On-Systems Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 07640533 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2015

FOR

ON-SYSTEMS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

M D Harvey

DA Kilshaw

REGISTERED OFFICE:

Croft Chambers

11 Bancroft

Hitchin

Herts

SG5 1JQ

REGISTERED NUMBER:

07640533 (England and Wales)

ACCOUNTANTS:

Bradshaw Johnson

Chartered Accountants

Croft Chambers

11 Bancroft

Hitchin

Hertfordshire

SG5 1JQ

FIXED ASSETS

Tangible assets

2

21,921

8,025

CURRENT ASSETS

Stocks

71,494

38,806

Debtors

180,388

182,023

Cash at bank and in hand

2,266

100

254,148

220,929

CREDITORS

Amounts falling due within one year

212,067

225,271

NET CURRENT ASSETS/(LIABILITIES)

42,081

(4,342

)

TOTAL ASSETS LESS CURRENT LIABILITIES

64,002

3,683

PROVISIONS FOR LIABILITIES

960

1,605

NET ASSETS

63,042

2,078

CAPITAL AND RESERVES

Called up share capital

3

2,000

2,000

Profit and loss account

61,042

78

SHAREHOLDERS' FUNDS

63,042

2,078

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2015 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 8 January 2016 and were signed on its behalf by:

M D Harvey - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis with assurance from the

directors/shareholders.

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

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2014

11,770

Additions

21,968

At 31 May 2015

33,738

DEPRECIATION

At 1 June 2014

3,745

Charge for year

8,072

At 31 May 2015

11,817

NET BOOK VALUE

At 31 May 2015

21,921

At 31 May 2014

8,025

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.15

31.5.14

value:

£

£

2,000

Ordinary

£1

2,000

2,000