Key Management Systems Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 03241876 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2016

FOR

KEY MANAGEMENT SYSTEMS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

Chartered Accountants' Report

6

DIRECTORS:

T J Gregory

A T Cooney

T E Rogers

SECRETARY:

A T Cooney

REGISTERED OFFICE:

KMS House

1 Marlborough Trading Estate

High Wycombe

Buckinghamshire

HP11 2LB

REGISTERED NUMBER:

03241876 (England and Wales)

ACCOUNTANTS:

M R Salvage Limited

Chartered Accountants

7/8 Eghams Court

Boston Drive

Bourne End

Buckinghamshire

SL8 5YS

FIXED ASSETS

Tangible assets

2

50,605

57,367

CURRENT ASSETS

Stocks

99,844

83,076

Debtors

568,437

409,224

Cash at bank

516,983

594,224

1,185,264

1,086,524

CREDITORS

Amounts falling due within one year

248,826

280,194

NET CURRENT ASSETS

936,438

806,330

TOTAL ASSETS LESS CURRENT
LIABILITIES

987,043

863,697

CAPITAL AND RESERVES

Called up share capital

3

470

535

Share premium

-

9,935

Profit and loss account

986,573

853,227

SHAREHOLDERS' FUNDS

987,043

863,697

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2016 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 9 May 2017 and were signed on its
behalf by:

T J Gregory - 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 January 2015).

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.

Improvements to property

-

over the life of the lease

Fixtures and fittings

-

20% on cost

Office equipment

-

33% on cost and 20% on cost

Stocks

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

obsolete and slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

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.

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.

Comparative information

The directors consider that certain salary costs should be included in cost of sales instead of

administrative expenses, in order for the financial statements to give a fairer presentation. Accordingly,

the comparative figures have been adjusted to include £49,144 in cost of sales which was previously

included within general administration expenses. There was no impact on the reported result for the

prior period.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

73,686

Additions

1,550

At 31 August 2016

75,236

DEPRECIATION

At 1 September 2015

16,319

Charge for year

8,312

At 31 August 2016

24,631

NET BOOK VALUE

At 31 August 2016

50,605

At 31 August 2015

57,367

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

NIL

B Ordinary

£1

-

65

(2015 - 65 )

65

Non Voting Non Participating

£1

65

405

Ordinary

£1

405

470

535

4.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2016 and

31 August 2015:

2016

2015

£

A T Cooney

Balance outstanding at start of year

-

Amounts advanced

171

-

Amounts repaid

-

Balance outstanding at end of year

171

-

T E Rogers

Balance outstanding at start of year

21

Amounts advanced

75

-

Amounts repaid

-

Balance outstanding at end of year

96

21

T J Gregory

Balance outstanding at start of year

-

Amounts advanced

641

-

Amounts repaid

-

Balance outstanding at end of year

641

-

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on

pages two to five) have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of Key Management Systems Limited for the year ended 31 August 2016 which

comprise the Profit and Loss Account, the Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Key Management Systems Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Key Management Systems Limited and state those matters that we have agreed to state to the Board of Directors of Key Management Systems Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Key Management Systems Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Key Management Systems Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Key Management Systems Limited. You consider that Key Management Systems 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 financial statements of Key Management Systems 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 financial statements.

M R Salvage Limited

Chartered Accountants

7/8 Eghams Court

Boston Drive

Bourne End

Buckinghamshire

SL8 5YS

9 May 2017