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Company Registration No. 12088530 (England and Wales)
Satellite Finance Network Unaudited accounts for the year ended 31 July 2023
Satellite Finance Network Unaudited accounts Contents
Page
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Satellite Finance Network Company Information for the year ended 31 July 2023
Directors
S Adlen R Brook M Garnier R Spurret J Wheeler
Secretary
J Wheeler
Company Number
12088530 (England and Wales)
Registered Office
126 New Kings Road London SW6 4LZ England
Accountants
Balmoral Consultancy Services Limited Congress House 14 Lyon Road Harrow Middlesex HA1 2EN
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Satellite Finance Network Statement of financial position as at 31 July 2023
2023 
2022 
Notes
£ 
£ 
Current assets
Cash at bank and in hand
8,195 
14,524 
Creditors: amounts falling due within one year
(816)
(3,418)
Net current assets
7,379 
11,106 
Net assets
7,379 
11,106 
Reserves
Capital contribution reserve
2,913 
2,913 
Profit and loss account
4,466 
8,193 
Members' funds
7,379 
11,106 
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 22 April 2024 and were signed on its behalf by
J Wheeler Director Company Registration No. 12088530
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Satellite Finance Network Notes to the Accounts for the year ended 31 July 2023
1
Statutory information
Satellite Finance Network is a private company, limited by guarantee, registered in England and Wales, registration number 12088530. The registered office is 126 New Kings Road, London, SW6 4LZ, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
he financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 . The following principal accounting policies have been applied:
Presentation currency
The accounts are presented in £ sterling.
Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contact when all of the following conditions are satisfied : the amount of revenue can be measured reliably ; it is probable that the Company will receive the consideration due under the contract; the stage of completion of the contract at the end of the reporting period can be measured reliably; and the costs incurred and the costs to complete the contract can be measured reliably.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more then 24 hours. Cash equivalents are highly liquid investments that mature in no then three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of changes in value.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Satellite Finance Network Notes to the Accounts for the year ended 31 July 2023
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans related parties and investments in ordinary shares. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Reserve
Capital contribution reserve ; The capital contribution reserve represents the opening bank balance transferred to the company on incorporation from continued operation as sole members.
4
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Trade creditors
516 
828 
Taxes and social security
- 
2,290 
Accruals
300 
300 
816 
3,418 
5
Company limited by guarantee
The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
6
Average number of employees
During the year the average number of employees was 0 (2022: 0).
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