ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation


Caseware UK (AP4) 2019.0.227 2019.0.2272020-03-312020-03-312019-04-01falseNo description of principal activity00truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.075722852019-04-012020-03-31075722852018-04-012019-03-31075722852020-03-31075722852019-03-3107572285 c:Director1 2019-04-012020-03-3107572285 d:Buildings 2019-04-012020-03-3107572285 d:Buildings 2020-03-3107572285 d:Buildings 2019-03-3107572285 d:Buildings d:OwnedOrFreeholdAssets 2019-04-012020-03-3107572285 d:LandBuildings 2020-03-3107572285 d:LandBuildings 2019-03-3107572285 d:FurnitureFittings 2019-04-012020-03-3107572285 d:FurnitureFittings 2020-03-3107572285 d:FurnitureFittings 2019-03-3107572285 d:FurnitureFittings d:OwnedOrFreeholdAssets 2019-04-012020-03-3107572285 d:OfficeEquipment 2019-04-012020-03-3107572285 d:OfficeEquipment 2020-03-3107572285 d:OfficeEquipment 2019-03-3107572285 d:OfficeEquipment d:OwnedOrFreeholdAssets 2019-04-012020-03-3107572285 d:OtherPropertyPlantEquipment 2019-04-012020-03-3107572285 d:OtherPropertyPlantEquipment 2020-03-3107572285 d:OtherPropertyPlantEquipment 2019-03-3107572285 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2019-04-012020-03-3107572285 d:OwnedOrFreeholdAssets 2019-04-012020-03-3107572285 d:CurrentFinancialInstruments 2020-03-3107572285 d:CurrentFinancialInstruments 2019-03-3107572285 d:CurrentFinancialInstruments d:WithinOneYear 2020-03-3107572285 d:CurrentFinancialInstruments d:WithinOneYear 2019-03-3107572285 d:ShareCapital 2020-03-3107572285 d:ShareCapital 2019-03-3107572285 d:RetainedEarningsAccumulatedLosses 2020-03-3107572285 d:RetainedEarningsAccumulatedLosses 2019-03-3107572285 c:OrdinaryShareClass1 2019-04-012020-03-3107572285 c:OrdinaryShareClass1 2020-03-3107572285 c:OrdinaryShareClass1 2019-03-3107572285 c:OrdinaryShareClass2 2019-04-012020-03-3107572285 c:OrdinaryShareClass2 2020-03-3107572285 c:OrdinaryShareClass2 2019-03-3107572285 c:OrdinaryShareClass3 2019-04-012020-03-3107572285 c:OrdinaryShareClass3 2020-03-3107572285 c:OrdinaryShareClass3 2019-03-3107572285 c:FRS102 2019-04-012020-03-3107572285 c:AuditExempt-NoAccountantsReport 2019-04-012020-03-3107572285 c:FullAccounts 2019-04-012020-03-3107572285 c:PrivateLimitedCompanyLtd 2019-04-012020-03-3107572285 2 2019-04-012020-03-31xbrli:sharesiso4217:GBPxbrli:pure

Registered number: 07572285










7COM LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2020

 
7COM LIMITED
REGISTERED NUMBER: 07572285

BALANCE SHEET
AS AT 31 MARCH 2020

2020
2019
Note
£
£

Fixed assets
  

Tangible assets
 4 
96,480
98,012

  
96,480
98,012

Current assets
  

Debtors: amounts falling due within one year
 5 
60,342
90,331

Cash at bank and in hand
 6 
217,357
1,121,353

  
277,699
1,211,684

Creditors: amounts falling due within one year
 7 
(101,207)
(947,494)

Net current assets
  
 
 
176,492
 
 
264,190

Total assets less current liabilities
  
272,972
362,202

Provisions for liabilities
  

Deferred tax
  
(876)
(1,131)

  
 
 
(876)
 
 
(1,131)

Net assets
  
272,096
361,071


Capital and reserves
  

Called up share capital 
 8 
146,263
146,263

Profit and loss account
  
125,833
214,808

  
272,096
361,071


Page 1

 
7COM LIMITED
REGISTERED NUMBER: 07572285
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2020

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 December 2020.




Dr Ian Watson
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
7COM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020

1.


General information

7Com Limited, 07572285, is a private limited company limited by shares, incorporated in England and Wales, with its registered office and principal place of business at Mercury House, Sitka Drive, Shrewsbury Business Park, Shrewsbury, SY2 6LG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The 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.

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
7COM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020

2.Accounting policies (continued)

 
2.3

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 also 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 contract 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.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
7COM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases:.

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated
Fixtures and fittings
-
25% reducing balance
Office equipment
-
25% reducing balance
Property improvements
-
Not depreciated

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
7COM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020

2.Accounting policies (continued)

 
2.8

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

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.

 
2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

Page 6

 
7COM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020

2.Accounting policies (continued)

 
2.12

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 to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

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.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 0 (2019 - 0).

Page 7

 
7COM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020

4.


Tangible fixed assets





Freehold property
Fixtures and fittings
Office equipment
Property improvements
Total

£
£
£
£
£



Cost or valuation


At 1 April 2019
73,500
34,960
6,745
17,500
132,705


Additions
-
-
295
-
295



At 31 March 2020

73,500
34,960
7,040
17,500
133,000



Depreciation


At 1 April 2019
-
29,066
5,627
-
34,693


Charge for the year on owned assets
-
1,473
354
-
1,827



At 31 March 2020

-
30,539
5,981
-
36,520



Net book value



At 31 March 2020
73,500
4,421
1,059
17,500
96,480



At 31 March 2019
73,500
5,894
1,118
17,500
98,012




The net book value of land and buildings may be further analysed as follows:


2020
2019
£
£

Freehold
73,500
73,500

73,500
73,500


Page 8

 
7COM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020

5.


Debtors

2020
2019
£
£


Trade debtors
49,652
90,331

Amounts owed by group undertakings
9,079
-

Other debtors
1,611
-

60,342
90,331



6.


Cash and cash equivalents

2020
2019
£
£

Cash at bank and in hand
217,357
1,121,353

217,357
1,121,353



7.


Creditors: Amounts falling due within one year

2020
2019
£
£

Trade creditors
69,846
68,158

Amounts owed to group undertakings
-
610,000

Other taxation and social security
27,261
123,608

Other creditors
-
139,928

Accruals and deferred income
4,100
5,800

101,207
947,494



8.


Share capital

2020
2019
£
£
Allotted, called up and fully paid



146,063 (2019 - 146,063) Ordinary shares of £1.00 each
146,063
146,063
100 (2019 - 100) Ordinary A shares of £1.00 each
100
100
100 (2019 - 100) Ordinary B shares of £1.00 each
100
100

146,263

146,263

Page 9

 
7COM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020

9.


Controlling party

The ultimate controlling party is 7Com Holdings Limited, a company incorporated in England & Wales, who own 100% of the issued share capital.

Page 10