Abbreviated Company Accounts - CONNECT IT (BUSINESS SERVICES) LIMITED

Abbreviated Company Accounts - CONNECT IT (BUSINESS SERVICES) LIMITED

CONNECT IT (BUSINESS SERVICES) LIMITED - Company Information

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Registered Number 02512860

CONNECT IT (BUSINESS SERVICES) LIMITED

Abbreviated Accounts

30 April 2016

CONNECT IT (BUSINESS SERVICES) LIMITED Registered Number 02512860

Abbreviated Balance Sheet as at 30 April 2016

Notes 2016 2015
£ £
Current assets
Stocks 53,110 57,935
Debtors 4,082 7,414
Cash at bank and in hand 1,854 -
59,046 65,349
Creditors: amounts falling due within one year (40,714) (44,128)
Net current assets (liabilities) 18,332 21,221
Total assets less current liabilities 18,332 21,221
Total net assets (liabilities) 18,332 21,221
Capital and reserves
Called up share capital 2 2
Profit and loss account 18,330 21,219
Shareholders' funds 18,332 21,221
  • For the year ending 30 April 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 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 25 January 2017

And signed on their behalf by:
Mrs P Stones, Director

CONNECT IT (BUSINESS SERVICES) LIMITED Registered Number 02512860

Notes to the Abbreviated Accounts for the period ended 30 April 2016

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective January 2015.

Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Tangible assets depreciation policy
Fixed assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Computer equipment - 25% straight line
Fixtures & Fittings - 20% straight line
Motor Vehicles - 20% straight line

Other accounting policies
Stocks

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

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.