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V2 Ventures Plc (HYE)

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Friday 28 May, 2010

V2 Ventures Plc

Final Results


                                                                     28/05/2010

                                V2 VENTURES PLC                                
                      (FORMERLY HYPER ENTERTAINMENT PLC)                       
                       ("V2 Ventures" or the "Company")                        

                                FINAL RESULTS                                 

CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2009

Dear Shareholders

Your Company was originally established as an advisory firm specialising in
integrated retail, leisure and entertainment mixed-use projects. It has been
successful in establishing itself in the market, but as the market trend veered
towards larger, mixed-use projects its services have become marginalised by a
variety of other firms in disciplines such as architecture. Consequently, your
Company faced greater difficulty competing in the current economic climate.
This was reflected in the Interim Results reported by your Company on 30
September 2009.

Following the General Meeting held on 31 December 2009 and the unanimous
approval of majority shareholders, your Company has disposed of its trading
assets to Fred Wilson Entertainment Limited.

As part of the General Meeting the name of your Company changed to V2 Ventures
Plc and a new investment strategy was adopted. The  investment strategy
formulated, is a generalist one with no specific sector, national or regional
focus. The intention is to focus on individual investment and acquisition
opportunities rather than build a portfolio of investments.

Several changes occurred to the board of your Company. Sebastian Moonjely was
appointed as an Executive Director, whilst I was appointed Executive Chairman.
At the same time, Michael Swinney and Wendy Rosenthal assumed the position of
Non Executive Directors.
 

Post Balance Sheet Events  
As part of my appointment to the Board, I invested £31,204.51 thereby acquiring
29.9% of the issued share capital of your Company, making me the largest
shareholder in V2 Ventures.

On 3 March 2010 your Company made an investment in AIM listed Oak Holdings plc,
the leisure business operator and YES! Project developer. This investment,
although small, symbolises the new direction of your Company. We will continue
to seek opportunities that we believe will enhance shareholding value. In this
connection we have been scouring the market for suitable acquisitions  and have
identified several interesting opportunities. We will update the market in due
course.

We are looking forward to a successful 2010.

Yours truly
Uday Nayak
Executive Chairman


PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2009

                                                      2009                 2008 
                                                         £                    £
                                                                               
Turnover                                          112,412              544,992 
                                                                               
Cost of sales                                    (107,443)            (290,678)
                                                                               
                                                   ───────              ───────
                                                                               
Gross profit                                        4,969              254,314 
                                                                               
Administrative expenses                          (170,907)            (235,209)
                                                                               
                                                   ───────              ───────
                                                                               
Operating (loss)/profit                          (165,938)              19,105 
                                                                               
Profit on disposal of          1      197,885                       -           
business                                                                       
                                      ───────                 ───────          
                                                                               
                                                  197,885                    - 
                                                   ───────              ───────
                                                                               
Profit on ordinary                                 31,947               19,105 
activities before interest                                                     
                                                                               
Other interest receivable                               -                  800 
and similar income                                                             
                                                                               
Interest payable and similar                         (128)                   - 
charges                                                                        
                                                   ───────              ───────
                                                                               
Profit on ordinary                                 31,819               19,905 
activities before taxation                                                     
                                                                               
Tax on profit on ordinary                               -                    - 
activities                                                                     
                                                   ───────              ───────
                                                                               
Profit for the year                                31,819               19,905 
                                                   ═══════              ═══════
                                                                               
Earnings/(loss) per share                            0.48p                0.30p
                                                   ═══════              ═══════
                                                                               
The profit and loss account has been prepared on the basis that all operations 
are discontinued operations.                                                   
                                                                               
                                                        2009               2008
                                                           £                  £
                                                                               
Profit for the financial                              31,819             19,905 
year                                                                           
                                                                               
Prior year adjustment          2                           -            (67,000)
                                                     ───────            ───────
                                                                               
Total gains and losses                               31,819            (47,095)
recognised since last                                                          
financial statements                                                           
                                                     ═══════            ═══════
                                                                               

BALANCE SHEET AS AT 31 DECEMBER 2009

                                                2009                  2008       
                                            £           £         £           £                                      
Fixed assets                                                                   
                                                                               
Tangible assets                                        -                   789 
                                                                               
Current assets                                                                 
                                                                               
Debtors                              122,106               137,021             
                                                                               
Cash at bank and in hand                   -                 1,211                          
                                      ───────               ───────            
                                                                               
                                     122,106               138,232             
                                                                               
Creditors: amounts falling           (20,740)             (117,154)            
due within one year                                                                       
                                      ───────               ───────            
                                                                               
Net current assets                               101,366                21,078 
                                                  ───────               ───────
                                                                               
Total assets less current liabilities            101,366                21,867 
                                                  ═══════               ═══════
                                                                               
Capital and reserves                                                           
                                                                               
Called up share capital                          104,363                66,568 
                                                                               
Share premium account                            215,426               205,541 
                                                                               
Profit and loss account                         (218,423)             (250,242)
                                                  ───────               ───────
                                                                               
Shareholders' funds                              101,366                21,867 
                                                 ═══════                ═══════
                                                                               
Approved by the Board and authorised for issue on 28 May 2010                  

Notes

 1. On 8 December 2009, the company entered into a disposal agreement with Fred
    Wilson Entertainment Limited ("Fred Wilson"), a company owned by Michael
    Swinney, a director of the company and a related party for the purposes of
    the PLUS Rules. Pursuant to the agreement, Fred Wilson agreed to acquire
    certain assets, including the name "Hyper Entertainment" for a
    consideration of £85,000 and to assume all liabilities

     a. £50,000 in cash in deferred consideration, payable in 3 equal
        instalments on the 6th, 9th and 12th month anniversary of the
        agreement; and
       
     b. the issue to the Seller of 10%, (the "Buyer Shares") of the fully
        diluted share capital of Fred Wilson on completion. The Buyers Shares
        will be held by the company subject to a call and put option. Fred
        Wilson can exercise a call option to purchase the Buyers Shares during
        a six month period that will run from the date that falls 24 months
        after Completion until the date that falls 30 months after completion,
        for a cash consideration of £35,000. The company can exercise a put
        option to sell the Buyers Shares to Fred Wilson at any time after the
        date that falls 30 months after completion for a cash consideration of
        £40,000.
       
 2. Statement of movements on reserves
   
                                                           Share  Profit and
                                                         premium        loss
                                                         account     account
                                                                            
                                                               £           £
                                                                            
Balance at 1 January 2009                               205,541    (250,242)
                                                                            
Profit for the year                                           -      31,819 
                                                                            
Premium on shares issued during the year                  9,885           - 
                                                         ───────     ───────
                                                                            
Balance at 31 December 2009                             215,426    (218,423)
                                                         ═══════     ═══════
                                                                            
The prior year adjustment is in respect of income accrued at 31 December    
2006 that was invoiced in the year ended 31 December 2007 but the balance   
had been included in trade debtors at 31 December 2007.                     

 3. The financial information set out in this announcement does not constitute
    statutory accounts. This financial information has been extracted from the
    audited full accounts for the year ended 31 December 2009.
   
 4. The financial statements are prepared in accordance with applicable United
    Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting
    Practice).
   
 5. The directors do not recommend the payment of a dividend.
   
The Directors of the issuer accept responsibility for this announcement.

--ENDS-

Enquiries:                                   

V2 VENTURES PLC                      Tel: 020 8834 1652
Sebastian Moonjely

RIVINGTON STREET CORPORATE FINANCE   Tel: 020 7562 3373
Eran Zucker
[email protected]
                                                                                                                                                                  

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