Channel Socket Limited - Period Ending 2016-08-31

Channel Socket Limited - Period Ending 2016-08-31


Channel Socket Limited 07356714 false true 2015-09-01 2016-08-31 2016-08-31 07356714 2015-09-01 2016-08-31 07356714 2016-08-31 07356714 uk-bus:OrdinaryShareClass1 uk-bus:CumulativeShares 2016-08-31 07356714 uk-bus:Director1 2015-09-01 2016-08-31 07356714 uk-bus:OrdinaryShareClass1 uk-bus:CumulativeShares 2015-09-01 2016-08-31 07356714 uk-bus:EntityAccountantsOrAuditors 2015-09-01 2016-08-31 07356714 uk-gaap:MotorVehicles 2015-09-01 2016-08-31 07356714 uk-gaap:OfficeEquipment 2015-09-01 2016-08-31 07356714 uk-gaap:PlantMachinery 2015-09-01 2016-08-31 07356714 2015-08-31 07356714 2015-08-31 07356714 uk-bus:OrdinaryShareClass1 uk-bus:CumulativeShares 2015-08-31 iso4217:GBP xbrli:shares

Registration number: 07356714

Channel Socket Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2016
 

Fox Jennings Cullen
Accountants & Business Advisers
Tarn House
77 High Street
Yeadon
Leeds
West Yorkshire
LS19 7SP

 

Channel Socket Limited
Contents

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

2 to 3

 

Channel Socket Limited
(Registration number: 07356714)
Abbreviated Balance Sheet at 31 August 2016

   

Note

   

2016
£

   

2015
£

 

Fixed assets

 

             

Tangible fixed assets

 

   

18,146

   

22,339

 

Current assets

 

             

Stocks

 

   

14,365

   

28,820

 

Debtors

 

   

17,533

   

36,171

 

Cash at bank and in hand

 

   

105,959

   

58,863

 
   

   

137,857

   

123,854

 

Creditors: Amounts falling due within one year

 

   

(17,399)

   

(26,702)

 

Net current assets

 

   

120,458

   

97,152

 

Total assets less current liabilities

 

   

138,604

   

119,491

 

Provisions for liabilities

 

   

(3,439)

   

(4,236)

 

Net assets

 

   

135,165

   

115,255

 

Capital and reserves

 

             

Called up share capital

 

3

   

1

   

1

 

Profit and loss account

 

   

135,164

   

115,254

 

Shareholders' funds

 

   

135,165

   

115,255

 

For the year ending 31 August 2016 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 director acknowledges his 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 director on 16 January 2017

.........................................
D Dawson
Director

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

 

Channel Socket Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... 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).

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 at the following rates in order to write off each asset over its estimated useful life.

Asset class

Depreciation method and rate

Plant and Machinery

25% on reducing balance

Motor Vehicles

25% on reducing balance

Office Equipment

33.3% on cost

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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.

 

Channel Socket Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

2

Fixed assets

   

Tangible assets
£

   

Total
£

 

Cost

           

At 1 September 2015

 

27,270

   

27,270

 

Additions

 

3,850

   

3,850

 

Disposals

 

(1,925)

   

(1,925)

 

At 31 August 2016

 

29,195

   

29,195

 

Depreciation

           

At 1 September 2015

 

4,931

   

4,931

 

Charge for the year

 

6,118

   

6,118

 

At 31 August 2016

 

11,049

   

11,049

 

Net book value

           

At 31 August 2016

 

18,146

   

18,146

 

At 31 August 2015

 

22,339

   

22,339

 

3

Share capital

Allotted, called up and fully paid shares

 

2016

2015

   

No.

   

£

   

No.

   

£

 

Ordinary shares of £1 each

 

1

   

1

   

1

   

1