Supernet IT Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 06864575 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

Supernet IT Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr J M Coyle

REGISTERED OFFICE:

St Georges Court

Winnington Avenue

Northwich

Cheshire

CW8 4EE

REGISTERED NUMBER:

06864575 (England and Wales)

CURRENT ASSETS

Stocks

164,934

114,740

Debtors

4

40,500

841

Cash at bank

23,968

261

229,402

115,842

CREDITORS

Amounts falling due within one year

5

291,661

220,108

NET CURRENT LIABILITIES

(62,259

)

(104,266

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(62,259

)

(104,266

)

CAPITAL AND RESERVES

Called up share capital

6

3

3

Retained earnings

(62,262

)

(104,269

)

SHAREHOLDERS' FUNDS

(62,259

)

(104,266

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 22 January 2018 and were signed by:

Mr J M Coyle - Director

1.	STATUTORY INFORMATION

Supernet IT 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The financial statements have been prepared on a going concern basis which assumes that the company will

continue in operational existence for the foreseeable future. The validity of this assumption depends on the

continued support of its creditors. Whilst no formal agreement is in place to defer payment to more than one

year, the director is confident that the creditors will not call upon their debt within one year. The director

believes that it is therefore appropriate for the financial statements to be prepared on a going concern basis.

For periods up to and including the year ended 31 March 2016, the company prepared its financial statements in

accordance with UK Generally Accepted Accounting Practice ("UK GAAP"). These financial statements for the

year ended 31 March 2017 are the first the Company has prepared in accordance with FRS 102 Section 1A. The

Company's deemed transition date to FRS 102 was 1 April 2015. No transitional differences were noted.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes the original purchase price

of the asset and the costs attributable to bringing the asset to its working condition for its intended use.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated

residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery - Straight line over 6 years

Stocks and long term contracts

Where the outcome of long term contracts can be estimated reliably, income and associated costs are recognised

by reference to the stage of completion. This is measured by the proportion of contracted costs incurred to date

in relation to the estimated total costs of the project.

When it is probable that the total contract costs will exceed total contract income, the expected loss is recognised

immediately in full.

Excess payments on account over income are deducted from any balance on the contract in stocks, with any

residual balance shown within creditors.

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.

Deferred tax

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Share capital

Ordinary shares are classed as equity.

Short term debtors and creditors

Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising

from impairment are recognised in the profit and loss account.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, cash held with banks and bank overdrafts. Bank overdrafts are

shown within borrowings in current liabilities.

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

and 31 March 2017

1,500

DEPRECIATION

At 1 April 2016

and 31 March 2017

1,500

NET BOOK VALUE

At 31 March 2017

-

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

-

841

Other debtors

40,500

-

40,500

841

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

5,051

5,464

Taxation and social security

672

235

Other creditors

285,938

214,409

291,661

220,108

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

3

Ordinary

£1

3

3