Orbit News Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 05775464 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2016

FOR

ORBIT NEWS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

G Skentelbery

D Skentelbery

SECRETARY:

G Skentelbery

REGISTERED OFFICE:

New Media Centre

Old Road

Warrington

WA4 1AT

REGISTERED NUMBER:

05775464 (England and Wales)

ACCOUNTANTS:

Styles and Co Accountants Limited

Chartered Accountants

Heather House

473 Warrington Road

Culcheth

Warrington

Cheshire

WA3 5QU

FIXED ASSETS

Intangible assets

2

159,834

173,834

Tangible assets

3

3,165

5,773

162,999

179,607

CURRENT ASSETS

Debtors

38,861

38,928

Cash at bank and in hand

8,953

17,020

47,814

55,948

CREDITORS

Amounts falling due within one year

(45,879

)

(59,932

)

NET CURRENT ASSETS/(LIABILITIES)

1,935

(3,984

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

164,934

175,623

CREDITORS

Amounts falling due after more than
one year

(164,728

)

(172,329

)

NET ASSETS

206

3,294

CAPITAL AND RESERVES

Called up share capital

4

100

Profit and loss account

106

3,194

SHAREHOLDERS' FUNDS

206

3,294

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as
at the end of each financial year and of its profit or loss for each financial year in accordance with the
requirements of Sections 394 and 395 and which otherwise comply with the requirements of the
Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 14 March 2017 and were signed on
its behalf by:

G Skentelbery - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

At 30 June 2016, the company's net current liabilities amounted to £18,065 (2015: £3,984). This

factor affects the Company's ability to continue trading. The company is dependant upon the

continued financial support of the Directors.

In view of this the Directors considers it appropriate to prepare the financial statements on the

going concern basis.

Accounting convention

The financial statements 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 net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

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

Fixtures and fittings

-

20% on cost

Computer equipment

-

20% on cost

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed

at the balance sheet date.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to the profit and loss account in the period to which they

relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2015

and 30 June 2016

280,000

AMORTISATION

At 1 July 2015

106,166

Amortisation for year

14,000

At 30 June 2016

120,166

NET BOOK VALUE

At 30 June 2016

159,834

At 30 June 2015

173,834

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2015

and 30 June 2016

40,503

DEPRECIATION

At 1 July 2015

34,730

Charge for year

2,608

At 30 June 2016

37,338

NET BOOK VALUE

At 30 June 2016

3,165

At 30 June 2015

5,773

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.16

30.6.15

value:

£

45

Ordinary Class A

£1

45

Ordinary Class B

£1

45

10

Ordinary Class C

£1

10

100

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2016 and

30 June 2015:

30.6.16

30.6.15

£

D Skentelbery

Balance outstanding at start of year

(113,524

)

(119,338

)

Amounts advanced

20,538

17,814

Amounts repaid

(2,000

)

(12,000

)

Balance outstanding at end of year

(94,986

)

(113,524

)

G Skentelbery

Balance outstanding at start of year

(74,805

)

(83,597

)

Amounts advanced

29,063

42,792

Amounts repaid

(24,000

)

(34,000

)

Balance outstanding at end of year

(69,742

)

(74,805

)