Warwick International Comp. Systems Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02877208 (England and Wales)

WARWICK INTERNATIONAL COMPUTING

SYSTEMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

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

199,857

216,135

Investment property

5

230,000

240,000

429,857

456,135

CURRENT ASSETS

Debtors

6

505,506

531,283

Cash at bank and in hand

1,509,044

2,541,156

2,014,550

3,072,439

CREDITORS

Amounts falling due within one year

7

1,479,357

1,568,966

NET CURRENT ASSETS

535,193

1,503,473

TOTAL ASSETS LESS CURRENT LIABILITIES

965,050

1,959,608

PROVISIONS FOR LIABILITIES

7,936

10,234

NET ASSETS

957,114

1,949,374

CAPITAL AND RESERVES

Called up share capital

8

501

501

Capital redemption reserve

499

499

Retained earnings

956,114

1,948,374

SHAREHOLDERS' FUNDS

957,114

1,949,374

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 3 September 2018 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 as modified by the revaluation of certain assets.

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 38 (2016 - 36 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2017

303,190

72,617

278,052

653,859

Additions

-

12,827

8,974

21,801

At 31 December 2017

303,190

85,444

287,026

675,660

DEPRECIATION

At 1 January 2017

142,719

53,742

241,263

437,724

Charge for year

6,065

7,569

24,445

38,079

At 31 December 2017

148,784

61,311

265,708

475,803

NET BOOK VALUE

At 31 December 2017

154,406

24,133

21,318

199,857

At 31 December 2016

160,471

18,875

36,789

216,135

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 2017

282,576

Revaluations

(52,576

)

At 31 December 2017

230,000

DEPRECIATION

At 1 January 2017

42,576

Revaluation adjustments

(42,576

)

At 31 December 2017

-

NET BOOK VALUE

At 31 December 2017

230,000

At 31 December 2016

240,000

Fair value at 31 December 2017 is represented by:

£

Valuation in 2017

230,000

Investment property has been valued on 9 August 2017 by Boxall, Brown and Jones on the basis of

market value. The directors consider this to be the open market value as at 31 December 2017.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

437,099

486,052

Other debtors

2,684

2,684

Directors' current accounts

77

-

Prepayments and accrued income

65,646

42,547

505,506

531,283

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Payments on account

1,057,382

1,089,822

Trade creditors

105,208

137,914

Corporation tax

133,413

112,105

Social security and other taxes

35,266

51,610

VAT

97,992

136,096

Other creditors

44,096

35,094

Directors' loan accounts

-

795

Accruals and deferred income

6,000

5,530

1,479,357

1,568,966

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

500

Ordinary

£1

500

500

1

A Share

£1

1

1

501

501

9.	OTHER FINANCIAL COMMITMENTS

The company had total guarantees and commitments at the balance sheet date of £55,709 (2016 -

£87,181).

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2017

and 31 December 2016:

2017

2016

£

£

Mr M A Barton

Balance outstanding at start of year

-

-

Amounts advanced

77

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

77

-

11.	RELATED PARTY DISCLOSURES

Included in current liabilities is a loan to a director amounting to £(77) (2016:£795) which has no

fixed repayment terms and is interest free.