VZINTERNET_LIMITED - Accounts

VZINTERNET LIMITED - Company Information

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Company Registration No. 08063908 (England and Wales)

VZINTERNET LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2015

VZINTERNET LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

VZINTERNET LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2015

- 1 -

2015

Notes

Fixed assets

Intangible assets

26,785

22,097

Tangible assets

6,144

5,225

Investments

32,930

27,322

Current assets

Debtors

8,488

17,294

Cash at bank and in hand

116,232

202,642

124,720

219,936

Creditors: amounts falling due within one year

(50,939)

(54,097)

Net current assets

73,781

165,839

Total assets less current liabilities

106,711

193,161

Capital and reserves

Called up share capital

81,250

Share premium account

288,037

Profit and loss account

(262,576)

(176,126)

Shareholders' funds

106,711

193,161

For the financial period ended 31 December 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 12 August 2016

Paul Ashton

Director

Company Registration No. 08063908

VZINTERNET LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE PERIOD ENDED 31 DECEMBER 2015

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Going concern

The directors' believes that the company is adequately funded by way of share capital and accordingly believes that the going concern concept is appropriate for the preparation of the company's accounts.

1.2

Patents

Patents are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives.

1.3

Tangible fixed assets and depreciation

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

Straight line over 3 years

Fixtures and fittings

Straight line over 3 years

1.4

Investments

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

1.5

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 the profit and loss account.

VZINTERNET LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE PERIOD ENDED 31 DECEMBER 2015

- 3 -

Fixed assets

Intangible assets

Tangible assets

Investments

Total

Cost

At 1 June 2015

22,883

5,952

28,835

Additions

6,140

2,388

8,529

At 31 December 2015

29,023

8,340

37,364

Depreciation

At 1 June 2015

786

727

1,513

Charge for the period

1,452

1,469

2,921

At 31 December 2015

2,238

2,196

4,434

Net book value

At 31 December 2015

26,785

6,144

32,930

At 31 May 2015

22,097

5,225

27,322

Holdings of more than 20%

The company holds more than 20% of the share capital of the following companies:

Company

Country of registration or

Shares held

incorporation

Class

Subsidiary undertakings

Cyberrein Limited

England & Wales

Ordinary

100.00

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:

Capital and reserves

Profit/(loss) for the year

2015

Principal activity

Cyberrein Limited

Dormant

Share capital

2015

Allotted, called up and fully paid

16,250,000 A shares of 0.5p each

81,250