Onboard TV Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 06095992

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

ONBOARD TV LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

6

DIRECTOR:

Mr M L Stickland

SECRETARY:

Fryern Company Secretarial Services Limited

REGISTERED OFFICE:

9 Leigh Road

Havant

Hampshire

PO9 2ES

REGISTERED NUMBER:

06095992

ACCOUNTANTS:

Rothman Pantall LLP

Chartered Accountants

Chilworth Point

1 Chilworth Road

Southampton

SO16 7JQ

FIXED ASSETS

Tangible assets

4

4,048

6,033

CURRENT ASSETS

Debtors

5

83,121

124,750

Cash at bank

13,960

3,642

97,081

128,392

CREDITORS

Amounts falling due within one year

6

94,126

113,215

NET CURRENT ASSETS

2,955

15,177

TOTAL ASSETS LESS CURRENT LIABILITIES

7,003

21,210

PROVISIONS FOR LIABILITIES

-

541

NET ASSETS

7,003

20,669

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

6,003

19,669

SHAREHOLDERS' FUNDS

7,003

20,669

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 8 September 2017 and were signed by:

Mr M L Stickland - Director

1.	STATUTORY INFORMATION

Onboard TV Limited is a private company, limited by shares, registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

SIGNIFICANT JUDGEMENTS AND ESTIMATES

Inherent in the application of many of the accounting policies used in preparing the financial statements is the

need for directors to make judgements, estimates and assumptions that affect the reported amount of assets

and liabilities at the date of the financial statement and the reporting amounts of revenues and expenses during

the year. Actual outcomes could differ from those estimates and assumptions used. The accounting judgements

and estimates that could have significant impact on the results of the company are set out below and should be

read in conjunction with the information provided in the Notes to the financial statements:

Critical Judgements

>

Management determine whether financial instruments are basic or advanced and when to deal with recognising, derecognising, measuring and disclosing financial instruments. These decisions depend on an assessment made of the accounting standards.

>

Management determine if a deferred tax asset should be recognised and concluded that a deferred tax asset will only be recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities. As a result, a deferred tax asset has not been included in the accounts.

>

The management determine the point of recognition of revenue. Factors taken into consideration in reaching such a decision include an assessment of whether the risks and rewards of ownership have been transferred to the customer.

>

To determine whether leases entered into by the company either as a lessor or a lessee are an operating lease or financial lease. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

Significant Estimates

>

Where there are indications of impairment to trade debtors, management perform an impairment test. The amount of the loss is determined by looking at the carrying value of the trade debtor and comparing it with the present value of the estimated cash flows discounted at the effective interest rate.

>

To determine whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.

>

Where staff costs are included as qualifying expenditure for research and development, management estimate the proportion of staff costs which qualify as qualifying expenditure.

REVENUE RECOGNITION

Turnover is the amount receivable for the provision of advertising services, stated net of VAT.

Revenue is recognised when the amount of revenue can be measured reliably and it is probable that the

economic benefits associated with the transaction will flow to the entity.

TANGIBLE FIXED ASSETS

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

Plant and machinery

-

20% on cost

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on cost

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company makes contributions into a recognised UK defined contributions scheme. Contributions payable

are charged to the profit and loss account in the period to which they relate.

SHORT-TERM DEBTORS AND CREDITORS

Debtors and creditors receivable and payable within one year or upon demand are recorded at transaction price

whether or not a rate of interest is charged on the balance.

TRANSITION

In preparing the accounts, the directors have considered that in applying the accounting policies required by

Section 1A "Small Entities" of Financial Reporting Standard 102 that no subsequent restatement of items has

been required in making the transition. The transition date was 1 January 2015.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2015 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2016

48,170

219

3,178

51,567

Additions

606

-

-

606

At 31 December 2016

48,776

219

3,178

52,173

DEPRECIATION

At 1 January 2016

42,262

147

3,125

45,534

Charge for year

2,524

14

53

2,591

At 31 December 2016

44,786

161

3,178

48,125

NET BOOK VALUE

At 31 December 2016

3,990

58

-

4,048

At 31 December 2015

5,908

72

53

6,033

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

36,310

25,434

Other debtors

46,811

99,316

83,121

124,750

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

8,658

7,977

VAT

6,389

2,799

Director's current account

14,765

51,348

Accrued expenses

6,444

6,310

Deferred income

57,870

44,781

94,126

113,215

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the beginning of the year the Director was owed £51,348 by the company. During the year the Director

introduced capital of £Nil and after withdrawing the sum of £38,467, an amount of £14,765 was owed by the

company at the balance sheet date. The loan is repayable on demand, no interest is being charged on the loan

and no security has been provided on this balance.

8.	RELATED PARTY DISCLOSURES

The following reproduces the text of the report prepared for the director and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Onboard TV Ltd for the year ended 31 December 2016 which comprise the Income Statement,

Balance Sheet and the related notes from the company's accounting records and from information and explanations you

have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Onboard TV Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Onboard TV Ltd and state those matters that we have agreed to state to the director of Onboard TV Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Onboard TV Ltd director for our work or for this report.

It is your duty to ensure that Onboard TV Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Onboard TV Ltd. You consider that Onboard TV Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Onboard TV Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Rothman Pantall LLP

Chartered Accountants

Chilworth Point

1 Chilworth Road

Southampton

SO16 7JQ

Date: .............................................