SOMCOM Ltd - Abbreviated accounts 16.3

REGISTERED NUMBER: 04288069 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 October 2016

for

SOMCOM Ltd

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

D P Turner

A J Turner

T W Turner

SECRETARY:

Mrs K M Turner

REGISTERED OFFICE:

The Island House

Midsomer Norton

Radstock

Somerset

BA3 2DZ

REGISTERED NUMBER:

04288069 (England and Wales)

ACCOUNTANTS:

King Watkins Ltd

The Island House

Midsomer Norton

Radstock

Somerset

BA3 2DZ

FIXED ASSETS

Intangible assets

2

-

Tangible assets

3

671

1,006

671

1,006

CURRENT ASSETS

Stocks

5,250

-

Debtors

93,161

112,619

Cash at bank

21,839

21,744

120,250

134,363

CREDITORS

Amounts falling due within one year

35,313

49,226

NET CURRENT ASSETS

84,937

85,137

TOTAL ASSETS LESS CURRENT LIABILITIES

85,608

86,143

CAPITAL AND RESERVES

Called up share capital

4

1,000

1,021

Share premium

-

798

Profit and loss account

84,608

84,324

SHAREHOLDERS' FUNDS

85,608

86,143

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 3 July 2017 and were signed on its behalf by:

A J Turner - Director

1.	ACCOUNTING POLICIES

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 2002, is being amortised evenly over its estimated useful life of five 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% residual value, 4 yrs straight line

Computer equipment

-

25% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

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 November 2015

and 31 October 2016

10,000

AMORTISATION

At 1 November 2015

and 31 October 2016

10,000

NET BOOK VALUE

At 31 October 2016

-

At 31 October 2015

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 November 2015

and 31 October 2016

50,093

DEPRECIATION

At 1 November 2015

49,087

Charge for year

335

At 31 October 2016

49,422

NET BOOK VALUE

At 31 October 2016

671

At 31 October 2015

1,006

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.16

31.10.15

value:

£

1,000

A Ordinary

£1

979

1,000

5.	RELATED PARTY DISCLOSURES

Mr A Turner, Mr T Turner and Mr D Turner are also directors of Joinerysoft Ltd.

During the year, Somcom Ltd invoiced Joinerysoft Ltd £88,823 (2015: £88,853). As at the year end, Joinerysoft Ltd owed Somcom Ltd

£79,270 (2015: £97,552).

As at the year end Joinerysoft owed Somcom £400 (2015: £773).

The company trades from premises owned by the directors and paid rent of £5,719 (2015: £8,333) during the year.