Embedded Monitoring Systems Limited Filleted accounts for Companies House (small and micro)

EMBEDDED MONITORING SYSTEMS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI046580

Embedded Monitoring Systems Limited

Filleted Unaudited Financial Statements

31 May 2019

Embedded Monitoring Systems Limited

Statement of Financial Position

31 May 2019

	2019	2018
Note	£	£

Current assets

Stocks		122,296	100,068
Debtors	6	96,705	71,682
Cash at bank and in hand		651,438	623,420
		---------	---------
		870,439	795,170

Creditors: amounts falling due within one year	7	70,955	47,972
		---------	---------
Net current assets		799,484	747,198
		---------	---------
Total assets less current liabilities		799,484	747,198
		---------	---------
Net assets		799,484	747,198
		---------	---------

Capital and reserves

Called up share capital	10,000	10,000
Share premium account	69,000	69,000
Profit and loss account	720,484	668,198
	---------	---------
Shareholders funds	799,484	747,198
	---------	---------

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 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 income statement has not been delivered.

For the year ending 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 30 July 2019 , and are signed on behalf of the board by:

Dr D Courtney
Director

Company registration number: NI046580

Embedded Monitoring Systems Limited

Notes to the Financial Statements

Year ended 31 May 2019

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Suite 103, Lisburn Enterprise Centre, Enterprise Crescent, Ballinderry Road, Lisburn, BT28 2BP.

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

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis.

(b) Going concern

The financial statements have been prepared on a going concern basis. The company has no loan facilities. The directors of the company have reviewed the budgets and forecasts for the next 12 months which recognise stable trading; they are satisfied that the resources available to the company are sufficient that they will not require additional financial support. The directors have a reasonable expectation that the company will have adequate resources to continue to meet its expenses and to continue in in operational existence for the foreseeable future. Accordingly, the company will continue to adopt the going concern basis in preparing the financial statements.

The judgements (apart from those involving accounting estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are to assess the recent performance of projects and the directors' assessment of the future prospects and funding requirements. Based upon such assessments, the directors decide whether each project can produce an acceptable return and to the realistic fair value of previously incurred expenditure The preparation of financial statements requires management to make judgements, estimates and assumptions that can affect the the application of accounting policies and the reported values of assets, liabilities income and expenses. Actual results may differ from these estimates, which are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the accounting period in which the estimate is revised.

(d) Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

(e) 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.

(f) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

(g) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	25% straight line
Fixtures & Fittings	-	25% straight line

(h) Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, conversion and other expenses incurred in bringing the stock to its present location and condition.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2018: 8 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Total
	£	£	£
Cost
At 1 June 2018 and 31 May 2019	5,540	11,230	16,770
	-------	--------	--------
Depreciation
At 1 June 2018 and 31 May 2019	5,540	11,230	16,770
	-------	--------	--------
Carrying amount
At 31 May 2019	–	–	–
	-------	--------	--------
At 31 May 2018	–	–	–
	-------	--------	--------

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Fixtures and fittings	Equipment	Total
	£	£	£
At 31 May 2019
Aggregate cost	–	–	–
Aggregate depreciation	–	–	–
	----	----	----
Carrying value	–	–	–
	----	----	----

At 31 May 2018
Aggregate cost	11,230	5,540	16,770
Aggregate depreciation	(11,230)	(5,540)	(16,770)
	--------	-------	--------
Carrying value	–	–	–
	--------	-------	--------

6. Debtors

	2019	2018
	£	£
Trade debtors	61,284	66,373
Other debtors	35,421	5,309
	--------	--------
	96,705	71,682
	--------	--------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	15,958	3,063
Corporation tax	35,742	16,396
Social security and other taxes	9,680	19,653
Other short term liability	439	36
Other creditors	9,136	8,824
	--------	--------
	70,955	47,972
	--------	--------

8. Financial instruments at fair value

The company receives payments from customers in Euro and negotiates these through a bank account designated in that currency. gains and losses as a result of currency fluctuations are reflected in the Statement of Income and Retained Earnings.