P.P.Net Limited - Period Ending 2016-07-31

Company registration number: 06316288

P.P.Net Limited
 
  Annual Report and Unaudited Abbreviated Accounts
 
  Year Ended 31 July 2016
 

Beresfords
  Chartered Accountants
  Castle House
  Castle Hill Avenue
  Folkestone
  Kent
  CT20 2TQ

P.P.Net Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

P.P.Net Limited
(Company registration number: 06316288)
Abbreviated Balance Sheet
31 July 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					519			828
Current assets
Debtors					10,361			13,103
Cash at bank and in hand					106,062			112,778
					116,423			125,881
Creditors: Amounts falling due within one year					(18,943)			(8,639)
Net current assets					97,480			117,242
Total assets less current liabilities					97,999			118,070
Provisions for liabilities					(104)			(166)
Net assets					97,895			117,904
Capital and reserves
Called up share capital		3			1			1
Profit and loss account					97,894			117,903
Shareholders' funds					97,895			117,904

The notes on pages 3 to 5 form an integral part of these financial statements.
 
  Page 1

P.P.Net Limited
(Company registration number: 06316288)
Abbreviated Balance Sheet
31 July 2016......... continued

For the year ending 31 July 2016 the company was entitled to exemption from audit 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 March 2017 and signed on its behalf by:

......................................... Mr A Breton Director

The notes on pages 3 to 5 form an integral part of these financial statements.
 
  Page 2

P.P.Net Limited
Notes to the Abbreviated Accounts
Year Ended 31 July 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

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

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	3 years straight line

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.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Page 3

P.P.Net Limited
Notes to the Abbreviated Accounts
Year Ended 31 July 2016......... continued

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.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 August 2015		4,667			4,667
Additions		458			458
At 31 July 2016		5,125			5,125
Depreciation
At 1 August 2015		3,839			3,839
Charge for the year		767			767
At 31 July 2016		4,606			4,606
Net book value
At 31 July 2016		519			519
At 31 July 2015		828			828

Page 4

P.P.Net Limited
Notes to the Abbreviated Accounts
Year Ended 31 July 2016......... continued

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary Shares of £1 each		1			1			1			1

Page 5