Parallel.net Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 03073313 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2015

FOR

PARALLEL.NET LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

Mr C Markou

REGISTERED OFFICE:

8 Hurlingham Business Park

Sulivan Road

London

SW6 3DU

REGISTERED NUMBER:

03073313 (England and Wales)

ACCOUNTANTS:

TaxAgility Accountants Ltd

Chartered Accountants

34 Lower Richmond Road

Putney

London

SW15 1JP

FIXED ASSETS

Tangible assets

2

28,712

23,388

CURRENT ASSETS

Stocks

2,500

2,100

Debtors

192,154

140,417

Cash at bank

153,506

189,082

348,160

331,599

CREDITORS

Amounts falling due within one year

(197,903

)

(218,462

)

NET CURRENT ASSETS

150,257

113,137

TOTAL ASSETS LESS CURRENT
LIABILITIES

178,969

136,525

CAPITAL AND RESERVES

Called up share capital

3

2,000

Profit and loss account

176,969

134,525

SHAREHOLDERS' FUNDS

178,969

136,525

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 12 April 2016 and were signed by:

Mr C Markou - 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 January 2015).

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.

Office furniture

-

15% on reducing balance

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

Going concern

The accounts have been prepared on a going concern basis.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2014

119,292

Additions

10,281

At 31 August 2015

129,573

DEPRECIATION

At 1 September 2014

95,904

Charge for year

4,957

At 31 August 2015

100,861

NET BOOK VALUE

At 31 August 2015

28,712

At 31 August 2014

23,388

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.15

31.8.14

value:

£

2,000

Ordinary

£1

2,000