Connect Oil Limited - Abbreviated accounts

CONNECT OIL LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2014

































Company Registration Number: 04236753

CONNECT OIL LIMITED

ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2014


CONTENTS									PAGES



Company information									1

Balance sheet									2 to 3

Notes to the abbreviated financial statements									4 to 5

CONNECT OIL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2014


DIRECTORS

S Pollard
J Swatton
Mrs B Pollard
Mrs C L Swatton


SECRETARY

J Swatton


REGISTERED OFFICE

Cranbrook House
287-291 Banbury Road
Oxford
OX2 7JQ


COMPANY REGISTRATION NUMBER

04236753 England and Wales

CONNECT OIL LIMITED

BALANCE SHEET
AS AT 30 June 2014


	Notes	2014			2013
		£			£

FIXED ASSETS
Tangible assets	2			7,188		9,584

CURRENT ASSETS
Debtors		57,257			13,895
Cash at bank and in hand		1,440,850			1,199,945


		1,498,107			1,213,840

CREDITORS: Amounts falling due		286,276			277,842
within one year


NET CURRENT ASSETS				1,211,831		935,998


TOTAL ASSETS LESS CURRENT LIABILITIES				1,219,019		945,582

Provisions for liabilities and charges				1,591		2,215


NET ASSETS				1,217,428		943,367



CAPITAL AND RESERVES
Called up share capital	3			100		100
Profit and loss account				1,217,328		943,267


SHAREHOLDERS' FUNDS				1,217,428		943,367



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).

For the financial year ended 30 June 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

Members have not required the company to obtain an audit in accordance with section 476 of the Act.

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.

Signed on behalf of the board of directors


S Pollard			J Swatton
Director			Director

Date approved by the board: 14 October 2014

CONNECT OIL LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2014


1	STATEMENT OF ACCOUNTING POLICIES

	Accounting convention

	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).

	Turnover

	Turnover represents commissions received, stated net of value added tax.

	Tangible fixed assets

	Fixed assets are stated at cost less accumulated depreciation.

	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.

	Office and computer equipment	25% reducing balance basis

	Financial instruments

	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.

	Deferred taxation

	Deferred taxation is the taxation attributable to timing differences between profits computed for taxation purposes and profits as stated in the financial statements and is fully provided for, except in circumstances where losses are deemed irrecoverable, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

	Pensions

	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.

	Foreign currencies

	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.

2	TANGIBLE ASSETS
					Tangible assets
					£
	Cost
	At 1 July 2013				20,203


	At 30 June 2014				20,203


	Accumulated depreciation
	At 1 July 2013				10,619

	Charge for year				2,396


	At 30 June 2014				13,015


	Net book value
	At 1 July 2013				9,584


	At 30 June 2014				7,188


3	SHARE CAPITAL
		Nominal value	Number	2014	2013
		£		£	£
	Allotted, called up and fully paid:
	Ordinary shares	1	100	100	100