Virtual Power Ltd - Period Ending 2016-03-31

Registration number: 07251329

Virtual Power Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016

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

Virtual Power Ltd

Contents

Abbreviated Balance Sheet	1
Notes to the Abbreviated Accounts	2 to 4

Virtual Power Ltd

(Registration number: 07251329)
Abbreviated Balance Sheet as at 31 March 2016

	Note	2016 £	2015 £
Current assets
Debtors		47	432,821
Cash at bank and in hand		2,033	103,734
		2,080	536,555
Creditors: Amounts falling due within one year		-	(480,148)
Total assets less current liabilities		2,080	56,407
Accruals and deferred income		(250)	(250)
Net assets		1,830	56,157
Capital and reserves
Called up share capital	2	1,000	1,000
Profit and loss account		830	55,157
Shareholders funds		1,830	56,157

For the year ending 31 March 2016 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 director on 20 December 2016

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

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Virtual Power Ltd

Notes to the Abbreviated Accounts

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 2015).

Exemption from preparing a cash flow statement

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

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.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

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, work in progress and long term contracts

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

Page 2

Virtual Power Ltd

Notes to the Abbreviated Accounts

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.

Share capital

Allotted, called up and fully paid shares

	2016		2015
	No.	£	No.	£
Ordinary Shares of £1 each	1,000	1,000	1,000	1,000

Related party transactions

Transactions with directors

2016	At 1 April 2015 £	Advances to directors £	Repayments by director £	Other payments made to company by director £	At 31 March 2016 £
Mr CA Revens
Loan	10,294	-	(10,294)	-	0

2015	At 1 April 2014 £	Advances to directors £	Repayments by director £	Other payments made to company by director £	At 31 March 2015 £
Mr CA Revens
Loan	-	10,294	-	-	10,294

Page 3

Virtual Power Ltd

Notes to the Abbreviated Accounts

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 4