Unaudited Financial Statements for the Year Ended 31 March 2020

for

Satellite Aerial Trade Supplies Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

G Shacklock

SECRETARY:

REGISTERED OFFICE:

Unit 22

Imex Business Park

Loanhead

Edinburgh

EH20 9LZ

REGISTERED NUMBER:

SC525675 (Scotland)

ACCOUNTANTS:

D & A Pearston Ltd

Chartered Accountants

73 Stirling Business Centre

Wellgreen Place

Stirling

FK8 2DZ

FIXED ASSETS

Tangible assets

4

35,746

-

CURRENT ASSETS

Stocks

78,000

-

Debtors

5

24,799

100

Cash at bank

14,879

-

117,678

100

CREDITORS

Amounts falling due within one year

6

232,474

-

NET CURRENT (LIABILITIES)/ASSETS

(114,796

)

100

TOTAL ASSETS LESS CURRENT LIABILITIES

(79,050

)

100

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

8

(79,150

)

-

SHAREHOLDERS' FUNDS

(79,050

)

100

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 7 June 2021 and were signed by:

G Shacklock - Director

1.	STATUTORY INFORMATION

Satellite Aerial Trade Supplies Limited is a private company, limited by shares , registered in Scotland. 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The trading deficit is funded by director's loan. The director has indicated his willingness to continue to fund the business and is confident that the company has sufficient funds to meet its obligations as they fall due. The director is confident that the business will soon be profitable and therefore considers that it is appropriate that the accounts be prepared on a going concern basis.

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

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

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - NIL ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

41,496

At 31 March 2020

41,496

DEPRECIATION

Charge for year

5,750

At 31 March 2020

5,750

NET BOOK VALUE

At 31 March 2020

35,746

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

14,763

-

Other debtors

10,036

100

24,799

100

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade creditors

30,369

-

Taxation and social security

1,722

-

Other creditors

200,383

-

232,474

-

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.20

31.3.19

value:

£

£

100

Ordinary

£1

100

100

8.

RESERVES

Retained

earnings

£

Deficit for the year

(79,150

)

At 31 March 2020

(79,150

)

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 March 2020 and the period ended 31 March 2019:

31.3.20

31.3.19

£

£

G Shacklock

Balance outstanding at start of year

-

-

Amounts repaid

(190,309

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(190,309

)

-

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is G Shacklock.