ADV Fusionex Limited |
Registered number: |
06499562 |
Director's Report |
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The director presents his report and accounts for the year ended 30 September 2015. |
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Principal activities |
The company's principal activity during the year was software development and commercialisation. |
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Directors |
The following persons served as directors during the year: |
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Mr S L Tan |
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Director's responsibilities |
The director is responsible for preparing the report and accounts in accordance with applicable law and regulations. |
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Company law requires the director to prepare accounts for each financial year. Under that law the director has elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are 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 accounts, the director is required to: |
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select suitable accounting policies and then apply them consistently; |
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make judgements and estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. |
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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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 accounts 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. |
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Disclosure of information to auditors |
ADV Fusionex Limited |
Independent auditors' report |
to the member of ADV Fusionex Limited |
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We have audited the accounts of ADV Fusionex Limited for the year ended 30 September 2015 which comprise the Profit and Loss Account, the Balance Sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard For Smaller Entities (effective January 2015) (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 an auditors' report 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 directors and auditors |
As explained more fully in the Statement of Director's Responsibilities, the director is responsible for the preparation of the accounts and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the accounts 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 (APB's) Ethical Standards for Auditors. |
Scope of the audit of the accounts |
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. |
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In addition, we read all the financial and non-financial information in the Director's report to identify material inconsistencies with the audited financial statements to identify any information that is apparently material 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. |
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Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion the information given in the Directors' Report for the financial year for which the accounts are prepared is consistent with the accounts. |
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: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
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the accounts are not in agreement with the accounting records and returns; or |
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certain disclosures of directors’ remuneration specified by law are not made; or |
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we have not received all the information and explanations we require for our audit; or |
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the directors were not entitled to prepare the accounts in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the directors’ report and take advantage of the small companies exemption from the requirement to prepare a strategic report. |
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Leo Malkin |
(Senior Statutory Auditor) |
St Bride's House |
for and on behalf of |
10 Salisbury Square |
Crowe Clark Whitehill LLP |
London |
Accountants and Statutory Auditors |
EC4Y 8EH |
2 March 2016 |
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ADV Fusionex Limited |
Notes to the Accounts |
for the year ended 30 September 2015 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). |
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Going Concern |
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The Directors believe that the Group has adequate resources to continue to operate for the foreseeable future. Therefore it is appropriate to continue to adopt the going concern basis of accounting in the preparation of the company consolidated financial statements. |
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Cash Flow |
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The financial statements do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirment to prepare such a statement under the Financial Reporting Standard for Smaller Entities (effective April 2008). |
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Turnover |
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Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. |
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Deferred taxation |
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Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. |
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A net deferred tax asset is recognised only if it can be regardsed as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. |
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Deferred tax is assets and liabilities are calculated at the rates expected to be effective at the time the timing differences sre expected to reverse. |
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Deferred tax assets and liabilities are not discounted. |
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Foreign currencies |
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Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. |
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2 |
Operating profit |
2015 |
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2014 |
£ |
£ |
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This is stated after charging: |
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Auditors' remuneration |
4,000 |
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4,000 |
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3 |
Taxation |
2015 |
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2014 |
£ |
£ |
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UK corporation tax |
27,194 |
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32,782 |
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4 |
Debtors |
2015 |
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2014 |
£ |
£ |
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Trade debtors |
52,716 |
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47,335 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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97,572 |
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97,572 |
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Other debtors |
1,400 |
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3,200 |
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151,688 |
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148,107 |
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5 |
Creditors: amounts falling due within one year |
2015 |
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2014 |
£ |
£ |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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150,521 |
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81,289 |
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Corporation tax |
27,165 |
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31,343 |
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Other creditors |
48,599 |
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29,050 |
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226,285 |
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141,682 |
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6 |
Share capital |
Nominal |
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2015 |
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2015 |
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2014 |
value |
Number |
£ |
£ |
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Allotted, called up and fully paid: |
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Ordinary shares |
£1 each |
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1,000 |
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1,000 |
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1,000 |
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7 |
Profit and loss account |
2015 |
£ |
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At 1 October 2014 |
327,749 |
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Profit for the year |
105,327 |
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At 30 September 2015 |
433,076 |
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8 |
Parent undertaking and controlling party |
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During the year, the parent undertaking was Fusionex International Plc, a company incorporated in Jersey. The controlling party is Ivan Teh. |