INFORMATION SYSTEMS TECHNOLOGY LIMITED - Period Ending 2014-05-31

Registration number: 03774833

INFORMATION SYSTEMS TECHNOLOGY LIMITED

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2014
 

Main - Michael A. Colley F.C.A.

INFORMATION SYSTEMS TECHNOLOGY LIMITED
Contents

Company Information 1

Director's Report 2

Accountants' Report 3

Profit and Loss Account 4

Balance Sheet 5

Notes to the Financial Statements 6 to 8

INFORMATION SYSTEMS TECHNOLOGY LIMITED
Company Information

Director

Mr Haydn Richard Phillips

Company secretary

Mrs Fiona Margaret Bowen

Registered office

16 Upper Lamphey Road PEMBROKE PEMBROKESHIRE SA71 5JL

Accountants

Main - Michael A. Colley F.C.A.

Page 1

INFORMATION SYSTEMS TECHNOLOGY LIMITED
Director's Report for the Year Ended 31 May 2014

The director presents his report and the unaudited financial statements for the year ended 31 May 2014.

Director of the company

The director who held office during the year was as follows:

Mr Haydn Richard Phillips

Small company provisions

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on 10 February 2015 and signed on its behalf by:

.........................................
Mr Haydn Richard Phillips
Director

Page 2

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
INFORMATION SYSTEMS TECHNOLOGY LIMITED
for the Year Ended 31 May 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of INFORMATION SYSTEMS TECHNOLOGY LIMITED for the year ended 31 May 2014 set out on pages 4 to 8 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 at icaew.com/membershandbook.

This report is made solely to the Board of Directors of INFORMATION SYSTEMS TECHNOLOGY LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of INFORMATION SYSTEMS TECHNOLOGY LIMITED and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than INFORMATION SYSTEMS TECHNOLOGY LIMITED and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that INFORMATION SYSTEMS TECHNOLOGY LIMITED has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of INFORMATION SYSTEMS TECHNOLOGY LIMITED. You consider that INFORMATION SYSTEMS TECHNOLOGY 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 accounts of INFORMATION SYSTEMS TECHNOLOGY 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 accounts.

......................................

Main - Michael A. Colley F.C.A.

11 February 2015

Page 3

INFORMATION SYSTEMS TECHNOLOGY LIMITED
Profit and Loss Account for the Year Ended 31 May 2014

		Note			2014 £			2013 £
Turnover					128,216			91,656
Administrative expenses					(85,809)			(67,058)
Operating profit		2			42,407			24,598
Profit on ordinary activities before taxation					42,407			24,598
Tax on profit on ordinary activities		4			(8,319)			(2,608)
Profit for the financial year		10			34,088			21,990

The notes on pages 6 to 8 form an integral part of these financial statements.
Page 4

INFORMATION SYSTEMS TECHNOLOGY LIMITED
(Registration number: 03774833)
Balance Sheet at 31 May 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets		5			1,960			1,892
Current assets
Debtors		6			20,250			-
Cash at bank and in hand					14,524			17,975
					34,774			17,975
Creditors: Amounts falling due within one year		7			(14,732)			(11,953)
Net current assets					20,042			6,022
Net assets					22,002			7,914
Capital and reserves
Called up share capital		8			2			2
Profit and loss account		10			22,000			7,912
Shareholders' funds					22,002			7,914

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

For the year ending 31 May 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved and authorised for issue by the director on 10 February 2015

.........................................
Mr Haydn Richard Phillips
Director

The notes on pages 6 to 8 form an integral part of these financial statements.
Page 5

INFORMATION SYSTEMS TECHNOLOGY LIMITED
Notes to the Financial Statements for the Year Ended 31 May 2014
......... continued

1	Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Operating profit

Operating profit is stated after charging:

		2014 £			2013 £
Depreciation of tangible fixed assets		497			443

3	Director's remuneration

The director's remuneration for the year was as follows:

		2014 £			2013 £
Remuneration (including money purchase pension scheme contributions)		51,057			41,112

Page 6

INFORMATION SYSTEMS TECHNOLOGY LIMITED
Notes to the Financial Statements for the Year Ended 31 May 2014
......... continued

4

Taxation

Tax on profit on ordinary activities

		2014 £			2013 £
Current tax
Corporation tax charge		8,319			2,608

5	Tangible fixed assets

		Fixtures and fittings £			Office equipment £			Total £
Cost or valuation
At 1 June 2013		9,748			924			10,672
Additions		-			565			565
At 31 May 2014		9,748			1,489			11,237
Depreciation
At 1 June 2013		8,549			231			8,780
Charge for the year		180			317			497
At 31 May 2014		8,729			548			9,277
Net book value
At 31 May 2014		1,019			941			1,960
At 31 May 2013		1,199			693			1,892

6

Debtors

		2014 £			2013 £
Trade debtors		20,250			-

Page 7

INFORMATION SYSTEMS TECHNOLOGY LIMITED
Notes to the Financial Statements for the Year Ended 31 May 2014
......... continued

7	Creditors: Amounts falling due within one year

		2014 £			2013 £
Corporation tax		8,320			2,608
Other taxes and social security		4,712			6,005
Other creditors		1,700			3,340
		14,732			11,953

8	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary of £1 each		2			2			2			2

9

Dividends

		2014 £			2013 £
Dividends proposed and recognised in the accounts
Ordinary dividend proposed		20,000			20,000

10

Reserves

		Profit and loss account £			Total £
At 1 June 2013		7,912			7,912
Profit for the year		34,088			34,088
Dividends		(20,000)			(20,000)
At 31 May 2014		22,000			22,000

11	Pension schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £24,800 ( 2013 - £nil ) .

Page 8