Company Registration No. 05464025 (England and Wales)
VIR2 LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2015
VIR2 LTD
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
VIR2 LTD
ABBREVIATED BALANCE SHEET
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Intangible assets
2
18,400
20,700
Tangible assets
2
334
-
18,734
20,700
Current assets
Debtors
48,265
50,496
Cash at bank and in hand
19,907
1,258
68,172
51,754
Creditors: amounts falling due within one year
(87,632)
(49,243)
Net current liabilities/(assets)
(19,460)
2,511
Total assets less current liabilities
(726)
23,211
Provisions for liabilities
(67)
-
(793)
23,211
Capital and reserves
Called up share capital
3
2
2
Revaluation reserve
23,000
23,000
Profit and loss account
(23,795)
209
Shareholders' funds
(793)
23,211
VIR2 LTD
ABBREVIATED BALANCE SHEET (CONTINUED)
- 2 -
For the financial year ended 31 May 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his 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 26 February 2016
Mr R Craven
Director
Company Registration No. 05464025
VIR2 LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2015
- 3 -
1
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 April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Computer equipment
33% straight line
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost or valuation
At 1 June 2014
23,000
1,094
24,094
Additions
-
471
471
At 31 May 2015
23,000
1,565
24,565
Depreciation
At 1 June 2014
2,300
1,094
3,394
Charge for the year
2,300
137
2,437
At 31 May 2015
4,600
1,231
5,831
Net book value
At 31 May 2015
18,400
334
18,734
At 31 May 2014
20,700
-
20,700
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
2 Ordinary shares of £1 each
2
2
VIR2 LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2015
- 4 -
4
Related party relationships and transactions
Loans to directors
Transactions in relation to loans with directors during the year are outlined in the table below:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Mr R Craven - Interest free loan
-
4,564
-
-
4,564
-
4,564
-
-
4,564
-