GXP Limited - Limited company accounts 11.7
GXP Limited - Limited company accounts 11.7
| REGISTERED NUMBER: |
| Report of the Director and |
| Financial Statements |
| for the Period 1 July 2014 to 31 December 2014 |
| for |
| GXP Limited |
| GXP Limited (Registered number: 05797675) |
| Contents of the Financial Statements |
| for the period 1 July 2014 to 31 December 2014 |
| Page |
| Company Information | 1 |
| Report of the Director | 2 |
| Report of the Independent Auditors | 4 |
| Profit and Loss Account | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 |
| GXP Limited |
| Company Information |
| for the period 1 July 2014 to 31 December 2014 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors and |
| Chartered Accountants |
| GXP Limited (Registered number: 05797675) |
| Report of the Director |
| for the period 1 July 2014 to 31 December 2014 |
| The director presents his report with the financial statements of the company for the period 1 July 2014 to 31 December 2014. |
| REVIEW OF BUSINESS |
| This shortened period comes at an interesting time in the Companies development. The integration of |
| GXP into the Life Science division of Formpipe Software AB last June, has resulted in a number of positive |
| changes within the business. Not least of which is the funding and support given to increase the rate of |
| expansion into new initiatives. |
| As integration of the businesses and products continue, new opportunities will begin to manifest. |
| Streamlining the process of bringing product to market will contribute cost efficiencies within the group. |
| Since the acquisition by Formpipe, greater emphasis has been placed on the geographic sales and |
| marketing activities of the division especially in the Nordics and US. Sales teams have been established, |
| and an incorporation has been formed in the US to further the growth of products and consultancy in |
| these regions. |
| As a consequence, the profitability of GXP has suffered, although financial support to achieve the |
| objectives to raise market awareness in Europe and the USA has been made available by the parent |
| company. |
| The result for this shortened period, coming at a time when revenue activity is usually subdued, has |
| therefore been heavily impacted by new investment in these areas. |
| This level of expenditure is to be increased as we enter Q1 and Q2 of 2015, by which time traction in the |
| market is expected to bring opportunities to expand business activity, to a budgeted £2m by the end of |
| 2015. |
| DIRECTORS |
| The directors who have held office during the period from 1 July 2014 to the date of this report are as |
| follows: |
| STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
| The director is responsible for preparing the Report of the Director and the financial statements in |
| accordance with applicable law and regulations. |
| Company law requires the director to prepare financial statements for each financial year. Under that law |
| the director has elected to prepare the financial statements in accordance with United Kingdom Generally |
| Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under |
| company law the director must not approve the financial statements unless he is satisfied that they give |
| a true and fair view of the state of affairs of the company and of the profit or loss of the company for that |
| period. In preparing these financial statements, the director is required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The director is responsible for keeping adequate accounting records that are sufficient to show and |
| explain the company's transactions and disclose with reasonable accuracy at any time the financial |
| position of the company and enable him to ensure that the financial statements comply with the |
| Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for |
| taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the |
| Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that |
| he ought to have taken as a director in order to make himself aware of any relevant audit information |
| and to establish that the company's auditors are aware of that information. |
| GXP Limited (Registered number: 05797675) |
| Report of the Director |
| for the period 1 July 2014 to 31 December 2014 |
| AUDITORS |
| The auditors, Clayton & Brewill, will be proposed for re-appointment at the forthcoming Annual General |
| Meeting. |
| This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act |
| 2006 relating to small companies. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| GXP Limited |
| We have audited the financial statements of GXP Limited for the period ended 31 December 2014 on |
| pages six to thirteen. The financial reporting framework that has been applied in their preparation is |
| applicable law and the Financial Reporting Standard for Smaller Entities (effective April 2008) (United |
| Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities). |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 |
| of the Companies Act 2006. Our audit work has been undertaken so that we might state to the |
| company's members those matters we are required to state to them in a Report of the Auditors and for |
| no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to |
| anyone other than the company and the company's members as a body, for our audit work, for this |
| report, or for the opinions we have formed. |
| Respective responsibilities of director and auditors |
| As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors. |
| Scope of the audit of the financial statements |
| An audit involves obtaining evidence about the amounts and disclosures in the financial statements |
| sufficient to give reasonable assurance that the financial statements are free from material misstatement, |
| whether caused by fraud or error. This includes an assessment of: whether the accounting policies are |
