Neos Interactive Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 03564252 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE PERIOD 1 JANUARY 2014 TO 30 DECEMBER 2014

FOR

NEOS INTERACTIVE LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

A J M Abela

J B H Jackson

D Zaccar

SECRETARY:

REGISTERED OFFICE:

Bryant House

Bryant Road

Rochester

Kent

ME2 3EW

REGISTERED NUMBER:

03564252 (England and Wales)

ACCOUNTANTS:

Friend & Grant Ltd

Bryant House

Bryant Road

Strood

Rochester

Kent

ME2 3EW

FIXED ASSETS

Intangible assets

2

-

-

Tangible assets

3

100

3,386

Investments

4

-

-

100

3,386

CURRENT ASSETS

Debtors

27,330

123,099

Cash at bank

5,745

5,821

33,075

128,920

CREDITORS

Amounts falling due within one year

1,312,767

1,336,120

NET CURRENT LIABILITIES

(1,279,692

)

(1,207,200

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,279,592

)

(1,203,814

)

CREDITORS

Amounts falling due after more than one year

639,716

633,899

NET LIABILITIES

(1,919,308

)

(1,837,713

)

CAPITAL AND RESERVES

Called up share capital

5

10,747,736

10,747,736

Share premium

2,407,345

2,407,345

Profit and loss account

(15,074,389

)

(14,992,794

)

SHAREHOLDERS' FUNDS

(1,919,308

)

(1,837,713

)

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

The members have not required the company to obtain an audit of its financial statements for the period ended 30 December 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 30 December 2015 and were signed on its behalf by:

A J M Abela - 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).

Going concern

The company continues to make significant losses and the board is considering the ongoing viability of

the business. As a consequence they do not consider adopting the going concern basis to be

appropriate.

Preparation of consolidated financial statements

The financial statements contain information about Neos Interactive Limited as an individual company

and do not contain consolidated financial information as the parent of a group. The company has taken

the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial

statements.

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

-

12.5% on cost

Computer equipment

-

25% on cost

The board have decided to write down the assets of the business to their estimate of the market value.

Deferred tax

Deferred tax is provided in full in respect of taxation deferred by timing differences between the

treatment of certain items for taxation and accounting purposes, in accordance with FRS 19, which

requires a deferred tax asset to be recognised to the extent that it is regarded as more likely than not

that it will be recovered. Projections currently available indicate the company is likely to continue

generating losses for the next few years, and that substantial profitability will not be achieved for

several years. The directors therefore consider it inappropriate to recognise a deferred tax asset at this

stage.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis

over the period of the lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

and 30 December 2014

971,358

AMORTISATION

At 1 January 2014

and 30 December 2014

971,358

NET BOOK VALUE

At 30 December 2014

-

At 31 December 2013

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

19,115

Additions

209

Disposals

(15,759

)

At 30 December 2014

3,565

DEPRECIATION

At 1 January 2014

15,729

Charge for period

3,045

Eliminated on disposal

(15,309

)

At 30 December 2014

3,465

NET BOOK VALUE

At 30 December 2014

100

At 31 December 2013

3,386

4.	FIXED ASSET INVESTMENTS

The company's investments at the Balance Sheet date in the share capital of companies include the

following:

Neos Interactive (Middle East) FZ-LLC

Country of incorporation: United Arab Emirates

Nature of business: Sales, marketing and support of NEOSTV

%

Class of shares:

holding

Ordinary

100.00

2014

2013

£

£

Aggregate capital and reserves

-

(16,222

)

Loss for the period/year

-

(56,456

)

The directors do not hold the above information for the year ended 31 December 2014. Since the

balance sheet date Neos Interactive (Middle East) FZ-LLC has ceased trading and the company has

been closed down.

5.	CALLED UP SHARE CAPITAL

6.	ULTIMATE PARENT COMPANY

7.	RELATED PARTY DISCLOSURES

Albert A. Abela Catering, Trade & Services s.a.r.l.

A company wholly owned and controlled by Mr A Abela.

2014

2013

£

£

Amount due to related party at the balance sheet date

1,168,413

1,168,413

Abela Technology Solutions s.a.r.l.

A company wholly owned and controlled by Mr A Abela.

2014

2013

£

£

Amount due to related party at the balance sheet date

141,103

141,103

A J M Abela

A director and shareholder of the company.

2014

2013

£

£

Amount due to related party at the balance sheet date

639,716

633,902

Neos Interactive (Middle East) FZ-LLC

A company wholly owned by Neos Interactive Limited.

The company made payments on behalf of Neos Interactive (Middle East) FZ-LLC totalling £2,938

(2013: £23,211) during the year.

The company received reimbursement from Neos Interactive (Middle East) FZ-LLC totalling £27,238

(2013: £3,070) during the year.

The company ceased to trade and closed down after the balance sheet date and therefore the

directors have sufficient evidence over the inability of the debtor to make the loan repayments and

have therefore provided for the debt in full.

2014

2013

£

£

Amount due from related party at the balance sheet date

-

49,217

8.	RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

2014

2013

£

£

Loss for the financial year

(54,079

)

(164,909

)

Opening shareholders' funds

(1,837,713

)

(1,672,804

)

Closing shareholders' funds

(1,892,018

)

(1,837,713

)