called up share capital

5

1

1

Profit and loss account

51,919

54,644

SHAREHOLDERS' FUNDS

51,920

54,645

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 31 March 2015 and were signed by:

T J Nation - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The accounts have been prepared in accordance with applicable accounting standards. The principal accounting

policies adopted in the preparation of the financial statements are set out below and have remained unchanged

from the previous year.

At the balance sheet date the company had net current liabilities of £50,177 (2013 - net current assets of

£52,200), and total net assets of £51,920 (2013 - £54,645). Included in creditors due within one year is a

director's loan of £19,167. The director has expressed his willingness to support the company as necessary and

along with the forecasted future profitable trade the business is considered a going concern. The accounts and

financial statements have therefore been prepared on a going concern basis.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover comprises the value of sales (net of value added tax) of goods and services provided in the normal

course of business. Revenue is recognised in respect of service contracts when the company obtains the right to

consideration.

Tangible fixed assets

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

Property fixtures and fittings

-

33% on cost

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

market value is transferred to a revaluation reserve.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 August 2013

13,129

Additions

10,526

At 31 July 2014

23,655

DEPRECIATION

At 1 August 2013

9,144

Charge for year

6,351

At 31 July 2014

15,495

NET BOOK VALUE

At 31 July 2014

8,160

At 31 July 2013

3,985

3.	INVESTMENT PROPERTY

Total

£

COST

Additions

285,701

At 31 July 2014

285,701

NET BOOK VALUE

At 31 July 2014

285,701

4.

CREDITORS

Creditors include an amount of £ 190,132 for which security has been given.

They also include the following debts falling due in more than five years:

2014

2013

£

£

Repayable by instalments

190,132

-

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

1

Ordinary

£1

1

1