Abbreviated Company Accounts - VUTURE LTD

Abbreviated Company Accounts - VUTURE LTD

VUTURE LTD - Company Information

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Registered Number 05641029

VUTURE LTD

Abbreviated Accounts

31 March 2015

VUTURE LTD Registered Number 05641029

Abbreviated Balance Sheet as at 31 March 2015

Notes 2015 2014
£ £
Fixed assets
Tangible assets 2 40,516 22,276
Investments 3 62 62
40,578 22,338
Current assets
Debtors 1,423,762 1,327,791
Cash at bank and in hand 1,980,957 986,282
3,404,719 2,314,073
Creditors: amounts falling due within one year (469,732) (112,334)
Net current assets (liabilities) 2,934,987 2,201,739
Total assets less current liabilities 2,975,565 2,224,077
Provisions for liabilities (8,103) (5,123)
Total net assets (liabilities) 2,967,462 2,218,954
Capital and reserves
Called up share capital 4 2,000 2,000
Other reserves 79 79
Profit and loss account 2,965,383 2,216,875
Shareholders' funds 2,967,462 2,218,954
  • 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 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 23 December 2015

And signed on their behalf by:
Mr T. Unal, Director

VUTURE LTD Registered Number 05641029

Notes to the Abbreviated Accounts for the period ended 31 March 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Compliance with accounting standards

The financial statements are prepared in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax after adjusting for deferred revenue.

30.54% of the company's turnover (2014 - 56.17%) is attributable to geographical markets outside the United Kingdom.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Computer equipment - 25% Straight line
Fixtures, fittings and equipment - 25% Straight line

Other accounting policies
Leasing

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Investments

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

Deferred taxation

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.

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.

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

2Tangible fixed assets
£
Cost
At 1 April 2014 58,812
Additions 33,024
Disposals -
Revaluations -
Transfers -
At 31 March 2015 91,836
Depreciation
At 1 April 2014 36,536
Charge for the year 14,784
On disposals -
At 31 March 2015 51,320
Net book values
At 31 March 2015 40,516
At 31 March 2014 22,276

3Fixed assets Investments
The company owns 100% of the issued share capital of Vuture US Inc.

Vuture US Inc had aggregate capital and reserves of £23,911 (2014 - £(33,073))
Vuture US Inc profits for the year of £61,009 (2014 - £166,067)

4Called Up Share Capital
Allotted, called up and fully paid:
2015
£		 2014
£
500 Ordinary A shares of £1 each (2,000 shares for 2014) 500 2,000
500 Ordinary B shares of £1 each (0 shares for 2014) 500 0
500 Ordinary C shares of £1 each (0 shares for 2014) 500 0
500 Ordinary D shares of £1 each (0 shares for 2014) 500 0

On 1st July 2014 the following changes were made to the share capital of the company.

500 Ordinary A shares with a par value of £1 were reclassified to 500 Ordinary B shares with a par value of £1.
500 Ordinary A shares with a par value of £1 were reclassified to 500 Ordinary C shares with a par value of £1.
500 Ordinary A shares with a par value of £1 were reclassified to 500 Ordinary D shares with a par value of £1.