WorldNet International Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 03263462 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 December 2014

for

WorldNet International Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

J Earthey

REGISTERED OFFICE:

Alton House

66/68 High Street

Northwood

Middlesex

HA6 1BL

REGISTERED NUMBER:

03263462 (England and Wales)

ACCOUNTANTS:

Munday Long & Co Limited

Chartered Certified Accountants

Alton House

66/68 High Street

Northwood

Middlesex

HA6 1BL

FIXED ASSETS

Tangible assets

2

317,789

285,654

CURRENT ASSETS

Debtors

1,168,269

951,118

Cash at bank

205,293

624,798

1,373,562

1,575,916

CREDITORS

Amounts falling due within one year

818,266

699,203

NET CURRENT ASSETS

555,296

876,713

TOTAL ASSETS LESS CURRENT LIABILITIES

873,085

1,162,367

PROVISIONS FOR LIABILITIES

15,509

26,257

NET ASSETS

857,576

1,136,110

CAPITAL AND RESERVES

Called up share capital

3

100

100

Profit and loss account

857,476

1,136,010

SHAREHOLDERS' FUNDS

857,576

1,136,110

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2014 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 28 May 2015 and were signed by:

J Earthey - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

in accordance with the property lease

Fixtures and fittings

-

25% on reducing balance and 15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost and 25% on reducing balance

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

946,971

Additions

150,200

Disposals

(257,492

)

At 31 December 2014

839,679

DEPRECIATION

At 1 January 2014

661,317

Charge for year

81,010

Eliminated on disposal

(220,437

)

At 31 December 2014

521,890

NET BOOK VALUE

At 31 December 2014

317,789

At 31 December 2013

285,654

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.14

31.12.13

value:

£

£

100

Ordinary

£1

100

100

4.	ULTIMATE PARENT COMPANY

Worldnet International Holdings Limited is regarded by the director as being the company's ultimate parent

company.

5.	RELATED PARTY DISCLOSURES

Worldnet International France Limited

A company in which J Earthey is a director.

During the year under review the company bought services amounting to £149,009 (2013 - £130,648). Trade

creditors includes a balance due of £29,297 (2013 - £18,999).

During the year under review the company sold services amounting to £181,614 (2013 - £301,407). Trade

debtors includes a balance owing of £37,201 (2013 - £19,988).

All transactions took place under normal commercial terms.

Worldnet International Express Inc.

A company in which J Earthey is a director.

During the year under review the company bought services amounting to £41,385 (2013 - £74,857). Trade

creditors includes a balance due of £10,006 (2013 - £15,050).

During the year under review the company sold services amounting to £46,075 (2013 - £49,936). Trade debtors

includes a balance owing of £10,134 (2013 - £14,888).

All transactions took place under normal commercial terms.

Worldnet International Investments Limited

A company in which J Earthey is a director.

During the year under review the company bought services amounting to £144,000 (2013 - £144,000).

All transactions took place under normal commercial terms.

JP Partnership LLP

A partnership in which J Earthey is a partner.

During the year under review the company bought services amounting to £340,000 (2013 - £330,000).

All transactions took place under normal commercial terms.

Worldnet International Holdings Limited

Parent company

During the year under review the company was charged £nil (2013 - £10,000) by Worldnet International

Holdings Limited.

All transactions took place under normal commercial terms.

6.	ULTIMATE CONTROLLING PARTY

The controlling party is J Earthey.