Systems Interface Limited - Limited company accounts 16.3
Systems Interface Limited - Limited company accounts 16.3
| REGISTERED NUMBER: |
| Report of the Directors and |
| Unaudited Financial Statements |
| for the Year Ended 31 December 2016 |
| for |
| Systems Interface Limited |
| Systems Interface Limited (Registered number: 01643486) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2016 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Income Statement | 3 |
| Other Comprehensive Income | 4 |
| Statement of Financial Position | 5 |
| Statement of Changes in Equity | 7 |
| Notes to the Financial Statements | 8 |
| Reconciliation of Equity | 12 |
| Reconciliation of Profit | 14 |
| Systems Interface Limited |
| Company Information |
| for the Year Ended 31 December 2016 |
| DIRECTORS: |
| SECRETARIES: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Certified Accountants |
| & Chartered Tax Advisers |
| Lichfield House |
| 60 Abbots Ride |
| Farnham |
| Surrey |
| GU9 8HZ |
| Systems Interface Limited (Registered number: 01643486) |
| Report of the Directors |
| for the Year Ended 31 December 2016 |
| The directors present their report with the financial statements of the company for the year ended 31 December 2016. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of the provision of complex airport and air traffic |
| control systems, including design, integration, installation, commissioning and maintenance services, which includes |
| amongst others, |
| Navigation Aids – such as ILS, DME, DVOR, NDB, DF |
| Communications – VHF/UHF Voice, VCS and Data |
| Airfield Lighting - Including LED Solar lights |
| Meteorological Systems - IRVR, Weather Stations |
| The company also offers a wide spectrum of aviation related products and services both in the UK and worldwide, and is |
| a distributor for Nautel for NDB's and Avlite for their solar powered lights. |
| Systems interface Limited is Quality Approved to BS EN 9001:2008 |
| DIVIDENDS |
| No dividends will be distributed for the year ended 31 December 2016. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2016 to the date of this |
| report. |
| ON BEHALF OF THE BOARD: |
| Systems Interface Limited (Registered number: 01643486) |
| Income Statement |
| for the Year Ended 31 December 2016 |
| 31.12.16 | 31.12.15 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) |
| OPERATING PROFIT | 4 |
| Interest receivable and similar income |
| 185,765 | 55,894 |
| Interest payable and similar expenses | 5 | ( |
) | ( |
) |
| PROFIT BEFORE TAXATION |
| Tax on profit | 6 |
| PROFIT FOR THE FINANCIAL YEAR |
| Systems Interface Limited (Registered number: 01643486) |
| Other Comprehensive Income |
| for the Year Ended 31 December 2016 |
| 31.12.16 | 31.12.15 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| Systems Interface Limited (Registered number: 01643486) |
| Statement of Financial Position |
| 31 December 2016 |
| 31.12.16 | 31.12.15 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 7 |
| CURRENT ASSETS |
| Stocks | 8 |
| Debtors | 9 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 10 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
11 |
( |
) |
( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| 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. |
| Systems Interface Limited (Registered number: 01643486) |
| Statement of Financial Position - continued |
| 31 December 2016 |
| The financial statements were approved by the Board of Directors on |
| Systems Interface Limited (Registered number: 01643486) |
| Statement of Changes in Equity |
| for the Year Ended 31 December 2016 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 January 2015 | ( |
) | ( |
) |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 December 2015 | ( |
) | ( |
) |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 December 2016 | ( |
) | ( |
) |
| Systems Interface Limited (Registered number: 01643486) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2016 |
| 1. | STATUTORY INFORMATION |
| Systems Interface Limited is a |
| company's registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
| value added tax and other sales taxes. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
| moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
| the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted |
| or substantively enacted by the statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
| statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
| those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
| have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
| timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
| will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
| statement of financial position 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 profit or loss on a straight line basis over the period of the |
| lease. |
| Systems Interface Limited (Registered number: 01643486) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2016 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| 31.12.16 | 31.12.15 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average monthly number of employees during the year was as follows: |
