MULTI-TECH_COMPUTERS_(UK) - Accounts
MULTI-TECH_COMPUTERS_(UK) - Accounts
Company Registration No. 02037586 (England and Wales)
FOR THE YEAR ENDED 31 DECEMBER 2015
COMPANY INFORMATION
Directors
(Appointed 1 January 2016)
Company number
Registered office
Auditors
CONTENTS
Page
Directors' report
1
Independent auditors' report
2 - 3
Profit and loss account
4
Balance sheet
5
Notes to the financial statements
6 - 8
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2015
- 1 -
The directors present their report and financial statements for the year ended 31 December 2015.
Directors
The following directors have held office since 1 January 2015:
(Resigned 1 January 2016)
(Appointed 1 January 2016)
Statement of directors' responsibilities
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements 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 financial statements, the directors are 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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 of disclosure to auditors
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board
Director
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS OF MULTI-TECH COMPUTERS (UK) LTD
- 2 -
We have audited the financial statements of Multi-Tech Computers (UK) Ltd for the year ended 31 December 2015 set out on pages 4 to 8. 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 Directors' Responsibilities Statement set out on page 1, the directors are 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 directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Annual Report 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.
Opinion on financial statements
-
give a true and fair view of the state of the company's affairs as at 31 December 2015 and of its loss for the year 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF MULTI-TECH COMPUTERS (UK) LTD
- 3 -
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 directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from preparing a strategic report.
for and on behalf of MGI Midgley Snelling LLP
Chartered Accountants
Statutory Auditor
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2015
- 4 -
2015
2014
Notes
£
£
Turnover
2
Cost of sales
(6,241 )
(1,806 )
Gross profit
Distribution costs
(10,038 )
(6,018 )
Administrative expenses
(500,052 )
(328,920 )
Other operating income
-
Operating (loss)/profit
3
(154,811 )
Interest payable and similar charges
(36,294 )
-
(Loss)/profit on ordinary activities before taxation
(191,105 )
Tax on (loss)/profit on ordinary activities
4
-
-
(Loss)/profit for the year
8
(191,105 )
BALANCE SHEET
AS AT
31 DECEMBER 2015
- 5 -
2015
2014
Notes
£
£
£
£
Current assets
Debtors
5
Cash at bank and in hand
Creditors: amounts falling due within one year
6
(791,996 )
(610,047 )
Total assets less current liabilities
(773,266 )
(582,161 )
Capital and reserves
Called up share capital
7
Profit and loss account
8
(773,366 )
(582,261 )
Shareholders' funds
(773,266 )
(582,161 )
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective January 2015).
Approved by the Board for issue on 5 May 2016
Director
Director
Company Registration No. 02037586
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015
- 6 -
1
Accounting policies
1.1
Accounting convention
The accounts have been prepared on a going concern basis dependent on the continued support of its parent company. Written confirmation of continued support has been received. The directors consider it appropriate to prepare the accounts on a going concern basis.
1.2
Turnover
1.3
Tangible fixed assets and depreciation
Plant and machinery
1.4
Deferred taxation
Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.
1.5
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Turnover
In the year to 31 December 2015 100% (2014 - 100%) of the company's turnover was to markets outside the United Kingdom.
3
Operating (loss)/profit
2015
2014
£
£
Operating (loss)/profit is stated after charging:
Depreciation of tangible assets
-
Auditors' remuneration
4
Taxation
On the basis of these financial statements no provision has been made for corporation tax.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 7 -
5
Debtors
2015
2014
£
£
Trade debtors
-
Other debtors
6
Creditors: amounts falling due within one year
2015
2014
£
£
Trade creditors
Amounts owed to group undertakings
Other creditors
7
Share capital
2015
2014
£
£
Allotted, called up and fully paid
8
Statement of movements on profit and loss account
Profit
and loss
account
and loss
account
£
Balance at 1 January 2015
(582,261 )
Loss for the year
(191,105 )
Balance at 31 December 2015
(773,366 )
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 8 -
9
Financial commitments
At 31 December 2015 the company was committed to making the following payments under non-cancellable operating leases in the year to 31 December 2016:
2015
2014
£
£
Operating leases which expire:
Between two and five years
10
Control
11
Related party relationships and transactions
Amount due to Multi-Tech Systems Inc. at the balance sheet date was £