UK SYSTEM DESIGN LIMITED - Period Ending 2014-12-31

Registration number: 4033943

UK SYSTEM DESIGN LIMITED

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2014
 

Minney & Company Limited
Chartered Accountants
59 Union Street
Dunstable
Beds
LU6 1EX

UK SYSTEM DESIGN LIMITED
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

UK SYSTEM DESIGN LIMITED
(Registration number: 4033943)
Abbreviated Balance Sheet at 31 December 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets		2			45,315			32,676
Current assets
Debtors					560,440			540,783
Cash at bank and in hand					317,466			306,255
					877,906			847,038
Creditors: Amounts falling due within one year					(264,222)			(334,470)
Net current assets					613,684			512,568
Total assets less current liabilities					658,999			545,244
Provisions for liabilities					(2,745)			-
Net assets					656,254			545,244
Capital and reserves
Called up share capital		3			62,000			62,000
Profit and loss account					594,254			483,244
Shareholders' funds					656,254			545,244

For the year ending 31 December 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.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 13 May 2015

.........................................
P D Wiltshire
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

UK SYSTEM DESIGN LIMITED
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, 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.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	33% reducing balance

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

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.

Page 2

UK SYSTEM DESIGN LIMITED
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2014		63,688			63,688
Additions		32,381			32,381
Disposals		(8,850)			(8,850)
At 31 December 2014		87,219			87,219
Depreciation
At 1 January 2014		31,012			31,012
Charge for the year		16,192			16,192
Eliminated on disposals		(5,300)			(5,300)
At 31 December 2014		41,904			41,904
Net book value
At 31 December 2014		45,315			45,315
At 31 December 2013		32,676			32,676

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		62,000			62,000			62,000			62,000

Page 3