Abbreviated Company Accounts - VQ COMMUNICATIONS LTD

VQ COMMUNICATIONS LTD - Company Information

05318829 VQ COMMUNICATIONS LTD 2014-12-31 false 2014-01-01 2014-12-31 true 05318829 2014-01-01 2014-12-31 05318829 2014-12-31 05318829 2013-12-31 05318829 uk-gaap-cd-bus:Director1 2014-01-01 2014-12-31 05318829 uk-gaap-cd-bus:Director2 2014-01-01 2014-12-31 uk-gaap-cd-bus:OrdinaryShareClass1 2014-01-01 2014-12-31 uk-gaap-cd-bus:OrdinaryShareClass1 2014-12-31 uk-gaap-cd-bus:OrdinaryShareClass1 2013-12-31 uk-gaap-cd-bus:OrdinaryShareClass2 2014-01-01 2014-12-31 uk-gaap-cd-bus:OrdinaryShareClass2 2014-12-31 uk-gaap-cd-bus:OrdinaryShareClass2 2013-12-31 uk-gaap-cd-bus:PreferenceShareClass1 2014-01-01 2014-12-31 uk-gaap-cd-bus:PreferenceShareClass1 2014-12-31 uk-gaap-cd-bus:PreferenceShareClass1 2013-12-31 iso4217:GBP shares

Registered Number 05318829

VQ COMMUNICATIONS LTD

Abbreviated Accounts

31 December 2014

VQ COMMUNICATIONS LTD Registered Number 05318829

Abbreviated Balance Sheet as at 31 December 2014

	Notes	2014	2013
		£	£
Fixed assets
Tangible assets	2	12,883	10,681
		12,883	10,681
Current assets
Debtors		196,028	54,588
Cash at bank and in hand		206,162	89,525
		402,190	144,113
Creditors: amounts falling due within one year		(388,111)	(333,711)
Net current assets (liabilities)		14,079	(189,598)
Total assets less current liabilities		26,962	(178,917)
Creditors: amounts falling due after more than one year		(317,500)	(324,351)
Total net assets (liabilities)		(290,538)	(503,268)
Capital and reserves
Called up share capital	3	919	919
Share premium account		1,062,929	1,062,929
Other reserves		68	68
Profit and loss account		(1,354,454)	(1,567,184)
Shareholders' funds		(290,538)	(503,268)

For the year ending 31 December 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 10 March 2015

And signed on their behalf by:
M J CARTWRIGHT, Director

VQ COMMUNICATIONS LTD Registered Number 05318829

Notes to the Abbreviated Accounts for the period ended 31 December 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Tangible assets depreciation policy
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Fixtures and fittings over 3 years
Computer equipment over 3 years

Other accounting policies
Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

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 the transaction. Exchange differences are taken into account in arriving at the operating profit.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.

2Tangible fixed assets

	£
Cost
At 1 January 2014	90,530
Additions	8,101
Disposals	-
Revaluations	-
Transfers	-
At 31 December 2014	98,631
Depreciation
At 1 January 2014	79,849
Charge for the year	5,899
On disposals	-
At 31 December 2014	85,748
Net book values
At 31 December 2014	12,883
At 31 December 2013	10,681

All fixed assets are initially recorded at cost.

3Called Up Share Capital
Allotted, called up and fully paid:

	2014 £	2013 £
73,811 Ordinary shares of £0.01 each	738	738
18,100 A Ordinary shares of £0.01 each	181	181
200,000 Preference shares of £1 each (20,000 shares for 2013)	200,000	20,000

2014 2013
Amounts presented in equity: £ £
73,811 Ordinary shares of £0.01 each 738 738
18,100 "A" Ordinary shares of £0.01 each 181 181
------ -------
919 919
════ ════
Amounts presented in liabilities:
200,000 Preference shares of £1 each 200,000 200,000
══════════ ══════════

The amounts of paid up share capital for the following categories of shares differed from the called up share capital stated above due to unpaid calls and were as follows:

2014 2013
£ £
Ordinary shares 68 68