Reachbyte Limited - Limited company accounts 11.7

REGISTERED NUMBER: 03379078

REPORT OF THE DIRECTOR AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2014

FOR

REACHBYTE LIMITED

Page

Company Information

1

Report of the Director

2

Profit and Loss Account

3

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTOR:

C D Krishnani

REGISTERED OFFICE:

50 Seymour Street

London

W1H 7JG

REGISTERED NUMBER:

03379078

ACCOUNTANTS:

Civvals Limited

50 Seymour Street

London

W1H 7JG

BANKERS:

Bank of Baroda

Southall Branch

86 The Broadway

Southall

Middlesex

UB1 1QD

The director presents his report with the financial statements of the company for the year ended 30 November 2014.

DIRECTOR

C D Krishnani held office during the whole of the period from 1 December 2013 to the date of this report.

GOING CONCERN

The company has a net liability of £3,072,860. The director and its creditors have given assurance that they will continue

to support Reachbyte Limited and provide the funding and working capital if and when necessary to ensure it is able to

continue its operations and pay its debts as and when they become due and payable. Therefore, the director consider that

it is appropriate to prepare the accounts for the year ended 30 November 2014 on the going concern basis.

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:

C D Krishnani - Director

19 August 2015

TURNOVER

3,797,468

19,649,575

Cost of sales

(3,816,834

)

(19,690,016

)

GROSS LOSS

(19,366

)

(40,441

)

Administrative expenses

(3,582

)

(9,108

)

(22,948

)

(49,549

)

Other operating income

10

(5

)

OPERATING LOSS

2

(22,938

)

(49,554

)

Income from fixed asset investments

11,581

7,530

Interest receivable and similar income

-

1,512

LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION

(11,357

)

(40,512

)

Tax on loss on ordinary activities

3

-

-

LOSS FOR THE FINANCIAL YEAR

(11,357

)

(40,512

)

CURRENT ASSETS

Stocks

264,676

270,387

Debtors

4

1,094

2,006

Cash at bank

419

300

266,189

272,693

CREDITORS

Amounts falling due within one year

5

2,652,407

2,647,554

NET CURRENT LIABILITIES

(2,386,218

)

(2,374,861

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,386,218

)

(2,374,861

)

CREDITORS

Amounts falling due after more than one year

6

686,542

686,542

NET LIABILITIES

(3,072,760

)

(3,061,403

)

CAPITAL AND RESERVES

Called up share capital

7

100

100

Profit and loss account

8

(3,072,860

)

(3,061,503

)

SHAREHOLDERS' FUNDS

(3,072,760

)

(3,061,403

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 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 director on 19 August 2015 and were signed by:

C D Krishnani - 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).

Going concern

The company had a net liability of £3,072,860. The director and creditors amounting to £3,338,949 shown under

note 5 and 6 have given assurance that they will continue to support Reachbyte Limited and provide the funding

and working capital to ensure it is able to continue its operations and pay its debts as and when they become due

and payable. Therefore, the director consider that it is appropriate to prepare the accounts for the year ended 30

November 2014 on the going concern basis.

Turnover

Turnover represents sales of listed shares during the year.

Stocks of listed shares

Stocks of listed shares are stated at the lower of cost and market value at the year end date.

2.	OPERATING LOSS

The operating loss is stated after charging/(crediting):

2014

2013

£

£

Foreign exchange differences

(10

)

5

Director's 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 30 November 2014 nor for the

year ended 30 November 2013.

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2014

2013

£

£

Other debtors

1,094

2,006

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2014

2013

£

£

Amounts owed to group undertakings

1,658,448

1,658,448

Taxation and social security

(1

)

-

Other creditors

993,960

989,106

2,652,407

2,647,554

The company has granted to stockbrokers a charge over the share portfolio of the company. The indebtedness as

at 30 November 2014 amounts to £152,266. (2013-£144,694). The loans are unsecured.

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2014

2013

£

£

Other creditors

686,542

686,542

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Long term loan

686,542

686,542

The loan to the company are interest free, unsecured and have no fixed date of repayment.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

100

Ordinary

1

100

100

8.

RESERVES

Profit

and loss

account

£

At 1 December 2013

(3,061,503

)

Deficit for the year

(11,357

)

At 30 November 2014

(3,072,860

)

9.	RELATED PARTY DISCLOSURES

As at 30 November 2014 the company owed Kris Motor Spares Limited £1,658,448 (2012-£1,654,448) a

company in which Mr C D Krishnani also act as director. The amount owed is unsecured and interest free.

The Company is indebted to the director Mr C D Krishnani at the year end amounting to £188,335

(2013-£190,453).

The company owes the family members of the director, Mr C D Krishnani an amount of £1,338,401

(2013-£1,388,401). The amounts owed are all unsecured and interest free.