Straight Talk Consulting Limited - Period Ending 2016-10-31

Registration number: 06365090

Straight Talk Consulting Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2016
 

Stapletons
Chartered Certified Accountants
4 Market Street
Crediton
Devon
EX17 2AJ

Straight Talk Consulting Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Straight Talk Consulting Limited
(Registration number: 06365090)
Abbreviated Balance Sheet at 31 October 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					800			1,600
Tangible fixed assets					10,321			10,457
					11,121			12,057
Current assets
Debtors					7,708			3,700
Cash at bank and in hand					518			318
					8,226			4,018
Creditors: Amounts falling due within one year					(16,763)			(13,201)
Net current liabilities					(8,537)			(9,183)
Total assets less current liabilities					2,584			2,874
Provisions for liabilities					(2,064)			(2,091)
Net assets					520			783
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					518			781
Shareholders' funds					520			783

For the year ending 31 October 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 4 May 2017 and signed on its behalf by:

Mr K Howes
Director

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

Straight Talk Consulting Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 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.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	10 years straight line basis

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
Plant and machinery	25% reducing balance basis
Fixtures and fittings	25% reducing balance basis
Office equipment	25% reducing balance basis

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.

Page 2

Straight Talk Consulting Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... continued

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

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 November 2015		8,000			24,647			32,647
Additions		-			2,946			2,946
At 31 October 2016		8,000			27,593			35,593
Depreciation
At 1 November 2015		6,400			14,190			20,590
Charge for the year		800			3,082			3,882
At 31 October 2016		7,200			17,272			24,472
Net book value
At 31 October 2016		800			10,321			11,121
At 31 October 2015		1,600			10,457			12,057

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

4

Control

The company is controlled by the directors who own 100% of the called up share capital in equal proportions.

Page 3