Softmist Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 05947721 (England and Wales)

Abbreviated Unaudited Accounts

for the Period

1 August 2013 to 30 June 2014

for

Softmist Limited

Trading as

Skillspoint

Page

Company Information

1

Chartered Accountants' Report

2

Abbreviated Balance Sheet

3

Notes to the Abbreviated Accounts

5

DIRECTORS:

P N Ledgard

A J Hogarth

SECRETARY:

M Keegan

REGISTERED OFFICE:

19-20 The Triangle

NG2 Business Park

Nottingham

Nottinghamshire

NG2 1AE

REGISTERED NUMBER:

05947721 (England and Wales)

ACCOUNTANTS:

The Rowleys Partnership Ltd

Chartered Accountants

Charnwood House

Harcourt Way

Meridian Business Park

Leicester

Leicestershire

LE19 1WP

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on

pages three to six) have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of Softmist Limited for the period ended 30 June 2014 which comprise

the Profit and Loss Account, the Balance Sheet, the Cash Flow Statement, the Statement of Total

Recognised Gains and Losses and the related notes 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 Softmist Limited, as a body, in accordance with our

terms of engagement. Our work has been undertaken solely to prepare for your approval the financial

statements of Softmist Limited and state those matters that we have agreed to state to the Board of

Directors of Softmist Limited, 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 the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Softmist Limited has kept adequate accounting records and to prepare

statutory financial statements that give a true and fair view of the assets, liabilities, financial position and

loss of Softmist Limited. You consider that Softmist Limited is exempt from the statutory audit

requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Softmist

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 financial statements.

The Rowleys Partnership Ltd

Chartered Accountants

Charnwood House

Harcourt Way

Meridian Business Park

Leicester

Leicestershire

LE19 1WP

26 March 2015

FIXED ASSETS

Intangible assets

2

90,522

95,710

Tangible assets

3

2,920

6,565

93,442

102,275

CURRENT ASSETS

Debtors

131,950

389,130

Cash at bank and in hand

116,696

35,759

248,646

424,889

CREDITORS

Amounts falling due within one year

336,483

400,235

NET CURRENT (LIABILITIES)/ASSETS

(87,837

)

24,654

TOTAL ASSETS LESS CURRENT LIABILITIES

5,605

126,929

CAPITAL AND RESERVES

Called up share capital

4

53,250

53,250

Share premium

88,750

88,750

Capital redemption reserve

48,000

48,000

Profit and loss account

(184,395

)

(63,071

)

SHAREHOLDERS' FUNDS

5,605

126,929

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2014.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 26 March 2015 and were signed on its behalf by:

A J Hogarth - Director

1.	ACCOUNTING POLICIES

Accounting convention

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

The turnover shown in the profit and loss account represents the value of all services delivered

during the year. Sales are recognised at the point at which the company has fulfilled its contractual

obligations to the customer.

Goodwill

Goodwill, being the amount paid in connection with the brand acquisition in 2010, is being

amortised evenly over its estimated useful life of twenty years.

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

-

33% on cost, 25% on cost and 20% on cost

Motor vehicles

-

33% on cost

Office equipment

-

33% on cost, 25% on cost and 20% on cost

Deferred taxation

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

at the balance sheet date where transactions or events have occurred at that date that will result in

an obligation to pay more, or a right to pay less or to receive more tax with the following

exceptions:

Deferred tax assets are recognised only to the extent that the directors consider that it is more

likely than not that there will be suitable taxable profits from which the future reversal of the

underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in

the periods in which timing differences reverse, based on tax rates and laws enacted or

substantively enacted at the balance sheet date.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme and the pension charge represents the

amounts payable by the company to the fund in respect of the year. The assets of the scheme are

held from separately to those of the company in an independently administered fund.

Operating lease agreements

Rentals applicable to operating leases where substantially all benefits and risks of ownership remain

with the lessor are charged against profits on a straight line basis over the period of the lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 August 2013

and 30 June 2014

112,600

AMORTISATION

At 1 August 2013

16,890

Amortisation for period

5,188

At 30 June 2014

22,078

NET BOOK VALUE

At 30 June 2014

90,522

At 31 July 2013

95,710

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 August 2013

41,149

At 30 June 2014

41,149

DEPRECIATION

At 1 August 2013

34,584

Charge for period

3,645

At 30 June 2014

38,229

NET BOOK VALUE

At 30 June 2014

2,920

At 31 July 2013

6,565

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.14

31.7.13

value:

£

£

53,250

Ordinary A

£1

53,250

53,250