EWise Systems (UK) Limited - Accounts to registrar - small 17.2

EWise Systems (UK) Limited - Accounts to registrar - small 17.2

EWISE SYSTEMS (UK) LIMITED - Company Information

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REGISTERED NUMBER: 04204801












Unaudited Financial Statements

for the Year Ended 31 December 2016

for

EWise Systems (UK) Limited

EWise Systems (UK) Limited (Registered number: 04204801)






Contents of the Financial Statements
for the Year Ended 31 December 2016




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


EWise Systems (UK) Limited

Company Information
for the Year Ended 31 December 2016







DIRECTORS: Mark Matthews
Alexander Grinberg





REGISTERED OFFICE: Charter Buildings
Ashton Lane
Sale
Cheshire
M33 6WT





BUSINESS ADDRESS: 4th Floor
One Kingdom Street
Paddington
London
W2 6BD





REGISTERED NUMBER: 04204801





ACCOUNTANTS: Brackman Wolfe
Charter Buildings
9 Ashton Lane
Sale
Cheshire
M33 6WT
Page 1
EWise Systems (UK) Limited (Registered number: 04204801)

Balance Sheet
31 December 2016

31.12.16 31.12.15
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,902 2,259

CURRENT ASSETS
Debtors 5 3,215,551 5,140,847
Cash at bank 15,969 75,248
3,231,520 5,216,095
CREDITORS
Amounts falling due within one year 6 563,574 387,789
NET CURRENT ASSETS 2,667,946 4,828,306
TOTAL ASSETS LESS CURRENT
LIABILITIES
2,669,848
4,830,565

CREDITORS
Amounts falling due after more than
one year
7
(1,308,180
)
(3,630,971
)

PROVISIONS FOR LIABILITIES (282,052 ) -
NET ASSETS 1,079,616 1,199,594

CAPITAL AND RESERVES
Called up share capital 150,002 150,002
Retained earnings 929,614 1,049,592
SHAREHOLDERS' FUNDS 1,079,616 1,199,594

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 notes form part of these financial statements

Page 2 continued...
EWise Systems (UK) Limited (Registered number: 04204801)

Balance Sheet - continued
31 December 2016


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 6 September 2017 and were
signed on its behalf by:





Mark Matthews - Director


The notes form part of these financial statements

Page 3
EWise Systems (UK) Limited (Registered number: 04204801)

Notes to the Financial Statements
for the Year Ended 31 December 2016

1. STATUTORY INFORMATION

EWise Systems (UK) Limited is a private company, limited by shares , registered in Not
specified/Other. 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding
discounts, rebates, value added tax and other sales taxes.

The company sells term software licences bundled with professional services and support.
Revenue is recognised when the customer accepts the provision of the licence and support,
collection of the relevant receivable is probable, persuasive evidence of an agreement
exists, delivery has occurred and the price is fixed or determinable. The company evaluates
its arrangements, which bundle software and support to determine whether the multiple
elements should be accounted for as separate elements. A deliverable constitutes a
separate unit of accounting when it has standalone value and delivery or performance of
items is considered probable and substantially within our control. If those deliverables are
determined to be a separate unit of accounting, revenue is recognised as the product is
delivered or services provided. If the deliverables are not determined to be separate units of
accounting, revenue is bundled into a multiple element arrangement. The company sells
professional services separately but does not sell licences support separately from its
software arrangements and, therefore does not have vendor objective evidence (VSOE).

If VSOE of fair value does not exist for any of the undelivered elements included in a
multiple element arrangement and undelivered services have been and will be delivered
ratably over the service period, all revenue can be deferred until either the services or
post-contract service is the only undelivered element, and then an amount of revenue equal
to the total arrangement consideration less the pro rata portion applicable to the remaining
service period can be recognised. The remaining amount is then recognised over the
remaining service period. This accounting trues up the amount of deferred revenue relating
to the arrangement on the balance sheet as of that date recognising a cumulative catch up
of revenue.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance


Page 4 continued...
EWise Systems (UK) Limited (Registered number: 04204801)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2016

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 .

Page 5 continued...
EWise Systems (UK) Limited (Registered number: 04204801)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2016

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 January 2016 17,263
Additions 869
At 31 December 2016 18,132
DEPRECIATION
At 1 January 2016 15,004
Charge for year 1,226
At 31 December 2016 16,230
NET BOOK VALUE
At 31 December 2016 1,902
At 31 December 2015 2,259

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.16 31.12.15
£    £   
Trade debtors 165,397 117,110
Amounts owed by group undertakings 2,706,264 3,721,429
Other debtors 36,059 -
Deferred tax 282,052 -
Prepayments and accrued income 25,779 1,302,308
3,215,551 5,140,847

Included in prepayments and accrued income, due in less than one year, is accrued income
nil in 2016. (2015 - £1,254,095).

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.16 31.12.15
£    £   
Trade creditors 70,441 136
Wages control 12,756 6,000
Tax (35,891 ) 71,337
Social security and other taxes 7,700 17,876
VAT 34,289 40,446
Other creditors 4,214 -
Accruals and deferred income 470,065 251,994
563,574 387,789

Page 6 continued...
EWise Systems (UK) Limited (Registered number: 04204801)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2016

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Included in accruals and deferred income due in less than 1 year is £468,820 (2015 -
£177,940).

Deferred income consists of advance payments received from customers and/or billings for
services which are contractually owed. This revenue will be recognised in the future as it is
earned.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.16 31.12.15
£    £   
Accruals and deferred income 1,308,180 3,630,971

Included in accruals and deferred income falling due after more than 1 year is deferred
income of £1,308,180 (2015- £3,630,971).

Deferred income consists of advance payments received from customers and/or billings for
services which are contractually owed. This revenue will be recognised in the future as it is
earned.

8. ULTIMATE CONTROLLING PARTY

The controlling party is Ewise Systems Pty Limited.

The ultimate controlling party is Ewise Group Inc.

Ewise Systems Pty Ltd is a wholly owned subsidiary of Ewise Group Inc, a company
incorporated in U.S.A.

Page 7