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

REGISTERED NUMBER: 04001259 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

POWERFLEET SYSTEMS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr N Mavrommatis

REGISTERED OFFICE:

10 St. Ann Street

Salisbury

Wiltshire

SP1 2DN

REGISTERED NUMBER:

04001259 (England and Wales)

SENIOR STATUTORY AUDITOR:

Susan Sullivan FCA

AUDITORS:

Rothmans Audit LLP

Chartered Accountants and Statutory Auditors

10 St Ann Street

Salisbury

Wiltshire

SP1 2DN

BANKERS:

Barclays Bank Plc

2-6 High Street

Salisbury

Wiltshire

SP1 2NP

FIXED ASSETS

Tangible assets

4

-

311

CURRENT ASSETS

Stocks

46,304

19,372

Debtors

5

20,975

97,771

Cash at bank and in hand

351,978

373,288

419,257

490,431

CREDITORS

Amounts falling due within one year

6

1,803,425

1,615,592

NET CURRENT LIABILITIES

(1,384,168

)

(1,125,161

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,384,168

)

(1,124,850

)

CAPITAL AND RESERVES

Called up share capital

176

176

Retained earnings

(1,384,344

)

(1,125,026

)

SHAREHOLDERS' FUNDS

(1,384,168

)

(1,124,850

)

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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 29 October 2019 and were signed by:

Mr N Mavrommatis - Director

1.	STATUTORY INFORMATION

PowerFleet 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.

The presentation currency of the financial statements is the Pound Sterling (£).

The principle place of business is Linford Forum, Milton Keynes, England.

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 represents the value of vehicle tracking system sales provided to the company's customers during the

year net of value added tax and discounts and is measured at the consideration received or receivable for the

goods provided.

Turnover is recognised upon delivery and acceptance of the goods by the customer at which time the significant

risks and rewards of ownership of the goods have transferred to the customer.

Turnover is recognised on systems leased to customers in accordance with the terms and conditions attached to

the leasing agreement. The risks and rewards associated with the leasing of equipment pass to the customer in

accordance with the terms of the lease agreement.

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

-

15% on cost

Computer equipment

-

20% on cost

The assets' 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.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

The company holds stock of components and consumables. Certain components are subject to technological

obsolescence and in these circumstances these items have been valued by the directors at the lower of cost or

net realisable value.

Parts and components are issued to production on a first in first out basis.

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.

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.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will

continue in existence for the foreseeable future.

The parent company has declared its intention to continue to support the company for the foreseeable future and

will not require repayment of its loans within a period of 12 months following the date of signing these accounts,

unless its cash flow permits such a payment to be made without impacting upon its ability to continue to trade.

The directors' consider that in preparing the financial statements they have taken into account all information that

could reasonably be expected to be available. On this basis they consider that it is appropriate to prepare the

financial statements on a going concern basis.

Debtors

Short term debtors are measured at transaction price , which is usually the invoice price, less any impairment

losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price, which is usually the invoice price.

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice

of not more than 24 hours.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2017 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2018

3,245

5,419

8,664

Disposals

(3,245

)

(5,419

)

(8,664

)

At 31 December 2018

-

-

-

DEPRECIATION

At 1 January 2018

2,934

5,419

8,353

Eliminated on disposal

(2,934

)

(5,419

)

(8,353

)

At 31 December 2018

-

-

-

NET BOOK VALUE

At 31 December 2018

-

-

-

At 31 December 2017

311

-

311

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

20,030

73,326

Amounts owed by group undertakings

-

733

Other debtors

945

23,712

20,975

97,771

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade creditors

3,936

3,614

Amounts owed to group undertakings

1,787,404

1,595,671

Taxation and social security

1,238

5,506

Other creditors

10,847

10,801

1,803,425

1,615,592

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Susan Sullivan FCA (Senior Statutory Auditor)

for and on behalf of Rothmans Audit LLP

8.	ULTIMATE PARENT COMPANY