Orbis Software Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 03704171 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2016

FOR

ORBIS SOFTWARE LIMITED

Page

Balance sheet

1

Notes to the financial statements

3

Fixed assets

Intangible assets

4

-

144,500

Tangible assets

5

290,976

204,120

Investments

6

331,000

1,000

621,976

349,620

Current assets

Debtors

7

692,196

535,431

Cash at bank and in hand

214,459

389,024

906,655

924,455

Creditors

Amounts falling due within one year

8

1,217,863

854,030

Net current (liabilities)/assets

(311,208

)

70,425

Total assets less current liabilities

310,768

420,045

Creditors

Amounts falling due after more than one year

9

(25,679

)

(4,727

)

Provisions for liabilities

11

(27,625

)

(15,463

)

Net assets

257,464

399,855

Capital and reserves

Called up share capital

12

914

1,068

Share premium

83,819

83,819

Capital redemption reserve

182

28

Other reserves

(12,700

)

(12,700

)

Retained earnings

185,249

327,640

Shareholders' funds

257,464

399,855

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors on 27 June 2017 and were signed on its behalf by:

Mr M Lidster - Director

1.	Statutory information

Orbis Software Limited is a private company, limited by shares, registered in England and Wales. The company's registered

number is 03704171. The registered office and business address is Suite 2, Bourne Gate, 25 Bourne Valley Road,

Bournemouth, Dorset, BH12 1DY.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Orbis Software 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.

Turnover

Turnover represents amounts receivable for goods and services provided in the period, net of VAT and trade discounts.

Revenue is recognised for the sale of goods and services when the right to consideration in respect of the sale has been

earned.

For fixed term contracts revenue is recognised on a time apportioned basis over the length of the contract. For support

service 'labour' hours invoiced in advance the revenue recognised is derived from time spent on the contract as at the

period end.

The directors believe these policies to accurately reflect the right to consideration, based on partial performance of

contractual obligations.

Intangible fixed assets - software

Software is valued at cost and amortised over the period of the expected useful economical life, deemed to be 20 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

Over the term of the lease

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or

past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that

have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of

current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing

differences are differences between taxable profits and total comprehensive income as stated in the financial statements

that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are

recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet

date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible

fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated

according to the set accounting policy. Obligations under such agreements are included in creditors net of the finance

charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so

as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

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

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.

Financial instruments

Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the

contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract

that evidences a residual interest in the assets of the company, after deducting all liabilities.

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any

losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

3.	Employees and directors

The average number of employees during the year was 44 .

4.	Intangible fixed assets

Computer

software

£

Cost

At 1 October 2015

and 30 September 2016

170,000

Amortisation

At 1 October 2015

25,500

Amortisation for year

8,500

Impairments

136,000

At 30 September 2016

170,000

Net book value

At 30 September 2016

-

At 30 September 2015

144,500

During the year ended 30 September 2012, the company entered into a joint venture with Codestone Software Limited, an

associated company; a project from which it will recognise 50% of any associated profits for a total agreed sum of

£170,000. £50,000 of the agreed amount was recognised in the year ended 30 September 2012, being a fair representation

of the stage at which the project stood at that point. The balance was recognised in the year ended 30 September 2013 as

the development period was completed during that year and income commenced in this respect.

During the year, the directors reviewed the net book value associated with the project. It was determined that the

economic benefits that can be reasonably expected to be generated from the project were negligible and have therefore

written the carrying value down to nil.

5.	Tangible fixed assets

Fixtures

Short

and

Motor

leasehold

fittings

vehicles

Totals

£

£

£

£

Cost

At 1 October 2015

130,033

303,264

121,320

554,617

Additions

59,011

122,384

56,500

237,895

Disposals

(130,033

)

-

-

(130,033

)

At 30 September 2016

59,011

425,648

177,820

662,479

Depreciation

At 1 October 2015

49,536

205,512

95,449

350,497

Charge for year

5,901

55,034

9,607

70,542

Eliminated on disposal

(49,536

)

-

-

(49,536

)

At 30 September 2016

5,901

260,546

105,056

371,503

Net book value

At 30 September 2016

53,110

165,102

72,764

290,976

At 30 September 2015

80,497

97,752

25,871

204,120

The net book value of tangible fixed assets includes £66,093 (2015: £16,976) in respect of assets held under finance leases

or hire purchase contracts. The depreciation charge in respect of such assets amounted to £7,383 (2015: £5,659) for the

year.

