FOSSE_DATA_SYSTEMS_LIMITE - Accounts

FOSSE DATA SYSTEMS LIMITED - Company Information

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Company Registration No. 03174705 (England and Wales)

FOSSE DATA SYSTEMS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

FOSSE DATA SYSTEMS LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 5

FOSSE DATA SYSTEMS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2016

- 1 -

2016

2015

Notes

Fixed assets

Intangible assets

39,212

54,178

Tangible assets

13,002

16,410

52,214

70,588

Current assets

Stocks

46,828

40,533

Debtors

172,154

173,906

Cash at bank and in hand

244,934

223,833

463,916

438,272

Creditors: amounts falling due within one year

(463,670)

(460,046)

Net current assets/(liabilities)

246

(21,774)

Total assets less current liabilities

52,460

48,814

Provisions for liabilities

(8,901)

(12,297)

43,559

36,517

Capital and reserves

Called up share capital

100

Profit and loss account

43,459

36,417

Shareholders' funds

43,559

36,517

FOSSE DATA SYSTEMS LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 MARCH 2016

- 2 -

For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 12 July 2016

Ms Kathy Gorman

Director

Company Registration No. 03174705

FOSSE DATA SYSTEMS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Goodwill

Website costs are written off in equal annual instalments over the estimated useful economic life of 5 years.

1.5

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Leasehold property improvements

25% reducing balance

Plant and machinery

25% reducing balance

Computer equipment

25% reducing balance

Fixtures, fittings & equipment

25% reducing balance

Motor vehicles

25% reducing balance

1.6

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.7

Stock

Stock and work in progress are valued at the lower of cost and net realisable value.

1.8

Pensions

The company operates a defined contribution scheme for the benefit of its directors. Contributions payable are charged to the profit and loss account in the year they are payable.

FOSSE DATA SYSTEMS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

Accounting policies

(Continued)

- 4 -

1.9

Deferred taxation

Deferred taxation is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax at a future date at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.

1.10

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 April 2015

158,300

99,323

257,623

Additions

5,000

927

5,927

At 31 March 2016

163,300

100,250

263,550

Depreciation

At 1 April 2015

104,122

82,913

187,035

Charge for the year

19,966

4,335

24,301

At 31 March 2016

124,088

87,248

211,336

Net book value

At 31 March 2016

39,212

13,002

52,214

At 31 March 2015

54,178

16,410

70,588

FOSSE DATA SYSTEMS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 5 -

Share capital

2016

2015

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100

Related party relationships and transactions

Advances and credits to directors

Advances and credits granted to the directors during the year are outlined in the table below:

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

Kathy Gorman - Director loan

1,232

1,191

2,881

(458)

1,232

1,191

2,881

(458)

Guarantees

During the year the company entered into a guarantee on behalf of a director. The maximum amount of liability at the year end that may be incurred by the company is £146,643 (2015: £154,331). The guarantee over the company’s assets is secured by a fixed and floating charge.