Visibility Asset Management Limited - Period Ending 2014-12-31

Registration number: 05991738

Visibility Asset Management Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2014
 

Visibility Asset Management Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 6

Visibility Asset Management Limited
(Registration number: 05991738)
Abbreviated Balance Sheet at 31 December 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets		2			44,894			46,587
Investments		2			1			1
					44,895			46,588
Current assets
Stocks					83,386			56,228
Debtors					668,221			1,351,339
Cash at bank and in hand					87,727			50,794
					839,334			1,458,361
Creditors: Amounts falling due within one year					(496,391)			(1,060,824)
Net current assets					342,943			397,537
Total assets less current liabilities					387,838			444,125
Creditors: Amounts falling due after more than one year					(28,262)			(127,921)
Provisions for liabilities					(8,980)			(6,943)
Net assets					350,596			309,261
Capital and reserves
Called up share capital		3			1			1
Profit and loss account					350,595			309,260
Shareholders' funds					350,596			309,261

The notes on pages 3 to 6 form an integral part of these financial statements.
Page 1

Visibility Asset Management Limited
(Registration number: 05991738)
Abbreviated Balance Sheet at 31 December 2014
......... continued

For the year ending 31 December 2014 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.

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

Approved by the Board on 25 September 2015 and signed on its behalf by:

.........................................
J Quinn
Director

The notes on pages 3 to 6 form an integral part of these financial statements.
Page 2

Visibility Asset Management Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, 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 total invoice value, excluding value added tax, of sales made during the year. Income is recognised based on the date goods are despatched and the level of completion of services.

Depreciation

Tangible fixed assets are initially recorded at cost. Depreciation is provided on tangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% straight line or over the life of the contract the asset is used on if shorter than 4 years
Fixtures and fittings	10%/33% straight line
Motor vehicles	50% straight line

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks, on a first in first out basis.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the Financial Reporting Standard for Smaller Entities. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

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Visibility Asset Management Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

Hire purchase and leasing

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 4

Visibility Asset Management Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 January 2014		80,379			1			80,380
Additions		31,346			-			31,346
Disposals		(39,707)			-			(39,707)
At 31 December 2014		72,018			1			72,019
Depreciation
At 1 January 2014		33,792			-			33,792
Charge for the year		16,434			-			16,434
Eliminated on disposals		(23,102)			-			(23,102)
At 31 December 2014		27,124			-			27,124
Net book value
At 31 December 2014		44,894			1			44,895
At 31 December 2013		46,587			1			46,588

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

Principal activity

Subsidiary undertakings
Intelitap Limited	Ordinary Shares	100%	Dormant Company

The financial period end of Intelitap Limited is 31 July 2014. The profit for the financial period of Intelitap Limited was £nil and the aggregate amount of capital and reserves at the end of the period was £1.

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		1			1			1			1

Page 5

Visibility Asset Management Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

4	Related party transactions

J Quinn

(Director)
During the year an interest free loan of £30,000 was made to J Quinn. At the balance sheet date the amount due from/(to) J Quinn was £6,000 (2013 - £nil).

5

Control

The company is controlled by it's parent undertaking, Intelitap LLC, a limited liability partnership, registered in the USA . There is no ultimate controlling party .

Page 6