VTIME LIMITED (FORMERLY LIVAPPOOL LIMITED)
REGISTERED NUMBER:
08620816
ABBREVIATED BALANCE SHEET
AS AT
31 JULY 2016
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CREDITORS:
amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CREDITORS:
amounts falling due after more than one year
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The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act")
and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 July 2016 and of its loss for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on
1 September 2016
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The notes on page 2 form part of these financial statements.
Page 1
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VTIME LIMITED (FORMERLY LIVAPPOOL LIMITED)
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2016
1.
ACCOUNTING POLICIES
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Basis of preparation of financial statements
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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 January 2015)
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The development activities have been funded by way of a loan facility made available by a director and shareholder who has indicated to the board that he will commit further funding and will continue to support the Company and will not seek repayment in the next 12 months.
The directors are confident that sufficient funding will be available to bring the products to market and that the going concern basis is appropriate.
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Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
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2.
SHARE CAPITAL
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Allotted, called up and fully paid
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100
Ordinary
shares of £
1
each
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3.
RELATED PARTY TRANSACTIONS
There is a balance due to the director, Martin Kenwright, of £3,586,033 as at 31st July 2016 (2015: £2,499,235). The loan is unsecured, and has no fixed repayment terms. Interest of £200,000 (2015:£50,000) was charged during the year.
 
4.
ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY
The company is a wholly owned subsidiary of Vtime Holdings Limited which is also the ultimate parent undertaking. The directors believe that the Company is controlled by Mr. Martin Kenwright, a director and shareholder of the ultimate parent undertaking.
Page 2
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