SUDESTE_SPORTS_LIMITED - Accounts

MACHINE SURF CRAFT LIMITED - Company Information

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Company Registration No. 08112974 (England and Wales)

SUDESTE SPORTS LIMITED

Unaudited abbreviated financial statements

For the year ended 30 June 2014

SUDESTE SPORTS LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

SUDESTE SPORTS LIMITED

ABBREVIATED BALANCE SHEET

As at 30 June 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

5,687

3,927

Current assets

Debtors

Cash at bank and in hand

428

508

Creditors: amounts falling due within one year

(25,004)

(17,395)

Net current liabilities

(24,496)

(17,356)

Total assets less current liabilities

(18,809)

(13,429)

Capital and reserves

Called up share capital

100

Profit and loss account

(18,909)

(13,529)

Shareholders' funds

(18,809)

(13,429)

For the financial year ended 30 June 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board and authorised for issue on 1 March 2015

Mr P Sisca

Director

Company Registration No. 08112974

SUDESTE SPORTS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

For the year ended 30 June 2014

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention.

Going concern

The accounts have been prepared on the going concern basis as the director has confirmed that he will continue to support the business for the foreseeable future.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

25% reducing balance method

1.5

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

Fixed assets

Tangible assets

Cost

At 1 July 2013

5,236

Additions

3,655

At 30 June 2014

8,891

Depreciation

At 1 July 2013

1,309

Charge for the year

1,895

At 30 June 2014

3,204

Net book value

At 30 June 2014

5,687

At 30 June 2013

3,927

SUDESTE SPORTS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

For the year ended 30 June 2014

- 3 -

Share capital

2014

2013

Allotted, called up and fully paid

100 Ordinary Shares of £1 each

100

Related party relationships and transactions

At the balance sheet date the amount due to the director Mr P Sisca was £23,624 (2013 - £16,975).