Realnet Limited - Period Ending 2015-12-31

Registration number: 03652988

Realnet Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2015
 

Realnet Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Realnet Limited
(Registration number: 03652988)
Abbreviated Balance Sheet at 31 December 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					950			2,721
Current assets
Debtors					96,541			70,293
Cash at bank and in hand					7,182			10,480
					103,723			80,773
Creditors: Amounts falling due within one year					(244,780)			(35,594)
Net current (liabilities)/assets					(141,057)			45,179
Total assets less current liabilities					(140,107)			47,900
Creditors: Amounts falling due after more than one year					-			(148,338)
Provisions for liabilities					-			(545)
Net liabilities					(140,107)			(100,983)
Capital and reserves
Called up share capital		3			1,000			1,000
Profit and loss account					(141,107)			(101,983)
Shareholders' deficit					(140,107)			(100,983)

For the year ending 31 December 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 3 August 2016 and signed on its behalf by:

K Sewell
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Realnet Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Going concern

The company continues to show a deficit on the balance sheet. The company has an outstanding loan with the 50% corporate connected shareholder of £203,388 (2014: £148,338) and this company coninues to provide the finance to enable the company to continue as a going concern.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	15% & 33% straight line basis

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 2

Realnet Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2015		10,107			10,107
At 31 December 2015		10,107			10,107
Depreciation
At 1 January 2015		7,386			7,386
Charge for the year		1,771			1,771
At 31 December 2015		9,157			9,157
Net book value
At 31 December 2015		950			950
At 31 December 2014		2,721			2,721

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Oridnary of £0.01 each		100,000			1,000			100,000			1,000

4

Control

There is no one individual party that controls the company .

Page 3