| 31.12.16 | 31.12.15 |
| Directors | 3 | 3 |
| Administration | 3 | 3 |
| Direct | 5 | 3 |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 31.12.16 | 31.12.15 |
| £ | £ |
| Depreciation - owned assets |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.12.16 | 31.12.15 |
| £ | £ |
| Bank interest |
| 6. | TAXATION |
| Analysis of the tax charge |
| No liability to UK corporation tax arose for the year ended 31 December 2016 nor for the year ended |
| 31 December 2015. |
| Systems Interface Limited (Registered number: 01643486) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2016 |
| 7. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 January 2016 |
| At 31 December 2016 |
| DEPRECIATION |
| At 1 January 2016 |
| Charge for year |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2016 |
| Additions |
| At 31 December 2016 |
| DEPRECIATION |
| At 1 January 2016 |
| Charge for year |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| 8. | STOCKS |
| 31.12.16 | 31.12.15 |
| £ | £ |
| Stocks |
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.16 | 31.12.15 |
| £ | £ |
| Trade debtors |
| Other debtors |
| VAT |
| Prepayments and accrued income |
| Systems Interface Limited (Registered number: 01643486) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2016 |
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.16 | 31.12.15 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Social security and other taxes |
| VAT | 83,178 | - |
| Other creditors |
| Directors' loan accounts | 100,925 | 97,006 |
| 11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.12.16 | 31.12.15 |
| £ | £ |
| Other creditors |
| 12. | SECURED DEBTS |
| The bank holds a charge over the assets of the Company together with personal guarantees by the principle |
| shareholders. |
| 13. | RELATED PARTY DISCLOSURES |
| The company has during the year traded commercially with Frequentis AG its majority shareholder. In addition to |
| this, Frequentis has supported the company through a scheme of invoice factoring and also provided security for |
| performance and tender bonds. |
| 2016 | 2015 |
| £ | £ |
| Sales | 13,974 | 420 |
| Purchases | 392,246 | 86,116 |
| Finance Charges | 45,759 | 47,040 |
| 14. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is Mr Bardach by virtue of his controlling shareholding in Frequentis AG |
| Systems Interface Limited (Registered number: 01643486) |
| Reconciliation of Equity |
| 1 January 2015 |
| (Date of Transition to FRS 102) |
| Effect of |
| UK | transition |
| GAAP | to FRS 102 | FRS 102 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 39,612 | 39,612 |
| CURRENT ASSETS |
| Stocks | 21,069 | 21,069 |
| Debtors | 841,008 | 841,008 |
| Prepayments and accrued income | 72,871 | 72,871 |
| Cash at bank and in hand | 242,880 | 242,880 |
| 1,177,828 | 1,177,828 |
| CREDITORS |
| Amounts falling due within one year | (1,013,638 | ) | (1,013,638 | ) |
| NET CURRENT ASSETS | 164,190 | 164,190 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
203,802 |
203,802 |
| CREDITORS |
| Amounts falling due after more than one year |
(550,000 |
) |
(550,000 |
) |
| NET LIABILITIES | (346,198 | ) | (346,198 | ) |
| CAPITAL AND RESERVES |
| Called up share capital | 10,000 | 10,000 |
| Retained earnings | (356,198 | ) | (356,198 | ) |
| SHAREHOLDERS' FUNDS | (346,198 | ) | (346,198 | ) |
| Systems Interface Limited (Registered number: 01643486) |
| Reconciliation of Equity - continued |
| 31 December 2015 |
| Effect of |
| UK | transition |
| GAAP | to FRS 102 | FRS 102 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 27,631 | 27,631 |
| CURRENT ASSETS |
| Stocks | 30,742 | 30,742 |
| Debtors | 650,265 | 650,265 |
| Cash at bank and in hand | 47,943 | 47,943 |
| 728,950 | 728,950 |
| CREDITORS |
| Amounts falling due within one year | (530,176 | ) | (530,176 | ) |
| NET CURRENT ASSETS | 198,774 | 198,774 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
226,405 |
226,405 |
| CREDITORS |
| Amounts falling due after more than one year |
(550,000 |
) |
(550,000 |
) |
| NET LIABILITIES | (323,595 | ) | (323,595 | ) |
| CAPITAL AND RESERVES |
| Called up share capital | 10,000 | 10,000 |
| Retained earnings | (333,595 | ) | (333,595 | ) |
| SHAREHOLDERS' FUNDS | (323,595 | ) | (323,595 | ) |
| Systems Interface Limited (Registered number: 01643486) |
| Reconciliation of Profit |
| for the Year Ended 31 December 2015 |
| Effect of |
| UK | transition |
| GAAP | to FRS 102 | FRS 102 |
| £ | £ | £ |
| TURNOVER | 2,522,801 | 2,522,801 |
| Cost of sales | (1,821,326 | ) | (1,821,326 | ) |
| GROSS PROFIT | 701,475 | 701,475 |
| Administrative expenses | (645,630 | ) | (645,630 | ) |
| OPERATING PROFIT | 55,845 | 55,845 |
| Interest receivable and similar income | 49 | 49 |
| Interest payable and similar expenses | (33,291 | ) | (33,291 | ) |
| PROFIT BEFORE TAXATION | 22,603 | 22,603 |
| Tax on profit | - | - |
| PROFIT FOR THE FINANCIAL YEAR | 22,603 | 22,603 |