| appropriate to the company's circumstances and have been consistently applied and adequately |
| disclosed; the reasonableness of significant accounting estimates made by the director; and the overall |
| presentation of the financial statements. In addition, we read all the financial and non-financial |
| information in the Report of the Director to identify material inconsistencies with the audited financial |
| statements and to identify any information that is apparently materially incorrect based on, or materially |
| inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become |
| aware of any apparent material misstatements or inconsistencies we consider the implications for our |
| report. The comparative figures have not been audited. |
| Opinion on financial statements |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 31 December 2014 and of its loss for the period then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Opinion on other matter prescribed by the Companies Act 2006 |
| In our opinion the information given in the Report of the Director for the financial year for which the |
| financial statements are prepared is consistent with the financial statements. |
| Report of the Independent Auditors to the Members of |
| GXP Limited |
| Matters on which we are required to report by exception |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us |
| to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of director's remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit; or |
| - | the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director. |
| for and on behalf of |
| Statutory Auditors and |
| Chartered Accountants |
| GXP Limited (Registered number: 05797675) |
| Profit and Loss Account |
| for the period 1 July 2014 to 31 December 2014 |
| Period | Year ended |
| 1.7.14 to 31.12.14 | 30.6.14 |
| Notes | £ | £ | £ | £ |
| TURNOVER | 2 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| (83,592 | ) | 20,587 |
| Other operating income |
| OPERATING (LOSS)/PROFIT | 3 | ( |
) |
| Income from shares in group undertakings |
| Interest receivable and similar income |
| - | 23,008 |
| (75,535 | ) | 43,595 |
| Interest payable and similar charges |
| (LOSS)/PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION |
( |
) |
| Tax on (loss)/profit on ordinary activities |
4 |
( |
) |
| (LOSS)/PROFIT FOR THE FINANCIAL PERIOD |
( |
) |
| GXP Limited (Registered number: 05797675) |
| Balance Sheet |
| 31 December 2014 |
| 2014 | 2014 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 6 |
| Tangible assets | 7 |
| Investments | 8 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 9 |
| Investments | 10 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 11 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 13 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 14 |
| Share premium | 15 |
| Profit and loss account | 15 | ( |
) |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the director on |
| GXP Limited (Registered number: 05797675) |
| Notes to the Financial Statements |
| for the period 1 July 2014 to 31 December 2014 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| GXP Limited is dependant on the financial and operational support of Formpipe Software AB its |
| parent company. There is no reason to believe that this will not continue for the foreseeable future |
| and therefore, the financial statements have been prepared on the going concern basis. |
| Accounting convention |
| The financial statements have been prepared under the historical cost convention and in |
| accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
| Preparation of consolidated financial statements |
| The financial statements contain information about GXP Limited as an individual company and do |
| not contain consolidated financial information as the parent of a group. The company has taken the |
| option under Section 398 of the Companies Act 2006 not to prepare consolidated financial |
| statements. |
| Changes in accounting policies |
| On 1st July 2014 the company voluntarily changed its accounting policy regarding development |
| costs. They were written off as an expense in the year the expense was incurred and the policy has |
| changed to capitalising those costs. Management judges that this policy will provides reliable and |
| more relevant information because it brings its accounting policy intine with Parent company. The |
| accounting policy has been accounted for retrospectively and the comparative information for the |
| period ended 30 June 2014 have been restated. However, this has had no impact on the prior year |
| because development costs incurred no longer hold any value to the company and as a result the |
| retained earnings remain the same. |
| Turnover |
| Turnover represents net invoiced sales of goods, excluding value added tax. |
| Development costs |
| Development costs that are directly attributable to development and testing of identifiable and |
| unique software products under the companies control , are recognised as an intangible asset |
| when the following criteria are met. |
| - Its is technically feasible to complete the software so it is available for use. |
| - The company intends to complete the software and to use or sell it |
| - Conditions are present to use or sell the software |
| - It can be demonstrated how the software will generate probable future economic benefits |
| - Adequate terminological, financial, and other resources are available to complete development |
| and to use or sell the software |
| - The expenses directly attributable to the software, during its development can be reliably |
| measured. |
| Directly attributable expenses that are capitalised as part of the software development include |
| staff costs and an reasonable proportion of the indirect cost. Other development costs that do not |
| meet these criteria are charged as they arise. |
| Development costs for software recognised as an asset are depreciated over its estimated useful |
