Cabvision Network Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 07120589 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 30 APRIL 2016

FOR

CABVISION NETWORK LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

L A J DaCosta

Ms N Georgiadou

REGISTERED OFFICE:

Langley House

Park Road

London

N2 8EY

REGISTERED NUMBER:

07120589 (England and Wales)

ACCOUNTANTS:

Accura Accountants Ltd

Langley House Park Road

East Finchley

London

N2 8EY

FIXED ASSETS

Intangible assets

2

380,627

374,870

Tangible assets

3

5,901

7,762

386,528

382,632

CURRENT ASSETS

Debtors

135,928

278,317

Cash at bank and in hand

63,282

145,895

199,210

424,212

CREDITORS

Amounts falling due within one year

55,556

168,743

NET CURRENT ASSETS

143,654

255,469

TOTAL ASSETS LESS CURRENT
LIABILITIES

530,182

638,101

CREDITORS

Amounts falling due after more than one
year

2,738,719

2,707,479

NET LIABILITIES

(2,208,537

)

(2,069,378

)

CAPITAL AND RESERVES

Called up share capital

4

1

Profit and loss account

(2,208,538

)

(2,069,379

)

SHAREHOLDERS' FUNDS

(2,208,537

)

(2,069,378

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 28 April 2017 and were signed on its behalf by:

L A J DaCosta - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis, the applicability of which is dependent

upon the continued support of the company's creditors and financiers. At the balance sheet date the company's

liabilities exceed its assets by £2,205,842 (2015: £2,069,378), and the company made a loss in the year of

£136,464 (2015: £455,261). In the opinion of the directors the company has the support of its creditors and

financiers for the foreseeable future, and it is therefore considered appropriate to adopt the going concern policy.

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 January 2015).

Turnover

Turnover represents net invoiced sales of services, excluding value added tax. Turnover is recognised once the

service has been provided.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010 and it has now been

fully amortised.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life.

Improvement to property - 20% straight line on cost

Plant and machinery - 25% on reducing balance

Fixtures and fittings - 33% on reducing balance

Computer equipment - 33% on reducing balance

Research and development

Development costs have been capitalised as they meet the conditions set out in the FRSSE. The costs shall be

deferred to future periods until they are amortised. Amortisation shall commence with the commercial

production or application of the product and shall be allocated on a systematic basis to each accounting period

over which they are expected to be sold. The circumstances of deferring the expenditure shall be reviewed at the

end of each accounting period to ensure the accounting treatment is still justified.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2015

876,733

Additions

220,038

At 30 April 2016

1,096,771

AMORTISATION

At 1 May 2015

501,863

Amortisation for year

214,281

At 30 April 2016

716,144

NET BOOK VALUE

At 30 April 2016

380,627

At 30 April 2015

374,870

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2015

215,410

Additions

1,052

At 30 April 2016

216,462

DEPRECIATION

At 1 May 2015

207,648

Charge for year

2,913

At 30 April 2016

210,561

NET BOOK VALUE

At 30 April 2016

5,901

At 30 April 2015

7,762

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.16

30.4.15

value:

£

1

Ordinary

£1

1

5.	ULTIMATE CONTROLLING PARTY

The company is under the control of parent company, Onmedia Group Limited. Both companies are under the control of ultimate parent company Sterling Intellectual Transportation Systems Limited which is a company
incorporated in Jersey.

6.	DEVELOPMENT EXPENDITURE

Development expenditure of £220,038 (2015: £36,720) has been capitalised during the period as they relate to a

clearly defined project which will take approximately 2-3 years to license and sell. The project is technically

feasible and has had positive feedback concerning its potential demand from industry experts. Amortisation

commenced during the year with the commercial production or application of the product. Amortisation is

calculated annually on a systematic basis over which the product is expected to be sold, estimated to be over five

years. The entries shall be reviewed at the end of each accounting period to ensure the accounting treatment is

still justified.