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 2019

The Director presents his report and the accounts for the year ended 30 June 2019.

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
19 March 2020

at	30 June 2019
Company No.		03216517	Notes	2019	2018
				£	£
Fixed assets
	Intangible assets		3	55,000	55,000
	Tangible assets		4	3,622	4,082


				58,622	59,082
Current assets
	Stocks		5	16,050	16,050
	Debtors		6	2,996	5,741

	Cash at bank and in hand			8,967	11,335
				28,013	33,126
Creditors: Amount falling due within one year			7	(33,325)	(67,827)
Net current liabilities				(5,312)	(34,701)
Total assets less current liabilities				53,310	24,381
Creditors: Amounts falling due after more than one year			8	(45,853)	-



Net assets				7,457	24,381

Capital and reserves
	Called up share capital			100	100



	Profit and loss account		9	7,357	24,281

Total equity				7,457	24,381



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 2019 the company was entitled to exemption from audit 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 19 March 2020
And signed on its behalf by:
P.J. Millington
Director
19 March 2020

for the year ended 30 June 2019

General information

Its registered number is: 03216517

Its registered office is:

56F London Road

Southborough

Royal Tunbridge Wells,

Kent

TN4 0PT

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006. The March 2018 edition of FRS 102 includes amendments arising from the Financial Reporting Council's triennial review of the standard. There is no material effect on the amounts recognised in these financial statements as a result of early adopting these amendments.

Accounting policies

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.

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.

Taxation

Income tax expense represents the tax currently payable.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. 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.

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.

Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.

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.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Defined contribution 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.

3	Intangible fixed assets
			Goodwill	Total
			£	£
		Cost
		At 1 July 2018	55,000	55,000


		At 30 June 2019	55,000	55,000
		Amortisation and impairment





		Net book values
		At 30 June 2019	55,000	55,000
		At 30 June 2018	55,000	55,000

4	Tangible fixed assets
			Plant and machinery	Motor vehicles	Fixtures, fittings and equipment	Total
			£	£	£	£
		Cost or revaluation
		At 1 July 2018	3,000	26,010	5,660	34,670
		Additions	-	-	747	747



		At 30 June 2019	3,000	26,010	6,407	35,417
		Depreciation
		At 1 July 2018	3,000	22,414	5,174	30,588
		Charge for the year	-	899	308	1,207



		At 30 June 2019	3,000	23,313	5,482	31,795
		Net book values
		At 30 June 2019	-	2,697	925	3,622
		At 30 June 2018	-	3,596	486	4,082

5	Stocks
			2019	2018
			£	£


		Finished goods	16,050	16,050
			16,050	16,050

6	Debtors
			2019	2018
			£	£
		Trade debtors	1,018	3,488





		Other debtors	1,875	1,875
		Prepayments and accrued income	103	378
			2,996	5,741

7	Creditors:
		amounts falling due within one year
			2019	2018
			£	£

		Bank loans and overdrafts	2,374	30,493


		Trade creditors	21,753	24,694

		Corporation tax	1,298	4,940
		Other taxes and social security	7,482	6,627
		Loans from directors	417	1,071

		Accruals and deferred income	1	2
			33,325	67,827

8	Creditors:
		amounts falling due after more than one year
			2019	2018
			£	£

		Bank loans and overdrafts	45,853	-






			45,853	-

Reserves

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

10	Dividends
			2019	2018
			£	£
		Dividends for the period:
		Dividends paid in the period	-	-
		Dividends accrued at the period end	22,000	20,000
			22,000	20,000

		Dividends by type:

		Equity dividends	22,000	20,000
			22,000	20,000