Company Registration No. 08247189 (England and Wales)
VERTICAL FINANCIAL SERVICES LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
VERTICAL FINANCIAL SERVICES LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
VERTICAL FINANCIAL SERVICES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 JUNE 2016
30 June 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Investments
2
5,125
5,125
Current assets
Debtors
1,623,536
604,662
Cash at bank and in hand
223,368
4,399
1,846,904
609,061
Creditors: amounts falling due within one year
(14,533)
(1,500)
Net current assets
1,832,371
607,561
Total assets less current liabilities
1,837,496
612,686
Capital and reserves
Called up share capital
3
498
326
Share premium account
1,842,209
616,032
Profit and loss account
(5,211)
(3,672)
Shareholders' funds
1,837,496
612,686
For the financial year ended 30 June 2016 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 year 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 22 September 2016
N Kenvyn
Director
Company Registration No. 08247189
VERTICAL FINANCIAL SERVICES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2016
- 2 -
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 January 2015).
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
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.4
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.
2
Fixed assets
Investments
£
Cost
At 1 July 2015 & at 30 June 2016
5,125
At 30 June 2015
5,125
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
VFS Legal Limited
England
Ordinary
100.00
Virtual Business Operation Services Limited
England
Ordinary
100.00
VERTICAL FINANCIAL SERVICES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
2
Fixed assets
(Continued)
- 3 -
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
2016
2016
Principal activity
£
£
VFS Legal Limited
Obtaining and Providing funding to the legal sector by way of assignment of customer receivables
173,579
(144,004)
Virtual Business Operation Services Limited
Administrative support services
(360,818)
15,146
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
44,900 Ordinary shares of 1p each
449
326
2,500 of 1p each
25
-
2,400 of 1p each
24
-
498
326
During the year 12,263 ordinary shares of £0.01 each were allotted and fully paid to provide additional working capital of £122.63.
A premium of £99.99 was paid on these shares to provide additional working capital of £1,226,177.37.
During the year 2,520 Growth GS1 shares of £0.01 each were allotted and fully paid to provide additional working capital of £25.20.
During the year 2,380 Growth GS2 shares of £0.01 each were allotted and fully paid to provide additional working capital of £23.80.