Sine Wave Entertainment Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 05894627 (England and Wales)

SINE WAVE ENTERTAINMENT LIMITED

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

R Durbridge-Freeman

A Frisby

P M R Norris

I C Shyr

V Sharma

SECRETARY:

Rotherwick Directors Limited

REGISTERED OFFICE:

923 Finchley Road

Golders Green

London

NW11 7PE

REGISTERED NUMBER:

05894627 (England and Wales)

ACCOUNTANTS:

Joseph Kahan Associates LLP

Chartered Accountants

923 Finchley Road

London

NW11 7PE

FIXED ASSETS

Intangible assets

2

160,608

10,191

Tangible assets

3

3,796

3,817

Investments

4

6,824

6,824

171,228

20,832

CURRENT ASSETS

Debtors

114,492

79,682

Cash at bank

316,716

205,164

431,208

284,846

CREDITORS

Amounts falling due within one year

37,431

83,620

NET CURRENT ASSETS

393,777

201,226

TOTAL ASSETS LESS CURRENT LIABILITIES

565,005

222,058

CAPITAL AND RESERVES

Called up share capital

5

2,348

1,779

Share premium

1,964,467

1,513,143

Profit and loss account

(1,401,810

)

(1,292,864

)

SHAREHOLDERS' FUNDS

565,005

222,058

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 1 June 2017 and were signed on its behalf by:

R Durbridge-Freeman - 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).

Preparation of consolidated financial statements

The financial statements contain information about Sine Wave Entertainment Limited as an individual company

and do not contain consolidated financial information as the parent of a group. The company has taken the option

under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a

small group.

Turnover

Turnover represents the net invoiced value of sales 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.

Furniture, Fittings and Equipment

-

25% on reducing balance

Computer and Equipment

-

33.33% on cost

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.

Going concern

The directors consider that it is appropriate to prepare these financial statement on a going concern basis as they

will be able to secure further funding to finish off current development projects.

Project development costs

All staff and project management costs are written off to the profit and loss account when incurred,

unless there is a definitive anticipated income stream, in future years.

Computer software

Additions to computer software comprises of internally developed software which will be launched and

completed in the following year and no amortisation has been provided during the year under review.

2.	COMPUTER SOFTWARE

Total

£

COST

At 1 September 2015

48,653

Additions

152,965

At 31 August 2016

201,618

AMORTISATION

At 1 September 2015

38,462

Amortisation for year

2,548

At 31 August 2016

41,010

NET BOOK VALUE

At 31 August 2016

160,608

At 31 August 2015

10,191

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

123,780

Additions

1,875

At 31 August 2016

125,655

DEPRECIATION

At 1 September 2015

119,963

Charge for year

1,896

At 31 August 2016

121,859

NET BOOK VALUE

At 31 August 2016

3,796

At 31 August 2015

3,817

4.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 September 2015

and 31 August 2016

6,824

NET BOOK VALUE

At 31 August 2016

6,824

At 31 August 2015

6,824

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Sinewave (Shanghai) Software Development Co., Ltd

Country of incorporation: China

Nature of business: Software Development

%

Class of shares:

holding

Ordinary

100.00

31.12.15

31.12.14

£

£

Aggregate capital and reserves

(80,323

)

(43,757

)

Loss for the year

(31,343

)

(12,171

)

The Sinewave Company, Inc.

Country of incorporation: USA

Nature of business: Software Development

%

Class of shares:

holding

1000

100.00

31.12.15

31.12.14

£

£

Aggregate capital and reserves

(160,453

)

(136,225

)

Loss for the year

(1,307

)

(4,201

)

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

2,347,465

Ordinary

£.001

2,348

1,779

(2015 - 1,778,237 )

569,228 Ordinary shares of £.001 each were allotted as fully paid at a premium of 0.792871 per share during the

year.

6.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Rohan Durbridge-Freeman.