Sprint Telematics Limited - Accounts to registrar - small 17.2
Sprint Telematics Limited - Accounts to registrar - small 17.2
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31st May 2017 |
for |
SPRINT TELEMATICS LIMITED |
SPRINT TELEMATICS LIMITED (REGISTERED NUMBER: 04409359) |
Contents of the Financial Statements |
for the year ended 31st May 2017 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 4 |
SPRINT TELEMATICS LIMITED |
Company Information |
for the year ended 31st May 2017 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Monometer House |
Rectory Grove |
Leigh on Sea |
Essex |
SS9 2HN |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Sprint Telematics Limited |
The following reproduces the text of the report prepared for the directors and members in respect of the |
company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is |
only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other |
primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Sprint Telematics Limited for the year ended 31st May 2017 which comprise the Profit and Loss |
Account, Balance Sheet, and the related notes from the company's accounting records and from information and |
explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Sprint Telematics Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Sprint Telematics Limited and state those matters that we have agreed to state to the Board of Directors of Sprint Telematics Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sprint Telematics Limited Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Sprint Telematics Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Sprint Telematics Limited. You consider that Sprint Telematics Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Sprint Telematics Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
Monometer House |
Rectory Grove |
Leigh on Sea |
Essex |
SS9 2HN |
SPRINT TELEMATICS LIMITED (REGISTERED NUMBER: 04409359) |
Balance Sheet |
31st May 2017 |
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
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. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors on by: |
SPRINT TELEMATICS LIMITED (REGISTERED NUMBER: 04409359) |
Notes to the Financial Statements |
for the year ended 31st May 2017 |
1. | STATUTORY INFORMATION |
Sprint Telematics Limited is a |
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 |
Turnover |
The turnover is measured as the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. The following criteria must also be met before the revenue is |
recognised: |
Sale of goods |
Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
- | the Company has transferred the significant risks and rewards of ownership to the buyer; |
- | the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
- | the amount of revenue can be measured reliably; |
- | it is probable that the Company will receive the consideration due under the transaction; and |
- | the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in |
accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- | the amount of revenue can be measured reliably; |
- | it is probable that the Company will receive the consideration due under the contract; |
- | the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- | the costs incurred and the costs to complete the contract can be measured reliably. |
SPRINT TELEMATICS LIMITED (REGISTERED NUMBER: 04409359) |
Notes to the Financial Statements - continued |
for the year ended 31st May 2017 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets 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 residual value over their estimated useful lives, |
using either a straight line or reducing balance method, as indicated below. |
Depreciation is provided on the following basis: |
Plant and machinery etc -20% Straight Line |
The asset's 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 profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, |
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. |
SPRINT TELEMATICS LIMITED (REGISTERED NUMBER: 04409359) |
Notes to the Financial Statements - continued |
for the year ended 31st May 2017 |
2. | ACCOUNTING POLICIES - continued |
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. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for |
objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised |
in profit and loss. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an |
enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise |
the asset and settle the liability simultaneously. |
Debtors |
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the |
arrangement constitutes a financing transaction, where the transaction is measured at the present value of the |
future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost |
using the effective interest method, less any impairment. |
Creditors |
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related |
parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, |
where the debt instrument is measured at the present value of the future payments discounted at a market rate of |
interest. Such instruments are subsequently carried at amortised cost using effective interest method, less any |
impairment. |
Cash and cash equivalents |
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and |
other short-term highly liquid investments that mature in no more than three months from the date of acquisition |
and that are readily convertible to known amount of cash with insignificant risk of change in value. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
SPRINT TELEMATICS LIMITED (REGISTERED NUMBER: 04409359) |
Notes to the Financial Statements - continued |
for the year ended 31st May 2017 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1st June 2016 |
and 31st May 2017 |
DEPRECIATION |
At 1st June 2016 |
Charge for year |
At 31st May 2017 |
NET BOOK VALUE |
At 31st May 2017 |
At 31st May 2016 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | RELATED PARTY DISCLOSURES |
As at the balance sheet date there were directors' current account balances totalling £4,376 (2016: £3,941). |
8. | TRANSITION TO FRS 102 |
This is the first year the Company has presented its results under FRS 102. The last financial statements under |
UK GAAP were for the year ended 31 May 2016. The date of transition to FRS 102 was 1 June 2015. There are |
no transitional adjustments arising from the first time adoption of FRS 102. |