UK SYSTEM DESIGN LIMITED - Period Ending 2015-12-31

Registration number: 4033943

UK SYSTEM DESIGN LIMITED

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2015
 

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

UK SYSTEM DESIGN LIMITED
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
UK SYSTEM DESIGN LIMITED
for the Year Ended 31 December 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of UK SYSTEM DESIGN LIMITED for the year ended 31 December 2015 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of UK SYSTEM DESIGN LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of UK SYSTEM DESIGN LIMITED and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than UK SYSTEM DESIGN LIMITED and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that UK SYSTEM DESIGN LIMITED has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of UK SYSTEM DESIGN LIMITED. You consider that UK SYSTEM DESIGN LIMITED is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of UK SYSTEM DESIGN LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

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

15 June 2016

Page 1

UK SYSTEM DESIGN LIMITED
(Registration number: 4033943)
Abbreviated Balance Sheet at 31 December 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets		2			51,012			45,315
Current assets
Debtors					525,853			560,440
Cash at bank and in hand					352,408			317,466
					878,261			877,906
Creditors: Amounts falling due within one year					(329,599)			(264,222)
Net current assets					548,662			613,684
Total assets less current liabilities					599,674			658,999
Provisions for liabilities					(5,685)			(2,745)
Net assets					593,989			656,254
Capital and reserves
Called up share capital		3			62,000			62,000
Profit and loss account					531,989			594,254
Shareholders' funds					593,989			656,254

For the year ending 31 December 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 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 15 June 2016

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

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

UK SYSTEM DESIGN LIMITED
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... 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 January 2015).

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
Motor vehicles	25% 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 3

UK SYSTEM DESIGN LIMITED
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2015		87,219			87,219
Additions		39,124			39,124
Disposals		(37,000)			(37,000)
At 31 December 2015		89,343			89,343
Depreciation
At 1 January 2015		41,904			41,904
Charge for the year		17,819			17,819
Eliminated on disposals		(21,392)			(21,392)
At 31 December 2015		38,331			38,331
Net book value
At 31 December 2015		51,012			51,012
At 31 December 2014		45,315			45,315

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		62,000			62,000			62,000			62,000

Page 4