VTSL Limited - Period Ending 2014-02-28

Registration number: 02705136

VTSL Limited

Unaudited Abbreviated Accounts

for the Year Ended 28 February 2014
 

Critchleys LLP
Chartered Accountants
Greyfriars Court
Paradise Square
Oxford
OX1 1BE

VTSL Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

VTSL Limited - Registration number: 02705136
at 28 February 2014

		Note			2014						2013
	£			£			£			£
Fixed assets
Intangible fixed assets								51,366						35,891
Tangible fixed assets		2						30,871						20,382
								82,237						56,273
Current assets
Stocks					8,776						15,558
Debtors					70,431						70,593
Cash at bank and in hand					126,691						37,324
					205,898						123,475
Creditors: Amounts falling due within one year					(269,088)						(292,782)
Net current liabilities								(63,190)						(169,307)
Net assets/(liabilities)								19,047						(113,034)
Capital and reserves
Called up share capital		3			100						100
Profit and loss account					18,947						(113,134)
Shareholders' funds/(deficit)								19,047						(113,034)

For the year ending 28 February 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 26 November 2014 and signed on its behalf by:

.........................................
Mr D J Walton
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
  Page 1

VTSL Limited
Notes to the Abbreviated Accounts for the Year Ended 28 February 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).

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 amounts receivable for goods and services net of VAT and trade discounts.

Amortisation

Licences are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over 3 years.

Licences	33% straight line

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:

Motor vehicles	30% reducing balance
Office equipment	33% straight line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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.

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VTSL Limited
Notes to the Abbreviated Accounts for the Year Ended 28 February 2014
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 March 2013		109,474			54,132			163,606
Additions		46,704			22,578			69,282
Disposals		(14,361)			(24,027)			(38,388)
At 28 February 2014		141,817			52,683			194,500
Depreciation
At 1 March 2013		73,583			33,750			107,333
Charge for the year		31,229			12,088			43,317
Eliminated on disposals		(14,361)			(24,026)			(38,387)
At 28 February 2014		90,451			21,812			112,263
Net book value
At 28 February 2014		51,366			30,871			82,237
At 28 February 2013		35,891			20,382			56,273

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

4

Control

The company is controlled by VTSL Global Holdings Limited, the parent company with an 86% shareholding, registered in England and Wales.

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