| CONNECT OIL LIMITED |
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| BALANCE SHEET |
| AS AT 30 June 2015 |
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Notes |
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2015 |
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2014 |
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£ |
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£ |
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| FIXED ASSETS |
| Tangible assets |
2 |
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5,551 |
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7,188 |
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| CURRENT ASSETS |
| Debtors |
1,091,686 |
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57,257 |
| Cash at bank and in hand |
823,019 |
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1,440,850 |
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1,914,705 |
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1,498,107 |
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| CREDITORS: Amounts falling due |
348,482 |
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286,276 |
| within one year |
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| NET CURRENT ASSETS |
1,566,223 |
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1,211,831 |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
1,571,774 |
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1,219,019 |
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| Provisions for liabilities and charges |
1,253 |
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1,591 |
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| NET ASSETS |
1,570,521 |
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1,217,428 |
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| CAPITAL AND RESERVES |
| Called up share capital |
3 |
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100 |
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100 |
| Profit and loss account |
1,570,421 |
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1,217,328 |
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| SHAREHOLDERS' FUNDS |
1,570,521 |
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1,217,428 |
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| These abbreviated accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
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| For the financial year ended 30 June 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006. |
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| Members have not required the company to obtain an audit in accordance with section 476 of the Act. |
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| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
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| Signed on behalf of the board of directors |
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| S Pollard |
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|
J Swatton |
| Director |
Director |
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| Date approved by the board: 12 October 2015 |
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| CONNECT OIL LIMITED |
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| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2015 |
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| 1 |
STATEMENT OF ACCOUNTING POLICIES |
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Accounting convention |
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The accounts have been prepared under the historical cost convention and are based on accounts prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
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Turnover |
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Turnover represents commissions received, stated net of value added tax. |
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Tangible fixed assets |
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Fixed assets are stated at cost less accumulated depreciation. |
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Depreciation has been provided at the following rate so as to write off the cost less residual value of the assets over their estimated useful lives. |
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Office and computer equipment |
25% reducing balance basis |
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Financial instruments |
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Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
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Deferred taxation |
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Pensions |
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The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet. |
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Foreign currencies |
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Transactions in foreign currencies are translated at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the rate of exchange prevailing at that date. Exchange differences are taken into account in arriving at the operating profit or loss. |
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| 2 |
TANGIBLE ASSETS |
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Tangible assets |
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£ |
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Cost |
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At 1 July 2014 |
20,203 |
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Additions |
213 |
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At 30 June 2015 |
20,416 |
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Accumulated depreciation |
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At 1 July 2014 |
13,015 |
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Charge for year |
1,850 |
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At 30 June 2015 |
14,865 |
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Net book value |
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At 1 July 2014 |
7,188 |
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At 30 June 2015 |
5,551 |
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| 3 |
SHARE CAPITAL |
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Nominal value |
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Number |
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2015 |
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2014 |
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£ |
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£ |
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£ |
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Allotted, called up and fully paid: |
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Ordinary shares |
1 |
|
100 |
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100 |
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100 |
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| 4 |
DIRECTORS' TRANSACTIONS |
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The company made advances to the directors during the year. The following amounts were due to the company at the year end: |
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2015 |
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2014 |
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£ |
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£ |
|
S Pollard & Mrs B Pollard |
99,451 |
|
- |
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J Swatton & Mrs C L Swatton |
547,545 |
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- |
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646,996 |
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- |
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The maximum amounts due to the company from the directors during the year were as follows: |
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2015 |
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2014 |
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£ |
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£ |
|
S Pollard & Mrs B Pollard |
99,451 |
|
- |
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J Swatton & Mrs C L Swatton |
547,545 |
|
- |
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646,996 |
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- |
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