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REGISTERED NUMBER:
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SOUTHERN IT NETWORKS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST MAY 2017 |
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REGISTERED NUMBER:
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SOUTHERN IT NETWORKS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST MAY 2017 |
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SOUTHERN IT NETWORKS LIMITED (REGISTERED NUMBER: 04762610) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2017 |
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Company Information | 1 |
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Balance Sheet | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 6 |
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SOUTHERN IT NETWORKS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MAY 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
20 Eversley Road |
Bexhill-on-Sea |
East Sussex |
TN40 1HE |
SOUTHERN IT NETWORKS LIMITED (REGISTERED NUMBER: 04762610) |
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BALANCE SHEET |
31ST MAY 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
8 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Share premium |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
SOUTHERN IT NETWORKS LIMITED (REGISTERED NUMBER: 04762610) |
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BALANCE SHEET - continued |
31ST MAY 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
on its behalf by: |
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SOUTHERN IT NETWORKS LIMITED (REGISTERED NUMBER: 04762610) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2017 |
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1. | STATUTORY INFORMATION |
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Southern IT Networks Limited is a
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Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents net invoiced sales of goods and services, excluding value added tax. |
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Tangible fixed assets |
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Fixtures, fittings & equipment | - |
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Motor vehicles | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed |
at the balance sheet date. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
period of the lease. |
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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 profit or loss in the period to which they relate. |
SOUTHERN IT NETWORKS LIMITED (REGISTERED NUMBER: 04762610) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2017 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures, |
fittings | Motor |
& equipment | vehicles | Totals |
£ | £ | £ |
COST |
At 1st June 2016 |
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Additions |
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At 31st May 2017 |
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DEPRECIATION |
At 1st June 2016 |
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Charge for year |
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At 31st May 2017 |
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NET BOOK VALUE |
At 31st May 2017 |
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At 31st May 2016 |
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5. | STOCKS |
2017 | 2016 |
£ | £ |
Finished goods |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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Prepayments |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 11,798 | 15,629 |
Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Director's current account | - | 10,323 |
SOUTHERN IT NETWORKS LIMITED (REGISTERED NUMBER: 04762610) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2017 |
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9. | LEASING AGREEMENTS |
The company has future operating lease commitments of £38,921 relating to rent payable and |
£1,574 relating to vehicle leasing. |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1 | 90 | 90 |
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Ordinary A | £1 | 90 | 10 |
180 | 100 |
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The following shares were issued during the year: |
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11. | RELATED PARTY DISCLOSURES |
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Other Debtors of £9,000 represents a loan to a business in which the wife of M Freeman (a |
Director) is the proprietor. No interest is charged on the loan which is repayable on demand. |
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12. | FIRST YEAR ADOPTION |
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Reconciliation with previous generally accepted accounting practice |
In preparing the accounts, the company has considered whether in applying the accounting policies |
required by FRS 102 the restatement of comparative items was required. No prior period |
adjustments were necessary. |