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Satellite 3 Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 04723868
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1 1
1 1
CURRENT ASSETS
Stocks 5 2,862 3,183
Cash at bank and in hand - 5,584
2,862 8,767
Creditors: Amounts Falling Due Within One Year 6 (60,526 ) (65,212 )
NET CURRENT ASSETS (LIABILITIES) (57,664 ) (56,445 )
TOTAL ASSETS LESS CURRENT LIABILITIES (57,663 ) (56,444 )
NET LIABILITIES (57,663 ) (56,444 )
CAPITAL AND RESERVES
Called up share capital 7 150,001 150,001
Profit and Loss Account (207,664 ) (206,445 )
SHAREHOLDERS' FUNDS (57,663) (56,444)
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
G M Rossi
Director
19 September 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Satellite 3 Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04723868 . The registered office is C/O BWBCA Limited Office 44, A30 Business Centre, Okehampton, Devon, EX20 1BG.
The presentation currency of the financial statements is the Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
These financial statements have been prepared applying the going concern basis of accounting. At present the business is financially supported by its parent company, De Fatis Limited and the director. This funding is expected to continue for the foreseeable future.
2.3. Turnover
Turnover represents the net sales of contemporary cosmetic products and distribution costs excluding value added tax.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 33% on cost
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees during the year was: NIL (2022: NIL)
- -
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 January 2023 56,659
As at 31 December 2023 56,659
Depreciation
As at 1 January 2023 56,658
As at 31 December 2023 56,658
Net Book Value
As at 31 December 2023 1
As at 1 January 2023 1
5. Stocks
2023 2022
£ £
Stock 2,862 3,183
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6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Amounts owed to participating interests 36,226 40,522
Other creditors 24,300 24,690
60,526 65,212
7. Share Capital
2023 2022
Allotted, called up and fully paid £ £
1 Ordinary Shares of £ 1.00 each 1 1
Preference Shares
2023 2022
Allotted, called up and fully paid £ £
150,000 Preference Shares of £ 1.00 each 150,000 150,000
8. Related Party Transactions
At the balance sheet date, the company owed the director £24,000 (2022: £24,000). This amount is interest free and repayable upon demand.
9. Ultimate Controlling Party
The parent company is De Fatis Limited of C/O BWBCA Limited, Office 44, A30 Business Centre, Okehampton, Devon EX20 1BG and principal place of business of 10 Sutherland Avenue, London W9 2HQ.
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