ACCOUNTS - Final Accounts preparation

SYSTEM SOLUTIONS (EAST ANGLIA) LIMITED - Company Information

Caseware UK (AP4) 2014.0.91 2014.0.91 2017-03-312017-03-31trueNo description of principal activity2016-04-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falsetrue 08863344 2016-04-01 2017-03-31 08863344 2017-03-31 08863344 2016-03-31 08863344 c:Director1 2016-04-01 2017-03-31 08863344 d:OfficeEquipment 2016-04-01 2017-03-31 08863344 d:OfficeEquipment 2017-03-31 08863344 d:OfficeEquipment 2016-03-31 08863344 d:OfficeEquipment d:OwnedOrFreeholdAssets 2016-04-01 2017-03-31 08863344 d:CurrentFinancialInstruments 2017-03-31 08863344 d:CurrentFinancialInstruments 2016-03-31 08863344 d:CurrentFinancialInstruments d:WithinOneYear 2017-03-31 08863344 d:CurrentFinancialInstruments d:WithinOneYear 2016-03-31 08863344 d:ShareCapital 2017-03-31 08863344 d:ShareCapital 2016-03-31 08863344 d:RetainedEarningsAccumulatedLosses 2017-03-31 08863344 d:RetainedEarningsAccumulatedLosses 2016-03-31 08863344 c:FRS102 2016-04-01 2017-03-31 08863344 c:AuditExempt-NoAccountantsReport 2016-04-01 2017-03-31 08863344 c:FullAccounts 2016-04-01 2017-03-31 08863344 c:PrivateLimitedCompanyLtd 2016-04-01 2017-03-31 iso4217:GBP

Registered number: 08863344

SYSTEM SOLUTIONS (EAST ANGLIA) LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

SYSTEM SOLUTIONS (EAST ANGLIA) LIMITED

REGISTERED NUMBER: 08863344

BALANCE SHEET

AS AT 31 MARCH 2017

		2017		2016
Note		£		£

FIXED ASSETS
Tangible assets	4		212		282
			212		282
CURRENT ASSETS
Stocks	5	900		3,075
Debtors: amounts falling due within one year	6	5,639		3,765
Cash at bank and in hand		15,577		8,625
		22,116		15,465
Creditors: amounts falling due within one year	7	(8,389)		(10,140)
NET CURRENT ASSETS			13,727		5,325
TOTAL ASSETS LESS CURRENT LIABILITIES			13,939		5,607

NET ASSETS			13,939		5,607

CAPITAL AND RESERVES
Called up share capital	100	100
Profit and loss account	13,839	5,507
	13,939	5,607

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

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SYSTEM SOLUTIONS (EAST ANGLIA) LIMITED

REGISTERED NUMBER: 08863344

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2017

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 September 2017.

C E Turner

Director

The notes on pages 3 to 6 form part of these financial statements.

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SYSTEM SOLUTIONS (EAST ANGLIA) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

1.	GENERAL INFORMATION

System Solutions (East Anglia) Limited is a private company limited by shares, incorporated in England and Wales, with a company registration number of 08863344. The address of the registered office is given on the company information page of these financial statements.

2.ACCOUNTING POLICIES

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

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.

2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

The estimated useful lives range as follows:

Office equipment

25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and Loss Account.

2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.5

Debtors

Short term debtors are measured at transaction price, less any impairment.

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SYSTEM SOLUTIONS (EAST ANGLIA) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

2.ACCOUNTING POLICIES (CONTINUED)

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.7

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

2.11

Interest income

Interest income is recognised in the Profit and Loss Account using the effective interest method.

2.12

Taxation

Tax is recognised in the Profit and Loss Account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

EMPLOYEES

The average monthly number of employees, including directors, during the year was 1 (2016 - 1).

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SYSTEM SOLUTIONS (EAST ANGLIA) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

4.	TANGIBLE FIXED ASSETS

		Office equipment
		£
	COST OR VALUATION
	At 1 April 2016	500
	At 31 March 2017	500
	DEPRECIATION
	At 1 April 2016	218
	Charge for the year on owned assets	70
	At 31 March 2017	288
	NET BOOK VALUE
	At 31 March 2017	212
	At 31 March 2016	282

5.	STOCKS
		2017	2016
		£	£

	Raw materials and finished goods	900	3,075

DEBTORS

					2017	2016
					£	£


Trade debtors	5,639	3,765

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SYSTEM SOLUTIONS (EAST ANGLIA) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

7.	CREDITORS: Amounts falling due within one year
		2017	2016
		£	£

Trade creditors	1,688	4,052
Corporation tax	-	3,168
Other taxation and social security	2,160	2,522
Other creditors	4,334	298
Accruals and deferred income	207	100
	8,389	10,140

8.	FIRST TIME ADOPTION OF FRS 102 The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

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