Realnet Limited - Period Ending 2014-12-31

Registration number: 03652988

Realnet Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2014
 

Realnet Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Realnet Limited
(Registration number: 03652988)
Abbreviated Balance Sheet at 31 December 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					2,721			2,853
Current assets
Debtors					70,293			100,384
Cash at bank and in hand					10,480			16,678
					80,773			117,062
Creditors: Amounts falling due within one year					(23,406)			(28,675)
Net current assets					57,367			88,387
Total assets less current liabilities					60,088			91,240
Creditors: Amounts falling due after more than one year					(160,526)			(160,526)
Provisions for liabilities					(545)			(571)
Net liabilities					(100,983)			(69,857)
Capital and reserves
Called up share capital		3			1,000			1,000
Profit and loss account					(101,983)			(70,857)
Shareholders' deficit					(100,983)			(69,857)

For the year ending 31 December 2014 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 Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 1 May 2015 and signed on its behalf by:

K Sewell
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Realnet Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Going concern

The company continues to show a deficit on the balance sheet with the year end deficit of £100,983 (2013: £69,857). The company has an outstanding loan with the parent company of £148,388 (2013: £148,338) which is only repayable when there are sufficient funds to do so. The company is considered a going
concern on the basis that the parent company continues to provide the loan and it is only repayable when
there are funds available.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	15% & 33% straight line basis

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 2

Realnet Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2014		8,198			8,198
Additions		1,909			1,909
At 31 December 2014		10,107			10,107
Depreciation
At 1 January 2014		5,345			5,345
Charge for the year		2,041			2,041
At 31 December 2014		7,386			7,386
Net book value
At 31 December 2014		2,721			2,721
At 31 December 2013		2,853			2,853

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Oridnary of £0.01 each		100,000			1,000			100,000			1,000

4

Control

There is no one individual party that controls the company .

Page 3