Warwick International Comp. Systems Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 02877208 (England and Wales)

WARWICK INTERNATIONAL COMPUTING

SYSTEMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

8

DIRECTORS:

Mr M A Barton

Mr R Betts

SECRETARY:

Mr S Barton ACA

REGISTERED OFFICE:

Warwick House

Woodhouse Road

Horsley Woodhouse

DERBY

DE7 6AY

REGISTERED NUMBER:

02877208 (England and Wales)

ACCOUNTANTS:

Johnson Tidsall Limited

Chartered Accountants

81 Burton Road

Derby

Derbyshire

DE1 1TJ

FIXED ASSETS

Tangible assets

4

216,135

192,385

Investment property

5

240,000

230,000

456,135

422,385

CURRENT ASSETS

Debtors

6

531,283

397,255

Cash at bank and in hand

2,541,156

2,121,053

3,072,439

2,518,308

CREDITORS

Amounts falling due within one year

7

1,568,966

1,337,280

NET CURRENT ASSETS

1,503,473

1,181,028

TOTAL ASSETS LESS CURRENT LIABILITIES

1,959,608

1,603,413

PROVISIONS FOR LIABILITIES

10,234

9,843

NET ASSETS

1,949,374

1,593,570

CAPITAL AND RESERVES

Called up share capital

9

501

501

Capital redemption reserve

499

499

Retained earnings

1,948,374

1,592,570

SHAREHOLDERS' FUNDS

1,949,374

1,593,570

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 20 June 2017 and were signed on its behalf by:

Mr M A Barton - Director

1.	STATUTORY INFORMATION

Warwick International Computing Systems Limited is a private company, limited by shares , registered in

England and Wales. The company's registered number and registered office address can be found on the

Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

This is the first year in which the financial statements have been prepared under FRS102 1A. Refer to the notes

to the financial statements for an explanation of the transition.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

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

Freehold property

-

2% on cost

Fixtures and fittings

-

25% on reducing balance and 20% on cost

Computer equipment

-

33% on cost

Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated

impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 profit or loss 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 profit or loss in the period to which they relate.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement,

as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that

evidences a residual interest in the assets of the company after deducting all of its liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2015 - 34 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2016

299,444

58,537

237,677

595,658

Additions

3,746

14,080

40,375

58,201

At 31 December 2016

303,190

72,617

278,052

653,859

DEPRECIATION

At 1 January 2016

139,444

47,554

216,275

403,273

Charge for year

3,275

6,188

24,988

34,451

At 31 December 2016

142,719

53,742

241,263

437,724

NET BOOK VALUE

At 31 December 2016

160,471

18,875

36,789

216,135

At 31 December 2015

160,000

10,983

21,402

192,385

Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated

impairment losses.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2016

231,858

Additions

50,718

At 31 December 2016

282,576

DEPRECIATION

At 1 January 2016

1,858

Impairments

40,718

At 31 December 2016

42,576

NET BOOK VALUE

At 31 December 2016

240,000

At 31 December 2015

230,000

Investment property has been valued on an open market basis as at 31 December 2016 by the directors.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

486,052

354,584

Other debtors

2,684

571

Directors' loan accounts

-

1,985

Prepayments and accrued income

42,547

40,115

531,283

397,255

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank loans and overdrafts

-

43,076

Payments on account

1,089,822

893,062

Trade creditors

137,914

118,490

Corporation tax

112,105

188,729

Social security and other taxes

51,610

36,880

VAT

136,096

37,884

Other creditors

35,094

10,773

Directors' loan accounts

795

-

Accruals and deferred income

5,530

8,386

1,568,966

1,337,280

8.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Bank loans

-

43,076

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

500

Ordinary

£1

500

500

1

A Share

£1

1

1

501

501

10.	OTHER FINANCIAL COMMITMENTS

The company had total guarantees and commitments at the balance sheet date of £87,181 (2015 - £77,741).

11.	RELATED PARTY DISCLOSURES

Included in current liabilities is a loan to a director amounting to £795 (2015:£(1,985)) which has no fixed

repayment terms and is interest free.

12.	FIRST YEAR ADOPTION

This is the first year that the company has presented its financial statements under Section 1A of Financial

Reporting Standard 102 (FRS102 1A) issued by the Financial Reporting Council. The last financial statements,

for the period ended 31 December 2015, were prepared under previous UK GAAP. The transition date to

FRS102 1A is therefore 1 June 2015.

Adopting FRS102 1A has resulted in no changes to the accounting policies.

Reconciliation of equity

1 June 2015

31 Dec 2015

£

£

As previously reported

1,470,053

1,593,570

As reported under FRS 102 1A

1,470,053

1,593,570

Reconciliation of profit

Year ended

31 Dec 2015

£

As previously reported

166,507

As reported under FRS 102 1A

166,507

Transitional relief

On transition to FRS102, the company has taken advantage of the following transitional relief:

- to use a previous GAAP valuation as deemed cost on an item of property, plant and equipment.