Satellite 4 U Limited Filleted accounts for Companies House (small and micro)

SATELLITE 4 U LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06755010

SATELLITE 4 U LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 August 2022

SATELLITE 4 U LIMITED

STATEMENT OF FINANCIAL POSITION

31 August 2022

	2022		2021
Note	£	£	£

Current assets

Debtors	4	2,096,832	1,994,345
Cash at bank and in hand		160,221	227,505
		-------------	-------------
		2,257,053	2,221,850

Creditors: amounts falling due within one year	5	1,174,952		1,282,283
		-------------		-------------
Net current assets			1,082,101	939,567
			-------------	----------
Total assets less current liabilities			1,082,101	939,567
			-------------	----------
Net assets			1,082,101	939,567
			-------------	----------

Capital and reserves

Called up share capital	2	2
Profit and loss account	1,082,099	939,565
	-------------	----------
Shareholders funds	1,082,101	939,567
	-------------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have 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 .

SATELLITE 4 U LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 August 2022

These financial statements were approved by the board of directors and authorised for issue on 16 May 2023 , and are signed on behalf of the board by:

Mr M Underwood
Director

Company registration number: 06755010

SATELLITE 4 U LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Optical House, The Avenue, Cliftonville, Northampton, NN1 5BT.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors. The director considers that the uncertainty caused in the insurance industry as a result of Coronavirus and the recovery from the restrictions put in place by the government should not materially affect the company's ability to continue as a going concern. This assumption has been continued as the economy is hit by the cost of living crisis, and would econmic impact of the war in Ukraine.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable services rendered and incurred.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Debtors

	2022	2021
	£	£
Trade debtors	12,812	–
Amounts owed by group undertakings and undertakings in which the company has a participating interest	2,057,147	1,994,345
Other debtors	26,873	–
	-------------	-------------
	2,096,832	1,994,345
	-------------	-------------

5. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	123,174	121,645
Amounts owed to group undertakings and undertakings in which the company has a participating interest	527,969	591,969
Corporation tax	27,280	26,823
Other creditors	496,529	541,846
	-------------	-------------
	1,174,952	1,282,283
	-------------	-------------