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V2 Ventures Plc (HYE)

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Tuesday 31 May, 2011

V2 Ventures Plc

Final Results


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

                                 FINAL RESULTS                                 

CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2010

Following the General Meeting of the Company held on 31 December 2009, the
Company disposed of certain assets (including the Company's name) together with
all liabilities of the Company, to Fred Wilson Entertainment Limited ("Fred
Wilson"), a company owned by Michael Swinney, the former Chief Executive
Officer and a current Non-Executive Director of the Company. Under the terms of
the disposal agreement, as announced on 9 December 2009, Fred Wilson would pay
£50,000 in cash in deferred consideration and 10% shares in Fred Wilson (the
"Buyer Shares") which are subject to a call and put option. Michael Swinney, as
the sole owner of the shares of Fred Wilson, also agreed to guarantee the
performance of Fred Wilson's obligation to indemnify the Company in respect of
all amounts owed to Her Majesty Revenue and Custom's ("HMRC") in respect of
PAYE including any penalties for late payment and fines thereon.

On 3 March 2010 the Company made an investment in AIM listed Oak Holdings plc,
the leisure business operator and YES! Project developer. However, In light of
very disappointing news relating to the development agreement of the YES!
Project between RMBC, Oak Ventures Limited and Oak Holdings plc, the board of
Oak Holdings plc has been reviewing the future plans and financing for the
group.

Post Balance Sheet Events

As mentioned above, and as previously announced, Fred Wilson was to assume a
debt owed by the Company to the HMRC in relation to PAYE payments. On the 2
February 2011 the Company announced that the debt to the HMRC amounted to £
62,000, a much higher figure than originally accounted for in the Company's
books and that talks between HMRC and Fred Wilson, to settle or novate this
debt, have not as yet reached a successful conclusion. It was also announced
that Fred Wilson had informed the Company that it is unlikely to receive any
additional payments due to it from Fred Wilson in the near future.

These recent events, more especially the outstanding debt to HMRC, leaves the
Company in unexpected and severe financial difficulties. The Company has not
been able to pursue any new investment/development opportunities as per the
business plan due to the unexpected and unresolved HMRC issue. The executive
directors have therefore concluded that it would be in the best interests of
the Company to seek immediate legal advice as to the enforceability of the
agreements between the Company and Fred Wilson and in particular the personal
guarantee given by Michael Swinney and Wendy Rosenthal in relation to the HMRC
debt.

Simultaneously with these events, the Company has received resignation
notifications from both Michael Swinney and Wendy Rosenthal. The executive
directors believe however that at this stage, it is in the best interest of the
Company if the resignation requests remain unactioned by the Company. However,
given recent developments, Michael Swinney and Wendy Rosenthal have been
suspended from the board with immediate effect.

The Company will notify Shareholders accordingly on the progression of this
matter.

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2010

                                                        2010         2009        
                                                                                 
                                                        £            £           
                                                                                 
TURNOVER                                                -            112,412     
                                                                                 
Cost of sales                                           (1,763)      (107,443)   
                                                                                 
                                                        ------------ ------------
                                                                                 
GROSS (LOSS)/PROFIT                                     (1,763)      4,969       
                                                                                 
Administrative expenses                                 (69,333)     26,978      
                                                                                 
                                                        ------------ ------------
                                                                                 
OPERATING (LOSS)/PROFIT                                 (71,096)     31,947      
                                                                                 
Interest payable and similar charges                    -            (128)       
                                                                                 
                                                        ------------ ------------
                                                                                 
(LOSS)/PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION    (71,096)     31,819      
                                                                                 
Tax on (loss)/profit on ordinary activities             -            -           
                                                                                 
(LOSS)/PROFIT FOR THE FINANCIAL YEAR                    (71,096)     31,819      
                                                                                 
                                                        =======      =======     
                                                                                 

CONTINUING OPERATIONS

None of the company's activities were acquired or discontinued during the
current year or previous year.

TOTAL RECOGNISED GAINS AND LOSSES

The company has no recognised gains or losses other than the loss for the
current year and the profit for the previous year.

BALANCE SHEET 31 DECEMBER 2010

                                                       2010         2009        
                                                                                
                                                       £            £           
                                                                                
FIXED ASSETS                                                                    
                                                                                
Investments                                            15,000       -           
                                                                                
CURRENT ASSETS                                                                  
                                                                                
Debtors                                                123,025      122,106     
                                                                                
Cash at bank                                           1,375        -           
                                                                                
                                                       ------------ ------------
                                                                                
                                                       124,400      122,106     
                                                                                
CREDITORS                                                                       
                                                                                
Amounts falling due within one year                    (84,430)     (20,740)    
                                                                                
NET CURRENT ASSETS                                     39,970       101,366     
                                                                                
TOTAL ASSETS LESS CURRENT LIABILITIES                  54,970       101,366     
                                                                                
CREDITORS                                                                       
                                                                                
Amounts falling due after more than one                (24,700)     -           
year                                                                            
                                                                                
                                                       ------------ ------------
                                                                                
NET ASSETS                                             30,270       101,366     
                                                                                
                                                       =======      =======     
                                                                                
CAPITAL AND RESERVES                                                            
                                                                                
Called up share capital                                104,363      104,363     
                                                                                
Share premium                                          215,426      215,426     
                                                                                
Profit and loss account                                (289,519)    (218,423)   
                                                                                
SHAREHOLDERS' FUNDS                                    30,270       101,366     
                                                                                
                                                       =======      =======     

The Directors believe that due to the nature of the business being a cash shell
with limited funds available, it is likely that additional fundraisings will be
needed for the Company to be a going concern for the foreseeable future. This
issue will be clarified as and when the Final Accounts are audited. The
directors will therefore update the market accordingly.

The financial information contained in these results has not been agreed with
an auditor. The Final Results has not been audited.

The Directors do not propose to pay a dividend for the year ended 31 December 2010.

The directors of the issuer accept responsibility for this announcement.

                                 --ENDS-

Enquiries:

V2 VENTURES PLC
Sebastian Moonjely
Tel: +44 20 8834 1652

RIVINGTON STREET CORPORATE FINANCE
Eran Zucker
Tel: +44 20 7562 3373
[email protected]


                                                                                                                         

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