Company Registration No. 03097119 (United Kingdom)
PEOPLES NET SERVICES LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2016
PEOPLES NET SERVICES LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
PEOPLES NET SERVICES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 APRIL 2016
30 April 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
12,517
10,129
Current assets
Stocks
30,381
27,251
Debtors
8,246
46,911
Cash at bank and in hand
26,594
23,193
65,221
97,355
Creditors: amounts falling due within one year
(128,131)
(167,243)
Net current liabilities
(62,910)
(69,888)
Total assets less current liabilities
(50,393)
(59,759)
Provisions for liabilities
(1,738)
(1,093)
(52,131)
(60,852)
Capital and reserves
Called up share capital
3
10,000
1,000
Profit and loss account
(62,131)
(61,852)
Shareholder's funds
(52,131)
(60,852)
For the financial year ended 30 April 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 19 January 2017
Mr S Rosen
Director
Company Registration No. 03097119
PEOPLES NET SERVICES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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 the director.
If the company was unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of assets to their recoverable amounts, to provide for further liabilities that might arise and to reclassify fixed assets as current assets.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently.
1.3
Turnover
Turnover represents amounts receivable for goods and services net of trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
25% reducing balance method
Website development costs
5 years straight line
Fixtures, fittings & equipment
25% straight line method
1.5
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
PEOPLES NET SERVICES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 May 2015
90,480
Additions
6,325
At 30 April 2016
96,805
Depreciation
At 1 May 2015
80,351
Charge for the year
3,937
At 30 April 2016
84,288
Net book value
At 30 April 2016
12,517
At 30 April 2015
10,129
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
10,000 ordinary shares of £1 each
10,000
1,000
During the year 9,000 ordinary shares of £1 each were issued at par for cash consideration.