THE_GRID_NETWORK_LTD - Accounts

THE GRID NETWORK LIMITED - Company Information

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Company Registration No. 06763709 (England and Wales)

THE GRID NETWORK LTD

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2014

THE GRID NETWORK LTD

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 4

THE GRID NETWORK LTD

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

7,190

6,607

Investments

7,214

6,631

Current assets

Debtors

5,721

29,953

Cash at bank and in hand

66,796

5,548

72,517

35,501

Creditors: amounts falling due within one year

(96,434)

(133,406)

Net current liabilities

(23,917)

(97,905)

Total assets less current liabilities

(16,703)

(91,274)

Capital and reserves

Called up share capital

Profit and loss account

(16,725)

(91,296)

Shareholders' funds

(16,703)

(91,274)

For the financial year ended 31 December 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 for issue on 17 June 2015

Dr K Parslow

Director

Company Registration No. 06763709

THE GRID NETWORK LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The going concern basis is dependent on the company receiving the continued financial support of it's directors and creditors.

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

15% Reducing Balance

Fixtures, fittings & equipment

15% Reducing Balance

1.5

Investments

Fixed asset investments are stated at cost.

1.6

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.

1.7

Group accounts

The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

THE GRID NETWORK LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2014

- 3 -

Fixed assets

Tangible assets

Investments

Total

Cost

At 1 January 2014

10,275

10,299

Additions

1,856

At 31 December 2014

12,131

12,155

Depreciation

At 1 January 2014

3,668

Charge for the year

1,273

At 31 December 2014

4,941

Net book value

At 31 December 2014

7,190

7,214

At 31 December 2013

6,607

6,631

Holdings of more than 20%

The company holds more than 20% of the share capital of the following companies:

Company

Country of registration or

Shares held

incorporation

Class

Subsidiary undertakings

The Grid Internet Limited

England and Wales

Ordinary

100.00

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:

Capital and reserves

Profit/(loss) for the year

2014

Principal activity

The Grid Internet Limited

Sale of electronic products

(18,024)

Share capital

2014

2013

Allotted, called up and fully paid

22 Ordinary shares of £1 each

THE GRID NETWORK LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2014

- 4 -

Related party relationships and transactions

Advances and credits to directors

Advances and credits granted to the directors during the year are outlined in the table below:

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Written-off

Closing Balance

Mr D Hawkins - Directors loan

1,723