Virtual Power Ltd - Period Ending 2015-03-31

Registration number: 07251329

Virtual Power Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

Makinson & Co.
Chartered Accountants
1 Hill Street
Lydney
Glos
GL15 5HB

Virtual Power Ltd
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Virtual Power Ltd
(Registration number: 07251329)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets		2			-			422,500
Tangible fixed assets		2			-			85
					-			422,585
Current assets
Debtors					432,821			206,662
Cash at bank and in hand					103,734			5,022
					536,555			211,684
Creditors: Amounts falling due within one year					(480,398)			(578,382)
Net current assets/(liabilities)					56,157			(366,698)
Total assets less current liabilities					56,157			55,887
Provisions for liabilities					-			(17)
Net assets					56,157			55,870
Capital and reserves
Called up share capital		3			1,000			1,000
Profit and loss account					55,157			54,870
Shareholders' funds					56,157			55,870

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Virtual Power Ltd
(Registration number: 07251329)
Abbreviated Balance Sheet at 31 March 2015
......... continued

For the year ending 31 March 2015 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 director acknowledges his 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 director on 20 December 2015

.........................................
Mr CA Revens
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Virtual Power Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... 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).

Exemption from preparing group accounts

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling within the company's ordinary activities.

Amortisation

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	10% straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Other tangible assets	25% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax, with the following exceptions: Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Page 3

Virtual Power Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2014		580,000			250			580,250
Disposals		(580,000)			(250)			(580,250)
At 31 March 2015		-			-			-
Depreciation
At 1 April 2014		157,500			165			157,665
Charge for the year		-			21			21
Eliminated on disposals		(157,500)			(186)			(157,686)
At 31 March 2015		-			-			-
Net book value
At 31 March 2015		-			-			-
At 31 March 2014		422,500			85			422,585

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary Shares of £1 each		1,000			1,000			1,000			1,000

4	Related party transactions

Director's advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
Mr CA Revens
Loan	10,294	-	-	-

Page 4

Virtual Power Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

5

Control

The company is controlled by Carl Revens Group Ltd. This company is owned 100% by director Mr C A Revens & Mrs N C Revens.

Page 5