REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VERY MOBILE GROUP LIMITED |
|
ABBREVIATED UNAUDITED ACCOUNTS |
|
FOR THE YEAR ENDED 30 JUNE 2015 |
|
|
|
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VERY MOBILE GROUP LIMITED |
|
ABBREVIATED UNAUDITED ACCOUNTS |
|
FOR THE YEAR ENDED 30 JUNE 2015 |
|
|
|
|
|
VERY MOBILE GROUP LIMITED (REGISTERED NUMBER: 04338579)
|
|
|
|
|
|
|
|
|
CONTENTS OF THE ABBREVIATED ACCOUNTS
|
|
|
FOR THE YEAR ENDED 30 JUNE 2015
|
|
|
|
|
|
Page
|
|
|
|
Company Information
|
1
|
|
|
|
Abbreviated Balance Sheet
|
2
|
|
|
|
Notes to the Abbreviated Accounts
|
4
|
|
|
VERY MOBILE GROUP LIMITED
|
|
|
|
COMPANY INFORMATION
|
|
|
FOR THE YEAR ENDED 30 JUNE 2015
|
|
|
|
|
|
|
|
|
|
DIRECTORS:
|
|
|
|
|
|
|
|
|
|
SECRETARY:
|
|
|
|
|
|
|
|
REGISTERED OFFICE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
ACCOUNTANTS:
|
|
|
Chartered Accountants
|
|
|
|
|
|
|
|
|
VERY MOBILE GROUP LIMITED (REGISTERED NUMBER: 04338579)
|
|
|
|
ABBREVIATED BALANCE SHEET
|
|
|
30 JUNE 2015
|
|
|
|
2015
|
2014
|
|
|
Notes
|
£
|
£
|
£
|
£
|
|
FIXED ASSETS
|
Tangible assets
|
2
|
|
|
|
|
|
Investments
|
3
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
Debtors
|
|
|
|
|
|
Cash at bank
|
|
|
|
|
|
|
|
|
|
|
CREDITORS
|
Amounts falling due within one year
|
|
|
|
|
|
NET CURRENT LIABILITIES
|
(
|
)
|
(
|
)
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES
|
(
|
)
|
(
|
)
|
|
|
CREDITORS
|
Amounts falling due after more than one year
|
|
|
|
|
|
NET LIABILITIES
|
(
|
)
|
(
|
)
|
|
|
CAPITAL AND RESERVES
|
Called up share capital
|
4
|
|
|
|
|
|
Share premium
|
|
|
|
|
|
Revaluation reserve
|
(
|
)
|
|
|
|
Capital redemption reserve
|
|
|
|
|
|
Profit and loss account
|
(
|
)
|
(
|
)
|
|
SHAREHOLDERS' FUNDS
|
(
|
)
|
(
|
)
|
|
|
|
|
|
|
The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act
2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
VERY MOBILE GROUP LIMITED (REGISTERED NUMBER: 04338579)
|
|
|
|
ABBREVIATED BALANCE SHEET - continued
|
|
|
30 JUNE 2015
|
|
|
|
|
|
|
The financial statements were approved by the Board of Directors on
|
|
|
|
|
|
|
|
VERY MOBILE GROUP LIMITED (REGISTERED NUMBER: 04338579)
|
|
|
|
NOTES TO THE ABBREVIATED ACCOUNTS
|
|
|
FOR THE YEAR ENDED 30 JUNE 2015
|
|
|
1.
|
ACCOUNTING POLICIES
|
|
|
Basis of preparing the financial statements
|
Due to the on-going support of the directors, the directors believe that it is appropriate to prepare the financial |
statements on the going concern basis which assumes that the company will continue in operational existence for |
the foreseeable future. |
|
|
Accounting convention
|
|
The financial statements have been prepared under the historical cost convention as modified by the revaluation of
|
|
certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
|
|
|
Preparation of consolidated financial statements
|
|
The financial statements contain information about Very Mobile Group Limited as an individual company and do
|
|
not contain consolidated financial information as the parent of a group. The company has taken the option under
|
|
Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.
|
|
|
Tangible fixed assets
|
|
|
|
|
Fixtures and fittings
|
-
|
|
|
Computer equipment
|
-
|
|
|
|
Deferred tax
|
|
Full provision is made in respect of timing differences that have originated but not reversed at the balance sheet
|
|
date. Timing differences are differences between the company's taxable profits and its results as stated in the
|
|
accounts. Deferred tax is measured on a non-discounted basis at the tax rates that are expected to apply in the
|
|
periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted
|
|
or substantially enacted at the balance sheet date. Deferred tax assets are only recognised where their recoverability
|
|
in the short term is regarded as more likely than not. Deferred tax is not provided on revalued assets unless a
|
|
binding agreement to sell has been entered into before the year
|
|
|
Foreign currencies
|
|
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance
|
|
sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of
|
|
transaction. Exchange differences are taken into account in arriving at the operating result.
