Abbreviated Company Accounts - VOICETEC SYS LIMITED

Abbreviated Company Accounts - VOICETEC SYS LIMITED

VOICETEC SYS LIMITED - Company Information

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Registered Number 06858967

VOICETEC SYS LIMITED

Abbreviated Accounts

31 March 2015

VOICETEC SYS LIMITED Registered Number 06858967

Abbreviated Balance Sheet as at 31 March 2015

Notes 2015 2014
£ £
Fixed assets
Intangible assets 2 28,917 33,470
Tangible assets 3 1,454,066 1,421,702
Investments 4 19,676 11,945
1,502,659 1,467,117
Current assets
Stocks 48,092 42,572
Debtors 3,011,670 1,861,907
Cash at bank and in hand 22,759 34,860
3,082,521 1,939,339
Creditors: amounts falling due within one year (2,659,050) (1,134,818)
Net current assets (liabilities) 423,471 804,521
Total assets less current liabilities 1,926,130 2,271,638
Creditors: amounts falling due after more than one year (1,321,314) (1,681,779)
Total net assets (liabilities) 604,816 589,859
Capital and reserves
Called up share capital 445,000 445,000
Other reserves 150,000 150,000
Profit and loss account 9,816 (5,141)
Shareholders' funds 604,816 589,859
  • For the year ending 31 March 2015 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 directors acknowledge their 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 Board on 5 June 2015

And signed on their behalf by:
Mr Srinivas Venkatesh, Director

VOICETEC SYS LIMITED Registered Number 06858967

Notes to the Abbreviated Accounts for the period ended 31 March 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
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.

Tangible assets depreciation policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and machinery 2%-3% WDV
Land & Buildings 6.6% straight line

Intangible assets amortisation policy
Amortisation is provided on all intangible fixed assets, at rates calculated to write off the cost, less
estimated residual value, of each asset evenly over its expected useful life, as follows:

Software development and installation cost 3.00% straight line

Other accounting policies
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.

Going Concern
In accordance with their responsibilities as directors they have considered the appropriateness of the going concern basis for the preparation of the financial statements.

The financial statements have been prepared on the going concern basis, the validity of which depends upon the continued support of the company's shareholders and creditors. The directors have no reason to believe that this support will not continue and have a reasonable expectation that the company has adequate resource to continue in operational existence for the period of one year from the date of the financial statements.

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.

2Intangible fixed assets
£
Cost
At 1 April 2014 151,750
Additions -
Disposals -
Revaluations -
Transfers -
At 31 March 2015 151,750
Amortisation
At 1 April 2014 118,280
Charge for the year 4,553
On disposals -
At 31 March 2015 122,833
Net book values
At 31 March 2015 28,917
At 31 March 2014 33,470
3Tangible fixed assets
£
Cost
At 1 April 2014 2,101,415
Additions 72,508
Disposals -
Revaluations -
Transfers -
At 31 March 2015 2,173,923
Depreciation
At 1 April 2014 679,713
Charge for the year 40,144
On disposals -
At 31 March 2015 719,857
Net book values
At 31 March 2015 1,454,066
At 31 March 2014 1,421,702

4Fixed assets Investments
Cost
At 01 April 2014 - £11,945
Additions - £7731
At 31 March 2015 - £19,676

The company holds 20% or more of the share capital of the following companies:

Voicetec System Limited
Class and percentage of shares held - Ordinary shares, 100%
Country of registration or incorporation - England and Wales

Voicetec HK Limited
Class and percentage of shares held - Ordinary shares, 100%
Country of registration or incorporation - Hong Kong

The nominal value of ordinary shares is £1,000 in respect of investment in Voicetec System Limited.
The nominal value of ordinary shares is HKD 100,000 in respect of investment in Voicetec HK Limited