Dishlink Satellite Shop Ltd Accounts

DISHLINK SATELLITE SHOP LIMITED - Company Information






Dishlink Satellite Shop Ltd
	Company No. 03216517
		Information for Filing with The Registrar
		30 June 2018

The Director presents his report and the accounts for the year ended 30 June 2018.

Principal activities
The principal activity of the company during the year under review was retail supply of electrical goods.




Director

The Director who served at any time during the year was as follows:

P.J. Millington



































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

P.J. Millington
Director
06 March 2019

at	30 June 2018
Company No.		03216517	Notes	2018	2017
				£	£
Fixed assets
	Intangible assets		2	55,000	55,000
	Tangible assets		3	4,082	5,057


				59,082	60,057
Current assets
	Stocks		4	16,050	15,000
	Debtors		5	5,741	1,386

	Cash at bank and in hand			11,335	1,312
				33,126	17,698
Creditors: Amount falling due within one year			6	(67,827)	(53,448)
Net current liabilities				(34,701)	(35,750)
Total assets less current liabilities				24,381	24,307




Net assets				24,381	24,307

Capital and reserves
	Called up share capital			100	100



	Profit and loss account		7	24,281	24,207

Total equity				24,381	24,307


These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 30 June 2018 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.

As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 06 March 2019
And signed on its behalf by:
P.J. Millington
Director

for the year ended 30 June 2018

Accounting policies

Basis of preparation

The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Companies Act 2006 . There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Intangible fixed assets

Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.

Taxation

Income tax expense represents the tax currently payable.

The tax currently payable is based on taxable profit for the year. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Current tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current tax is also recognised in other comprehensive income or directly in equity respectively.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Plant and machinery

25% Reducing balance

Motor vehicles

25% Reducing balance

Furniture, fittings and equipment

25% Reducing balance

Computer Equipment are on a 3 year straight line and are part of Furniture, fittings and equipment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

2	Intangible fixed assets
			Goodwill	Total
			£	£
		Cost
		At 1 July 2017	55,000	55,000


		At 30 June 2018	55,000	55,000






		Net book values
		At 30 June 2018	55,000	55,000
		At 30 June 2017	55,000	55,000

3	Tangible fixed assets
			Plant and machinery	Motor vehicles	Fixtures, fittings and equipment	Total
			£	£	£	£
		Cost or revaluation
		At 1 July 2017	3,000	26,010	5,197	34,207
		Additions	-	-	463	463



		At 30 June 2018	3,000	26,010	5,660	34,670
		Depreciation
		At 1 July 2017	3,000	21,216	4,934	29,150
		Charge for the year	-	1,198	240	1,438



		At 30 June 2018	3,000	22,414	5,174	30,588
		Net book values
		At 30 June 2018	-	3,596	486	4,082
		At 30 June 2017	-	4,794	263	5,057

4	Stocks
			2018	2017
			£	£


		Finished goods	16,050	15,000
			16,050	15,000

5	Debtors
			2018	2017
			£	£
		Trade debtors	3,488	1,386





		Other debtors	1,875	-
		Prepayments and accrued income	378	-
			5,741	1,386

6	Creditors:
		amounts falling due within one year
			2018	2017
			£	£

		Bank loans and overdrafts	30,493	4,886


		Trade creditors	24,694	29,132

		Corporation tax	4,940	4,784
		Other taxes and social security	6,627	11,551
		Loans from directors	1,071	3,096

		Accruals and deferred income	2	(1)
			67,827	53,448

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

8	Dividends
			2018	2017
			£	£
		Dividends for the period:
		Dividends paid in the period	-	-
		Dividends accrued at the period end	20,000	25,000
			20,000	25,000

		Dividends by type:

		Equity dividends	20,000	25,000
			20,000	25,000

Related party disclosures

Controlling party

Immediate controlling party

Philip Millington

Additional information

Its registered number is:

03216517

Its registered office is:

Unit 17

Colebrook Industrial Estate,

Royal Tunbridge Wells,

TN2 3DG