|
|
|
Hire purchase and leasing commitments
|
|
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period
|
|
of the lease.
|
|
|
Investments
|
|
Investments are stated at cost less any provision for impairment.
|
|
2.
|
TANGIBLE FIXED ASSETS
|
|
Total
|
£
|
|
|
COST
|
|
At 1 July 2014
|
|
and 30 June 2015
|
|
|
|
|
DEPRECIATION
|
|
At 1 July 2014
|
|
and 30 June 2015
|
|
|
|
|
NET BOOK VALUE
|
|
At 30 June 2015
|
|
|
|
|
At 30 June 2014
|
|
|
|
VERY MOBILE GROUP LIMITED (REGISTERED NUMBER: 04338579)
|
|
|
|
NOTES TO THE ABBREVIATED ACCOUNTS - continued
|
|
|
FOR THE YEAR ENDED 30 JUNE 2015
|
|
|
3.
|
FIXED ASSET INVESTMENTS
|
|
Investments
|
|
other
|
|
than
|
|
loans
|
£
|
|
|
COST OR VALUATION
|
|
At 1 July 2014
|
1,410,000
|
|
|
|
Revaluations
|
(1,159,900
|
)
|
|
|
At 30 June 2015
|
250,100
|
|
|
|
NET BOOK VALUE
|
|
At 30 June 2015
|
|
|
|
|
At 30 June 2014
|
|
|
|
|
|
The company's investments at the Balance Sheet date in the share capital of companies include the following:
|
|
|
Subsidiaries
|
|
|
|
|
Country of incorporation:
UK
|
|
Nature of business:
|
|
%
|
|
Class of shares:
|
holding
|
|
|
Ordinary
|
2.00
|
|
|
6% Redeemable Preference
|
100.00
|
|
|
|
|
£
|
£
|
|
|
Aggregate capital and reserves
|
1,268,577
|
|
597,360
|
|
|
|
Loss for the year
|
(808,783
|
)
|
(632,963
|
)
|
|
|
|
|
|
Country of incorporation:
UK
|
|
Nature of business:
|
|
%
|
|
Class of shares:
|
holding
|
|
|
Ordinary
|
100.00
|
|
|
|
|
£
|
£
|
|
|
Aggregate capital and reserves
|
(101,116
|
)
|
(101,116
|
)
|
|
|
|
The investment had an impairment review in 2008 and is now reflected in the accounts at nil cost.
|
|
|
|
|
Nature of business:
|
|
%
|
|
Class of shares:
|
holding
|
|
|
Ordinary
|
100.00
|
|
|
|
|
|
£
|
£
|
|
|
Aggregate capital and reserves
|
(219,286
|
)
|
(219,286
|
)
|
|
|
|
The investment had an impairment review in 2008 and is now reflected in the accounts at nil cost.
|
VERY MOBILE GROUP LIMITED (REGISTERED NUMBER: 04338579)
|
|
|
|
NOTES TO THE ABBREVIATED ACCOUNTS - continued
|
|
|
FOR THE YEAR ENDED 30 JUNE 2015
|
|
|
3.
|
FIXED ASSET INVESTMENTS - continued
|
|
|
Associated company
|
|
|
|
|
Country of incorporation:
UK
|
|
Nature of business:
|
|
%
|
|
Class of shares:
|
holding
|
|
|
Ordinary shares
|
30.36
|
|
|
31.7.14
|
|
31.7.13
|
£
|
£
|
|
|
Aggregate capital and reserves
|
95,175
|
|
47,802
|
|
|
|
Profit for the year
|
47,373
|
|
100,761
|
|
|
|
4.
|
CALLED UP SHARE CAPITAL
|
|
|
Allotted and issued:
|
|
Number:
|
Class:
|
Nominal
|
2015
|
2014
|
|
|
value:
|
£
|
£
|
|
|
|
Share capital 1
|
£1
|
|
|
|
|
|
VERY MOBILE GROUP LIMITED (REGISTERED NUMBER: 04338579)
|
|
|
|
NOTES TO THE ABBREVIATED ACCOUNTS - continued
|
|
|
FOR THE YEAR ENDED 30 JUNE 2015
|
|
|
4.
|
CALLED UP SHARE CAPITAL - continued
|
|
|
Ordinary Shares
|
|
|
The ordinary shares shall confer on their holders the following rights
|
|
|
a) The holders of the ordinary shares of £1 each shall, subject to the payment of the
|
|
cumulative preferential dividend to the holders of the redeemable preference shares
|
|
and the redemption in full of all the redeemable preference shares in issue have the
|
|
rights to all the profits which the company may determine to distribute in respect of
|
|
any financial period in proportion to the amounts paid upon the shares held by them
|
|
(excluding any premium),
|
|
|
b) The holders of the original shares shall have the right to attend, speak and vote at
|
|
any general meeting of the company and on a show of hands shall have one vote
|
|
each and on a poll shall have one vote for every share of which he is the holder
|
|
|
During the year, the company undertook a company buy back of shares. 1,418 ordinary
|
|
shares of £1 were purchased for cash consideration of 1p per share, amounting to £14.
