CONET LTD

CONET LTD

CONET LTD - Company Information

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Company Registration No. 10441160 (England and Wales)
CONET LTD Unaudited accounts for the year ended 31 October 2020
CONET LTD Unaudited accounts Contents
Page
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CONET LTD Company Information for the year ended 31 October 2020
Director
Mr Tae Soo SHIN
Company Number
10441160 (England and Wales)
Registered Office
Unit 58b Whitehill & Bordon Enterprise Budds Lane Bordon Hampshire GU35 0FJ England
Accountants
FURUICHOI & CO Chartered Accountants 69 Station Road Hampton Greater London TW12 2BT
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CONET LTD Statement of financial position as at 31 October 2020
2020 
2019 
Notes
£ 
£ 
Fixed assets
Tangible assets
4
2,713 
2,401 
Current assets
Inventories
28,825 
10,100 
Debtors
5
7,302 
9,638 
Cash at bank and in hand
140,143 
59,641 
176,270 
79,379 
Creditors: amounts falling due within one year
6
(124,758)
(77,376)
Net current assets
51,512 
2,003 
Total assets less current liabilities
54,225 
4,404 
Creditors: amounts falling due after more than one year
7
(50,000)
- 
Net assets
4,225 
4,404 
Capital and reserves
Called up share capital
1,000 
1,000 
Profit and loss account
3,225 
3,404 
Shareholders' funds
4,225 
4,404 
For the year ending 31 October 2020 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 10 April 2021 and were signed on its behalf by
Mr Tae Soo SHIN Director Company Registration No. 10441160
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CONET LTD Notes to the Accounts for the year ended 31 October 2020
1
Statutory information
CONET LTD is a private company, limited by shares, registered in England and Wales, registration number 10441160. The registered office is Unit 58b Whitehill & Bordon Enterprise , Budds Lane, Bordon, Hampshire, GU35 0FJ, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Computer equipment
25% reducing balance
Foreign exchange
Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction.
Turnover
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
4
Tangible fixed assets
Plant & machinery 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 November 2019
2,121 
2,380 
4,501 
Additions
1,215 
- 
1,215 
At 31 October 2020
3,336 
2,380 
5,716 
Depreciation
At 1 November 2019
1,226 
874 
2,100 
Charge for the year
527 
376 
903 
At 31 October 2020
1,753 
1,250 
3,003 
Net book value
At 31 October 2020
1,583 
1,130 
2,713 
At 31 October 2019
895 
1,506 
2,401 
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CONET LTD Notes to the Accounts for the year ended 31 October 2020
5
Debtors
2020 
2019 
£ 
£ 
Less than one year
Trade debtors
5,103 
2,987 
Other debtors
2,199 
6,651 
Total debtors less than one year
7,302 
9,638 
Greater than one year
Total debtors
7,302 
9,638 
6
Creditors: amounts falling due within one year
2020 
2019 
£ 
£ 
VAT
586 
8,527 
Trade creditors
119,023 
61,434 
Taxes and social security
2,149 
4,415 
Loans from directors
3,000 
3,000 
124,758 
77,376 
7
Creditors: amounts falling due after more than one year
2020 
2019 
£ 
£ 
Bank loans
50,000 
- 
8
Pension commitments
WORKPLACE PENSIONS The company operates an occupational pension scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
9
Controlling party
The ultimate controlling parties are as follows: By virtue of its relevant legal entity's 100% shareholding; KENIT CO., LTD (Registration No. 117-81-59905) 823, Lifecombi Building, 32, 63-Ro, Yeongdeungpo-Gu Seoul South Korea and By virtue of its director's significant influence or control; Mr TAE SOO SHIN 40 Netherby Park Weybridge Surrey KT13 0AQ United Kingdom
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CONET LTD Notes to the Accounts for the year ended 31 October 2020
10
Average number of employees
During the year the average number of employees was 3 (2019: 3).
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