6.	Fixed asset investments

Shares in

Interest

group

in

undertakings

associate

Totals

£

£

£

Cost

At 1 October 2015

1,000

-

1,000

Additions

-

550,000

550,000

Disposals

-

(220,000

)

(220,000

)

At 30 September 2016

1,000

330,000

331,000

Net book value

At 30 September 2016

1,000

330,000

331,000

At 30 September 2015

1,000

-

1,000

7.

Debtors: amounts falling due within one year

2016

2015

£

£

Trade debtors

523,471

419,512

Amounts owed by group undertakings

-

2,257

Amounts owed by associates

-

15,517

Directors' loan accounts

7,498

33,954

Tax

124,927

55,160

Prepayments and accrued income

36,300

9,031

692,196

535,431

8.

Creditors: amounts falling due within one year

2016

2015

£

£

Hire purchase contracts

17,262

11,077

Trade creditors

60,998

81,798

Amounts owed to group undertakings

1,236

-

Amounts owed to associates

-

37,194

Social security and other taxes

111,830

86,478

VAT

88,227

70,541

Other creditors

1,371

18,791

Wages

93,348

78,421

Directors' loan accounts

293,672

-

Accruals and deferred income

549,919

469,730

1,217,863

854,030

9.

Creditors: amounts falling due after more than one year

2016

2015

£

£

Hire purchase contracts

25,679

4,727

10.	Secured debts

The following secured debts are included within creditors:

2016

2015

£

£

Hire purchase contracts

42,941

15,804

The company is party to a debenture in favour of Barclays Bank PLC in respect of borrowings from the bank. All monies due

or to become due to Barclays Banks PLC are secured by way of a fixed and floating charge over the company assets.

Amounts owed under hire purchase are secured against the asset to which they relate.

11.	Provisions for liabilities

2016

2015

£

£

Deferred tax

27,625

15,463

Deferred

tax

£

Balance at 1 October 2015

15,463

Charge to Statement of comprehensive income during year

12,162

Balance at 30 September 2016

27,625

12.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

914

Ordinary

£1

914

1,068

During the year the company entered into a binding company share repurchase for a total of 343 shares over a four year

period. The first tranche of shares completed in the year for a total of 137 ordinary shares for consideration amounting to

£220,000.

13.	Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 30 September 2016 and

30 September 2015:

2016

2015

£

£

Mr P Smith

Balance outstanding at start of year

29,197

(362

)

Amounts advanced

-

29,559

Amounts repaid

(29,197

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

29,197

Mr M Lidster

Balance outstanding at start of year

4,757

2,185

Amounts advanced

2,741

2,572

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

7,498

4,757

At the balance sheet date the director, Mr M Lidster, owed the company £7,498 (2015: £4,757) disclosed within other

debtors. The maximum amount outstanding during the year was £7,498.

At the balance sheet date the director, Mr P Smith, owed the company £Nil (2015: £29,197) disclosed within other debtors.

This amount was repaid within 9 months of the balance sheet date and is an interest free loan. The maximum amount

outstanding during the year was £29,197.

14.	Ultimate controlling party

None of the shareholders of the company hold a majority interest and therefore no individual is deemed to exercise

ultimate control.

15.	First year adoption

These financial statements for the year ended 30 September 2016 are the first financial statements that comply with FRS

102 Section 1A small entities. The date of transition is 1 October 2014.

The transition to FRS102 Section 1A small entities has resulted in a small number of changes in accounting policies to those

previously used.

The nature of these changes and their impact on opening equity and profit, where applicable, is detailed in the notes to

these financial statements.