| Loksys Solutions Limited |
| Registered number: |
06946571 |
| Abbreviated Balance Sheet |
| as at 31 December 2014 |
|
| Notes |
|
|
2014 |
|
|
2013 |
| £ |
£ |
| Fixed assets |
| Intangible assets |
2 |
|
|
544,657 |
|
|
499,340 |
| Tangible assets |
3 |
|
|
21,245 |
|
|
42,489 |
|
|
|
|
565,902 |
|
|
541,829 |
|
| Current assets |
| Stocks |
|
|
62,040 |
|
|
88,629 |
| Debtors |
|
|
101,530 |
|
|
119,860 |
| Cash at bank and in hand |
|
|
11,605 |
|
|
135,787 |
|
|
|
175,175 |
|
|
344,276 |
|
| Creditors: amounts falling due within one year |
|
|
(68,250) |
|
|
(45,369) |
|
| Net current assets |
|
|
|
106,925 |
|
|
298,907 |
|
| Total assets less current liabilities |
|
|
|
672,827 |
|
|
840,736 |
|
| Creditors: amounts falling due after more than one year |
|
|
|
(878,500) |
|
|
(878,500) |
|
|
|
| Net liabilities |
|
|
|
(205,673) |
|
|
(37,764) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
4 |
|
|
1,392 |
|
|
1,072 |
| Share premium |
|
|
|
617,635 |
|
|
457,955 |
| Profit and loss account |
|
|
|
(824,700) |
|
|
(496,791) |
|
| Shareholders' funds |
|
|
|
(205,673) |
|
|
(37,764) |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
|
| I.P. McDermott |
| Director |
| Approved by the board on 31 July 2015 |
|
| Loksys Solutions Limited |
| Notes to the Abbreviated Accounts |
| for the year ended 31 December 2014 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
|
|
Going Concern |
|
The financial statements have been prepared on a going concern basis. This is on the basis of additional investment funding of £160,000 received in the period (2013: £1,337,524) which has allowed the directors to prepare financial forecasts which show that the company will be able to trade as a going concern. On this basis, the directors consider it appropriate to prepare financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the withdrawal of this investment. |
|
|
Turnover |
|
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. |
|
|
Depreciation |
|
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
|
|
Plant and machinery |
33 1/3% straight line |
|
|
Intangible fixed assets and amortisation |
|
Amortisation is provided at a rate calculated to write off the cost of the fixed assets over their estimated useful lives. |
|
|
Amortisation is provided at a rate of 10 years straight line |
|
|
Stocks |
|
Stock is valued at the lower of cost and net realisable value. |
|
|
Deferred taxation |
|
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. |
|
|
Foreign currencies |
|
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. |
|
|
Pensions |
|
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. |
|
|
| 2 |
Intangible fixed assets |
£ |
|
|
Cost |
|
At 1 January 2014 |
554,822 |
|
Additions |
111,999 |
|
At 31 December 2014 |
666,821 |
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 January 2014 |
55,482 |
|
Provided during the year |
66,682 |
|
At 31 December 2014 |
122,164 |
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2014 |
544,657 |
|
At 31 December 2013 |
499,340 |
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
£ |
|
|
Cost |
|
At 1 January 2014 |
63,733 |
|
At 31 December 2014 |
63,733 |
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2014 |
21,244 |
|
Charge for the year |
21,244 |
|
At 31 December 2014 |
42,488 |
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2014 |
21,245 |
|
At 31 December 2013 |
42,489 |
|
|
|
|
|
|
|
|
| 4 |
Share capital |
Nominal |
|
2014 |
|
2014 |
|
2013 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
1p each |
|
87,000 |
|
870 |
|
750 |
|
A Ordinary shares |
1p each |
|
52,200 |
|
522 |
|
322 |
|
|
|
|
|
|
1,392 |
|
1,072 |
|
|
|
|
|
|
|
|
|
| Nominal |
Number |
Amount |
| value |
£ |
|
Shares issued during the period: |
|
Ordinary shares |
1p each |
|
12,000 |
|
120 |
|
A Ordinary shares |
1p each |
|
20,000 |
|
200 |
|
|
|
|
|
|
320 |
|
|
|
|
|
|
|
