Tegos Systems Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09613458 (England and Wales)

TEGOS SYSTEMS LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

J Fazackerley

A Kullmann

R Linnemann

Tegos Gmbh Dortmund

B L Weatherill

REGISTERED OFFICE:

76 King Street

Manchester

M2 4NH

REGISTERED NUMBER:

09613458 (England and Wales)

ACCOUNTANTS:

DTE Business Advisers Limited

Chartered Accountants

The Exchange

5 Bank Street

Bury

BL9 0DN

FIXED ASSETS

Intangible assets

4

1,762,429

2,010,599

Property, plant and equipment

5

9,228

10,202

1,771,657

2,020,801

CURRENT ASSETS

Debtors

6

1,583,295

1,566,260

Cash at bank and in hand

157,467

108,948

1,740,762

1,675,208

CREDITORS

Amounts falling due within one year

7

(2,193,677

)

(2,390,644

)

NET CURRENT LIABILITIES

(452,915

)

(715,436

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,318,742

1,305,365

CREDITORS

Amounts falling due after more than one year

8

(1,667,265

)

(1,703,715

)

NET LIABILITIES

(348,523

)

(398,350

)

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

(348,723

)

(398,550

)

SHAREHOLDERS' FUNDS

(348,523

)

(398,350

)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 18 August 2018 and were signed on its behalf by:

B L Weatherill - Director

1.	STATUTORY INFORMATION

Tegos Systems Ltd is a private company, limited by shares, registered in England and Wales. The company's

registered number is 09613458. The registered office is 76 King Street, Manchester, M2 4NH.

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.

The directors have considered the business risks and believe that the company is well placed to manage its risks

successfully thus they have adopted the going concern basis of accounting in preparing the financial statements.

Revenue

Revenue comprises the aggregate of the fair value of the sale of goods and services provided, net of value-added

tax, rebates and discounts. Revenue is recognised as follows:-

Sale of goods

Sales of goods are recognised when the company has delivered products to the customer, the customer has

accepted the products and collectability of the related receivables is fairly stated

Sale of services

Service revenues are recognised as those services are provided to customers.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

Property, plant and equipment

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

life.

Computer equipment - 25% on cost.

The residual values, estimated useful lives and depreciation method of property, plant and equipment are

reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision

are recognised in the income statement when the change arises.

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 statement of financial position date.

Deferred tax

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

statement of financial position 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

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the statement of financial position 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.

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 the income statement in the period to which they relate.

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 accounts receivable and payable, loans from banks and other third

parties and loans to related parties.

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 the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost,

being the transaction price less any amounts settled.

Critical accounting estimates and judgements

In the application of the company's accounting policies, the directors are required to make estimates and

judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ

from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which

the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying

amount of assets and liabilities are outlined below.

Estimating the useful economic life of goodwill are considered key judgement in calculating an appropriate

amortisation charge.

In categorising leases as finance or operating leases, the directors make judgements as to whether the significant

risks and rewards of ownership have transferred to the company as lessee.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2016 - 13 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2017

2,010,599

Additions

78,781

Reclassification/transfer

(131,125

)

At 31 December 2017

1,958,255

AMORTISATION

Charge for year

195,826

At 31 December 2017

195,826

NET BOOK VALUE

At 31 December 2017

1,762,429

At 31 December 2016

2,010,599

5.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 January 2017

13,603

Additions

1,682

At 31 December 2017

15,285

DEPRECIATION

At 1 January 2017

3,401

Charge for year

2,656

At 31 December 2017

6,057

NET BOOK VALUE

At 31 December 2017

9,228

At 31 December 2016

10,202

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

1,197,277

1,286,599

Other debtors

386,018

279,661

1,583,295

1,566,260

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

15,109

618,759

Amounts owed to group undertakings

677,687

610,856

Taxation and social security

536,635

210,369

Other creditors

964,246

950,660

2,193,677

2,390,644

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Amounts owed to group undertakings

1,667,265

1,703,715

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

£

£

Within one year

38,989

37,686

Between one and five years

22,688

36,070

61,677

73,756