| life, which does not exceed five years. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Computer equipment | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
| obsolete and slow moving items. |
| GXP Limited (Registered number: 05797675) |
| Notes to the Financial Statements - continued |
| for the period 1 July 2014 to 31 December 2014 |
| 1. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed |
| at the balance sheet date. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange |
| ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at |
| the rate of exchange ruling at the date of transaction. Exchange differences are taken into account |
| in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account in the period to which they |
| relate. |
| 2. | TURNOVER |
| The turnover and loss (2014 - profit) before taxation are attributable to the one principal activity |
| of the company. |
| In the period £112,549 (2014 £351,918) of turnover related to exports. |
| 3. | OPERATING (LOSS)/PROFIT |
| The operating loss (2014 - operating profit) is stated after charging/(crediting): |
| Period |
| 1.7.14 |
| to | Year ended |
| 31.12.14 | 30.6.14 |
| £ | £ |
| Depreciation - owned assets |
| Auditors' remuneration |
| Foreign exchange differences | ( |
) |
| Pension costs |
| Directors' pension costs | - | 19,650 |
| Directors' remuneration and other benefits etc |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | - | 2 |
| GXP Limited (Registered number: 05797675) |
| Notes to the Financial Statements - continued |
| for the period 1 July 2014 to 31 December 2014 |
| 4. | TAXATION |
| Analysis of the tax (credit)/charge |
| The tax (credit)/charge on the loss on ordinary activities for the period was as follows: |
| Period |
| 1.7.14 |
| to | Year ended |
| 31.12.14 | 30.6.14 |
| £ | £ |
| Current tax: |
| UK corporation tax | ( |
) |
| Deferred tax | ( |
) |
| Tax on (loss)/profit on ordinary activities | ( |
) |
| Factors that may affect future tax charges |
| The company did not recognise a deferred tax asset of £21,349 made up of the effect of losses of |
| £119,955 less the effect of accelerated capital allowances of £13,210. |
| 5. | DIVIDENDS |
| Period |
| 1.7.14 |
| to | Year ended |
| 31.12.14 | 30.6.14 |
| £ | £ |
| Ordinary shares of £1 each |
| Interim | - | 13,755 |
| 6. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| Additions |
| At 31 December 2014 |
| NET BOOK VALUE |
| At 31 December 2014 |
| GXP Limited (Registered number: 05797675) |
| Notes to the Financial Statements - continued |
| for the period 1 July 2014 to 31 December 2014 |
| 7. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 July 2014 |
| Additions |
| At 31 December 2014 |
| DEPRECIATION |
| At 1 July 2014 |
| Charge for period |
| At 31 December 2014 |
| NET BOOK VALUE |
| At 31 December 2014 |
| At 30 June 2014 |
| 8. | FIXED ASSET INVESTMENTS |
| The company's investments at the Balance Sheet date in the share capital of companies include |
| the following: |
| Nature of business: |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| £ | £ |
| Aggregate capital and reserves | 32,256 | 34,739 |
| (Loss)/profit for the period/year | (2,483 | ) | 2,815 |
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2014 | 2014 |
| £ | £ |
| Trade debtors | 95,572 | 218,896 |
| Amounts owed by group undertakings |
| Tax | 3,472 | - |
| Prepayments and accrued income | 21,391 | 29,446 |
| 10. | CURRENT ASSET INVESTMENTS |
| 2014 | 2014 |
| £ | £ |
| Shares in group undertakings | 51,586 | 51,586 |
| GXP Limited (Registered number: 05797675) |
| Notes to the Financial Statements - continued |
| for the period 1 July 2014 to 31 December 2014 |
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2014 | 2014 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| VAT |
| Other creditors |
| Accrued expenses | 47,512 | 109,240 |
| 12. | OPERATING LEASE COMMITMENTS |
| The following operating lease payments are committed to be paid within one year: |
| 2014 | 2014 |
| £ | £ |
| Expiring: |
| Between one and five years |
| 13. | PROVISIONS FOR LIABILITIES |
| 2014 | 2014 |
| £ | £ |
| Deferred tax |
| Deferred |
| tax |
| £ |
| Balance at 1 July 2014 |
| Credit to Profit and Loss Account during period | ( |
) |
| Balance at 31 December 2014 |
| 14. | CALLED UP SHARE CAPITAL |
| Allotted and issued: |
| Number: | Class: | Nominal | 2014 | 2014 |
| value: | £ | £ |
| Ordinary | £1 |
| 15. | RESERVES |
| Profit |
| and loss | Share |
| account | premium | Totals |
| £ | £ | £ |
| At 1 July 2014 |
| Deficit for the period | ( |
) | ( |
) |
| At 31 December 2014 | ( |
) |
| GXP Limited (Registered number: 05797675) |
| Notes to the Financial Statements - continued |
| for the period 1 July 2014 to 31 December 2014 |
| 16. | PENSION COMMITMENTS |
| The company operates a contributory pension scheme. It is a defined contribution scheme and |
| contributions are charged in the profit and loss account as they accrue. The charge for the period |
| was £19,105 (2014: £40,675). |
| 17. | ULTIMATE PARENT COMPANY |
| company's ultimate parent company. |
| On 1st July 2014 GXP Limited was purchased by Formpipe Software AB registered in Sweden |
| (556668-6605) and Mr C C Q Sundin was appointed as the sole director of all the companies within |
| the group. |
| 18. | RELATED PARTY DISCLOSURES |
| Net Experts Limited |
| Subsidiary Company |
| During the year the company recharged Net Experts Limited £7,507 (2014: £19,412) in relation to |
| expenses incurred on behalf of Net Experts Limited. |
| 2014 | 2014 |
| £ | £ |
| Amount due to related party at the balance sheet date |
| Formpipe Inc |
| Subsidiary company of Formpipe Software AB |
| 2014 | 2014 |
| £ | £ |
| Amount due from related party at the balance sheet date |
| Formpipe Software AB |
| Parent company |
| 2014 | 2014 |
| £ | £ |
| Amount due to related party at the balance sheet date |
| 19. | ULTIMATE CONTROLLING PARTY |