Reverse Vending Corporation Limited - Limited company accounts 11.7

REGISTERED NUMBER: 05521180

Reverse Vending Corporation Limited

Report of the Directors and

Unaudited Financial Statements for the Year Ended 30th September 2014

Page

Company Information

1

Report of the Directors

2

Profit and Loss Account

3

Statement of Total Recognised Gains and Losses

4

Balance Sheet

5

Notes to the Financial Statements

7

DIRECTORS:

S. S Stothard

Mrs C A Hall

REGISTERED OFFICE:

35, The Glade

Croydon

Surrey

CR0 7QG

REGISTERED NUMBER:

05521180

ACCOUNTANTS:

The Decimal Place

8 Blandfield Road

London

SW12 8BG

BANKERS:

HSBC

9, Wellesley Road

Croydon

Surrey

CR9 2AA

The directors present their report with the financial statements of the company for the year ended 30th September 2014.

DIRECTORS

The directors shown below have held office during the whole of the period from

1st October 2013 to the date of this report.

S. S Stothard

Mrs C A Hall

This report has been prepared in accordance with the special provisions of Part 15 of the

Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

S. S Stothard - Director

30th June 2015

TURNOVER

-

127,130

Cost of sales

-

(46,396

)

GROSS PROFIT

-

80,734

Administrative expenses

-

(113,641

)

OPERATING LOSS and

LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION

2

-

(32,907

)

Tax on loss on ordinary activities

3

-

-

LOSS FOR THE FINANCIAL YEAR

-

(32,907

)

LOSS FOR THE FINANCIAL YEAR

-

(32,907

)

Revaluation of intangible assets

TOTAL RECOGNISED GAINS AND LOSSES RELATING TO THE YEAR

-

(32,907

)

FIXED ASSETS

Intangible assets

4

147,278

147,278

Tangible assets

5

1

1

147,279

147,279

CURRENT ASSETS

Debtors

6

20,865

20,865

Investments

7

8,835

11,440

Cash at bank

7,647

3,798

37,347

36,103

CREDITORS

Amounts falling due within one year

8

28,928

27,684

NET CURRENT ASSETS

8,419

8,419

TOTAL ASSETS LESS CURRENT LIABILITIES

155,698

155,698

CAPITAL AND RESERVES

Called up share capital

9

50,000

50,000

Revaluation reserve

10

141,254

141,254

Directors' long term loans

10

341,743

341,743

Profit and loss account

10

(377,299

)

(377,299

)

SHAREHOLDERS' FUNDS

155,698

155,698

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the Board of Directors on 30th June 2015 and were signed on its behalf by:

S. S Stothard - Director

1.	ACCOUNTING POLICIES

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).

The company was dormant throughout the year ended 30th September 2014.

However, reference to information relating to the year ended 30th September 2013

has been made where appropriate.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets

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

Computer equipment

-

25% on cost

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated

but not reversed at the balance sheet date.

2.	OPERATING LOSS

The operating loss is stated after charging:

2014

2013

£

£

Depreciation - owned assets

-

1

Goodwill amortisation

-

15,000

Domain names amortisation

-

26,750

Product development costs amortisation

-

25,000

Trade marks amortisation

-

12,500

Directors' remuneration and other benefits etc

-

-

3.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose on ordinary activities for the year ended

30th September 2014 nor for the year ended 30th September 2013.

4.	INTANGIBLE FIXED ASSETS

Product

Domain

development

Trade

Goodwill

names

costs

marks

Totals

£

£

£

£

£

COST

At 1st October 2013

and 30th September 2014

76,000

107,000

153,750

50,000

386,750

AMORTISATION

At 1st October 2013

and 30th September 2014

60,999

66,036

87,437

25,000

239,472

NET BOOK VALUE

At 30th September 2014

15,001

40,964

66,313

25,000

147,278

At 30th September 2013

15,001

40,964

66,313

25,000

147,278

The directors have considered the open market valuations of the trade marks for "

recycling" the web-site and the collection of commercially " sensitive" domain names

and have revalued these intangible assets accordingly.

The directors have considered the open market valuations of the trade marks for "

recycling" the web-site and the collection of commercially " sensitive" domain names

and have revalued these intangible assets accordingly.

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1st October 2013

and 30th September 2014

1,590

DEPRECIATION

At 1st October 2013

and 30th September 2014

1,589

NET BOOK VALUE

At 30th September 2014

1

At 30th September 2013

1

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2014

2013

£

£

Directors' current accounts

20,865

20,865

7.	CURRENT ASSET INVESTMENTS

2014

2013

£

£

Other

8,835

11,440

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2014

2013

£

£

VAT

18,602

17,358

Other creditors

586

586

Accruals and deferred income

9,740

9,740

28,928

27,684

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

50,000

Ordinary

£1

50,000

50,000

10.

RESERVES

Profit

Directors'

and loss

Revaluation

long term

account

reserve

loans

Totals

£

£

£

£

At 1st October 2013

(377,299

)

141,254

341,743

105,698

Profit for the year

-

-

At 30th September 2014

(377,299

)

141,254

341,743

105,698

11.	ULTIMATE CONTROLLING PARTY

Carol Hall and Stephen Stothard each owns 50% of the company's equity.