Saturn Projects Limited - Limited company accounts 11.7

REGISTERED NUMBER: 04504670 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 December 2014

for

Saturn Projects Limited

Page

Company Information

1

Report of the Directors

2

Profit and Loss Account

3

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTORS:

S Pickard

Saturn Projects Group Limited

REGISTERED OFFICE:

The West Wing

1,Glass Quay

Temple Quay

Bristol

BS2 0EL

REGISTERED NUMBER:

04504670 (England and Wales)

ACCOUNTANTS:

Create Accountancy Solutions Limited

The West Wing

I Glass Wharf

Temple Quay

Bristol

BS2 0EL

The directors present their report with the financial statements of the company for the year ended 31 December 2014.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2014 to the

date of this report.

S Pickard

Saturn Projects Group Limited

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act

2006 relating to small companies.

ON BEHALF OF THE BOARD:

S Pickard - Director

6 July 2015

TURNOVER

16,886

173,703

Cost of sales

20,614

99,468

GROSS (LOSS)/PROFIT

(3,728

)

74,235

Administrative expenses

43,920

64,740

OPERATING (LOSS)/PROFIT

2

(47,648

)

9,495

Interest payable and similar charges

14

5,771

(LOSS)/PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION

(47,662

)

3,724

Tax on (loss)/profit on ordinary activities

3

-

-

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(47,662

)

3,724

FIXED ASSETS

Tangible assets

4

1,916

2,558

CURRENT ASSETS

Debtors

5

14,483

24,937

Cash at bank and in hand

-

1,214

14,483

26,151

CREDITORS

Amounts falling due within one year

6

147,101

120,561

NET CURRENT LIABILITIES

(132,618

)

(94,410

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(130,702

)

(91,852

)

CREDITORS

Amounts falling due after more than one year

7

8,812

-

NET LIABILITIES

(139,514

)

(91,852

)

CAPITAL AND RESERVES

Called up share capital

8

1,000

1,000

Profit and loss account

9

(140,514

)

(92,852

)

SHAREHOLDERS' FUNDS

(139,514

)

(91,852

)

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 directors acknowledge their 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 financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the Board of Directors on 6 July 2015 and were signed on its behalf by:

S Pickard - 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 goods, 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.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on cost

Deferred tax

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

at the balance sheet date.

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.

2.	OPERATING (LOSS)/PROFIT

The operating loss (2013 - operating profit) is stated after charging:

31.12.14

31.12.13

£

£

Depreciation - owned assets

642

-

Directors' remuneration and other benefits etc

-

-

3.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose on ordinary activities for the year ended 31 December 2014

nor for the year ended 31 December 2013.

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2014

and 31 December 2014

5,874

34,416

40,290

DEPRECIATION

At 1 January 2014

5,026

32,706

37,732

Charge for year

212

430

642

At 31 December 2014

5,238

33,136

38,374

NET BOOK VALUE

At 31 December 2014

636

1,280

1,916

At 31 December 2013

848

1,710

2,558

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.14

31.12.13

£

£

Trade debtors

3,213

2,796

Amounts owed by group undertakings

9,524

21,763

Other debtors

1,746

120

VAT

-

258

14,483

24,937

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.14

31.12.13

£

£

Bank loans and overdrafts

14,164

23,972

Trade creditors

8,678

7,310

Amounts owed to group undertakings

109,574

68,900

Social security and other taxes

607

3,997

Other creditors

470

1,830

Directors' current accounts

12,309

13,253

Accrued expenses

1,299

1,299

147,101

120,561

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.14

31.12.13

£

£

Other loans - 2-5 years

8,812

-

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.14

31.12.13

value:

£

£

1,000

Ordinary

£1

1,000

1,000

9.

RESERVES

Profit

and loss

account

£

At 1 January 2014

(92,852

)

Deficit for the year

(47,662

)

At 31 December 2014

(140,514

)

10.	ULTIMATE PARENT COMPANY

11.	RELATED PARTY DISCLOSURES