|
|
The shortfall, of £1,404, between the par value and the consideration was transferred to
|
|
the capital redemption reserve.
|
|
|
Redeemable preference shares
|
|
|
The redeemable preference shares shall confer on their holders the following rights
|
|
|
i) as to income, the right to a fixed cumulative preferential dividend at the rate of 6%
|
|
per year on the capital for the time being paid up or credited as paid up on the shares,
|
|
to be paid, to the extent that there are profits available for distribution, annually on
|
|
15 May in each year in respect of the 12 months ending on 31 December of the
|
|
previous year,
|
|
|
ii) as to capital, the right, on a winding up or other return of capital, to repayment, in
|
|
priority to any payment to the holders of any other shares in the capital of the company
|
|
of
|
|
|
a) the amounts paid up on the redeemable preference shares held by them, and
|
|
|
b) any arrears or accruals of the fixed cumulative preferential dividend on the redeemable
|
|
preference shares held by them, whether declared or earned, or not, calculated down to
|
|
the date of such payment,
|
|
|
i) as to voting, the redeemable preference shares shall carry no right to receive notice of,
|
|
attend at or vote at any general meeting of the company
|
|
|
c) The redeemable preference shares shall, subject to the provisions of the Companies Act
|
|
1985, part V,Chapter VII, be redeemable upon and subject to the following terms and
|
|
conditions
|
|
|
i) The company shall have the right to redeem any number of the redeemable preference
|
|
shares by one week's prior written notice at any time and, subject as provided below,
|
|
shall redeem any of them not previously redeemed on the seventh anniversary of their
|
|
allotment. On such redemption the company shall redeem such shares at their par
|
|
value and shall also pay to the holders of such redeemable preference shares so
|
|
redeemed, arrears or accruals of the fixed cumulative preferential dividend on such
|
|
redeemable preference shares whether declared or earned, or not, calculated down to
|
|
the date of such payment. Where some but not all of the redeemable preference shares
|
|
are redeemed, the redemption shall be made from all their holdings in accordance with
|
|
the companies Act 1985, Part V, Chapter VII. If any of the redeemable preference
|
|
shares are not capable of being redeemed by the company on the due date, the
|
VERY MOBILE GROUP LIMITED (REGISTERED NUMBER: 04338579)
|
|
|
|
NOTES TO THE ABBREVIATED ACCOUNTS - continued
|
|
|
FOR THE YEAR ENDED 30 JUNE 2015
|
|
|
4.
|
CALLED UP SHARE CAPITAL - continued
|
|
redemption shall be effected as soon as is possible after the redeemable preference
|
|
shares become capable of being redeemed.
|
|
|
ii) Not less than one week's notice of the intention of the company to redeem shall be
|
|
given to the holders of the redeemable preference shares to be redeemed. The notice
|
|
shall be in writing and shall fix the time and place for the redemption. At the time and
|
|
place fixed, the registered holders of the redeemable preference shares to be redeemed
|
|
must deliver the relevant certificates (or an indemnity in a form reasonably satisfactory to
|
|
the company in respect of any lost or defaced certificates) up to the company for
|
|
cancellation, and the company shall pay to them the redemption money in respect of
|
|
the redeemable preference shares, together with any arrears or accruals of the
|
|
accumulative preferential dividend (whether earned or declared or not) calculated down
|
|
to the date fixed for payment.
|
|
|
iii) At the time fixed for redemption of any of the redeemable preference shares dividends
|
|
shall cease to accrue on those shares except for any share in respect of which, on
|
|
due presentation of the certificate or certificates (or an indemnity in respect of it or them
|
|
in a form reasonably satisfactory to the company), payment due at redemption was refused
|
|
|
iv) If any holder of the redeemable preference shares fails or refuses to surrender the
|
|
certificate or certificates for those shares, or fails or refuses to accept the redemption
|
|
money payable in respect of them, the redemption money shall be retained and held
|
|
by the company in trust for the holder but without interest or further obligation.
|
|
|
v) No redeemable preference shares shall be redeemed otherwise than out of distributable
|
|
profits or the proceeds of a fresh issue of shares made for the purpose of the redemption,
|
|
or out of capital to the extent permitted by the Companies Act 1985 but any premium
|
|
payable on redemption shall be paid either out of distributable profits, or to the extent
|
|
permitted by law, out of the share premium account of the company.
|
|
|
Accordingly, as shown in creditors (amounts falling due after more than one year) redeemable
|
|
preference share capital is shown in the balance sheet.
|
|
|
During the year, the company undertook a company buy back of shares. 101,675 redeemable
|
|
preference shares of £1 were purchased for cash consideration of 10p per share, amounting to
|
|
£10,182. The shortfall, of £91,493, between the par value and the consideration was transferred
|
|
to the capital redemption reserve.
|