VETT Limited - Accounts

VETT Limited - Accounts

GRAY & BLACK LTD - Company Information

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Registered number
04448719
VETT Limited
Report and Accounts
30 November 2014
VETT Limited
Registered number: 04448719
Directors' Report
The directors present their report and accounts for the year ended 30 November 2014.
Principal activities
The company's principal activity during the year continued to be the licencing of VETT IP to the UK Financial Services industry.
Directors
The following persons served as directors during the year:
Garry Gibson
Faye Wright
Wesley Grainger Smith
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 23 June 2015 and signed on its behalf.
Faye Wright
Director
VETT Limited
Profit and Loss Account
for the year ended 30 November 2014
Notes 2014 2013
£ £
Administrative expenses (10,927) (7,741)
Operating loss 2 (10,927) (7,741)
Interest receivable - 15
Loss on ordinary activities before taxation (10,927) (7,726)
Tax on loss on ordinary activities 3 (3) -
Loss for the financial year (10,930) (7,726)
VETT Limited
Balance Sheet
as at 30 November 2014
Notes 2014 2013
£ £
Fixed assets
Tangible assets 4 346 965
Current assets
Debtors 5 298 309
Cash at bank and in hand 82 3,755
380 4,064
Creditors: amounts falling due within one year 6 (82,232) (75,605)
Net current liabilities (81,852) (71,541)
Net liabilities (81,506) (70,576)
Capital and reserves
Called up share capital 7 4 4
Share premium 8 35,011 35,011
Profit and loss account 9 (116,521) (105,591)
Shareholders' funds (81,506) (70,576)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
Faye Wright
Director
Approved by the board on 23 June 2015
VETT Limited
Notes to the Accounts
for the year ended 30 November 2014
1 Accounting policies
Basis of preparation
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
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Fixtures, fittings & equipment 25% straight line
2 Operating loss 2014 2013
£ £
This is stated after charging:
Depreciation of owned fixed assets 619 617
3 Taxation 2014 2013
£ £
UK corporation tax 3 -
4 Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 December 2013 2,476
At 30 November 2014 2,476
Depreciation
At 1 December 2013 1,511
Charge for the year 619
At 30 November 2014 2,130
Net book value
At 30 November 2014 346
At 30 November 2013 965
5 Debtors 2014 2013
£ £
Other debtors 298 309
6 Creditors: amounts falling due within one year 2014 2013
£ £
Trade creditors - 200
Directors' accounts 82,032 75,205
Accruals 200 200
82,232 75,605
7 Share capital Nominal 2014 2014 2013
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £0.01 each 400 4 4
8 Share premium 2014
£
At 1 December 2013 35,011
At 30 November 2014 35,011
9 Profit and loss account 2014
£
At 1 December 2013 (105,591)
Loss for the year (10,930)
At 30 November 2014 (116,521)
10 Related party transactions
The company is controlled by Garry Gibson, a director, together with members
of his close family.
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