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

REGISTERED NUMBER: 10637040 (England and Wales)

Unaudited Financial Statements

For The Year Ended 31st December 2018

for

Transactive Systems Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

8

DIRECTORS:

N Nihat

S Reay

P M Whelan

SECRETARY:

REGISTERED OFFICE:

15 Wrotham Business Park

Barnet

Hertfordshire

EN5 4SZ

REGISTERED NUMBER:

10637040 (England and Wales)

ACCOUNTANTS:

Wildin & Co

Accountants

& Statutory Auditors

Kings Buildings

Lydney

Gloucestershire

GL15 5HE

FIXED ASSETS

Tangible assets

4

22,994

21,789

Investments

5

24

-

23,018

21,789

CURRENT ASSETS

Debtors

6

324,553

16,146

Cash at bank

324,490

423,350

649,043

439,496

CREDITORS

Amounts falling due within one year

7

1,642,020

283,536

NET CURRENT (LIABILITIES)/ASSETS

(992,977

)

155,960

TOTAL ASSETS LESS CURRENT LIABILITIES

(969,959

)

177,749

CREDITORS

Amounts falling due after more than one year

8

277,778

277,778

NET LIABILITIES

(1,247,737

)

(100,029

)

CAPITAL AND RESERVES

Called up share capital

10

921,022

920,000

Retained earnings

11

(2,168,759

)

(1,020,029

)

SHAREHOLDERS' FUNDS

(1,247,737

)

(100,029

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2018 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 14th May 2019 and were signed on its behalf by:

N Nihat - Director

1.	STATUTORY INFORMATION

Transactive Systems Ltd 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

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.

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2017 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1st January 2018

1,540

23,544

25,084

Additions

7,030

3,100

10,130

At 31st December 2018

8,570

26,644

35,214

DEPRECIATION

At 1st January 2018

-

3,295

3,295

Charge for year

1,702

7,223

8,925

At 31st December 2018

1,702

10,518

12,220

NET BOOK VALUE

At 31st December 2018

6,868

16,126

22,994

At 31st December 2017

1,540

20,249

21,789

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

24

At 31st December 2018

24

NET BOOK VALUE

At 31st December 2018

24

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Transactive Systems Limited

Registered office: Canada

Nature of business: Software Development

%

Class of shares:

holding

Ordinary

100.00

31.12.18

£

Aggregate capital and reserves

(103,241

)

Transactive Systems Ltd

Registered office: Lithuania

Nature of business: Lithuania

%

Class of shares:

holding

Ordinary

100.00

31.12.18

£

Aggregate capital and reserves

12

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

457

-

Tax

310,000

-

VAT

886

9,514

Prepayments and accrued income

-

6,632

Prepayments

13,210

-

324,553

16,146

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Other loans (see note 9)

1,557,007

275,086

Accrued expenses

85,013

8,450

1,642,020

283,536

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.18

31.12.17

£

£

Other loans (see note 9)

277,778

277,778

9.

LOANS

An analysis of the maturity of loans is given below:

31.12.18

31.12.17

£

£

Amounts falling due within one year or on demand:

Other loans

1,557,007

275,086

Amounts falling due between two and five years:

Other loans - 2-5 years

277,778

277,778

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.18

31.12.17

value:

£

£

920,000

Ordinary

£1

920,000

920,000

Allotted and issued:

Number:

Class:

Nominal

31.12.18

31.12.17

value:

£

£

102,222

Share capital 2

£1

1,022

-

Special rules apply to the "A" Ordinary shares. They are only partly paid at 1p per share, and certain rights are

reserved until they become fully paid up shares.

11.

RESERVES

Retained

earnings

£

At 1st January 2018

(1,020,029

)

Deficit for the year

(1,148,730

)

At 31st December 2018

(2,168,759

)

12.	ULTIMATE CONTROLLING PARTY

The following reproduces the text of the report prepared for the directors 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.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31st December 2018 set out on pages two to seven and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Wildin & Co

Accountants

& Statutory Auditors

Kings Buildings

Lydney

Gloucestershire

GL15 5HE

Date: 14th May 2019