New World Software Europe Ltd - Period Ending 2016-10-31
New World Software Europe Ltd - Period Ending 2016-10-31
Registration number:
New World Software Europe Ltd
for the Year Ended 31 October 2016
Aims Accountants for business
Suite 4, The Syms Building
Bumpers Way
Bristol Road
Chippenham
Wiltshire
SN14 6LH
New World Software Europe Ltd
Contents
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Company Information |
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Accountants' Report |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
New World Software Europe Ltd
Company Information
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Director |
Mr Hari Krishna Mulagala |
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Registered office |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
New World Software Europe Ltd
for the Year Ended 31 October 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of New World Software Europe Ltd for the year ended 31 October 2016 as set out on pages 3 to 8 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 at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of New World Software Europe Ltd, as a body, in accordance with the terms of our engagement letter dated 23 February 2015. Our work has been undertaken solely to prepare for your approval the accounts of New World Software Europe Ltd and state those matters that we have agreed to state to the Board of Directors of New World Software Europe Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than New World Software Europe Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that New World Software Europe Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of New World Software Europe Ltd. You consider that New World Software Europe Ltd 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 accounts of New World Software Europe Ltd. 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 accounts.
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Aims Accountants for business
Bumpers Way
Bristol Road
Chippenham
Wiltshire
SN14 6LH
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Page 2 |
New World Software Europe Ltd
Statement of Comprehensive Income for the Year Ended 31 October 2016
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Note |
2016 |
2015 |
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Loss for the year |
( |
( |
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Total comprehensive income for the year |
( |
( |
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Page 3 |
New World Software Europe Ltd
(Registration number: 08735428)
Balance Sheet as at 31 October 2016
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Note |
2016 |
2015 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
For the financial year ending 31 October 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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• |
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Mr Hari Krishna Mulagala
Director
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Page 4 |
New World Software Europe Ltd
Statement of Changes in Equity for the Year Ended 31 October 2016
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Profit and loss account |
Total |
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At 1 November 2015 |
( |
( |
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Loss for the year |
( |
( |
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Total comprehensive income |
( |
( |
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At 31 October 2016 |
( |
( |
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Profit and loss account |
Total |
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Loss for the year |
( |
( |
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Total comprehensive income |
( |
( |
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At 31 October 2015 |
( |
( |
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Page 5 |
New World Software Europe Ltd
Notes to the Financial Statements for the Year Ended 31 October 2016
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General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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Page 6 |
New World Software Europe Ltd
Notes to the Financial Statements for the Year Ended 31 October 2016
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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Staff numbers |
Average number of employees
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Debtors |
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2016 |
2015 |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
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Note |
2016 |
2015 |
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Due within one year |
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Bank loans and overdrafts |
( |
( |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
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2016 |
2015 |
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Non-current loans and borrowings |
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Other borrowings |
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Page 7 |
New World Software Europe Ltd
Notes to the Financial Statements for the Year Ended 31 October 2016
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2016 |
2015 |
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Current loans and borrowings |
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Other borrowings |
( |
( |
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Page 8 |
New World Software Europe Ltd
Detailed Profit and Loss Account for the Year Ended 31 October 2016
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2016 |
2015 |
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Turnover (analysed below) |
5,364 |
21,540 |
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Cost of sales (analysed below) |
- |
(215) |
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Gross profit |
5,364 |
21,325 |
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Gross profit (%) |
100% |
99% |
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Administrative expenses |
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Employment costs (analysed below) |
(4,954) |
(31,935) |
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General administrative expenses (analysed below) |
(5,888) |
(9,336) |
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Finance charges (analysed below) |
(312) |
(99) |
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(11,154) |
(41,370) |
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Operating loss |
(5,790) |
(20,045) |
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Loss before tax |
(5,790) |
(20,045) |
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Page 9 |
New World Software Europe Ltd
Detailed Profit and Loss Account for the Year Ended 31 October 2016
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2016 |
2015 |
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Turnover |
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Rendering of services, UK |
5,364 |
21,540 |
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Employment costs |
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Subcontract cost |
(4,735) |
(31,738) |
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Staff training |
(219) |
- |
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Travelling |
- |
(197) |
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(4,954) |
(31,935) |
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General administrative expenses |
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Telephone and fax |
(495) |
(328) |
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Printing, postage and stationery |
(25) |
(81) |
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Sundry expenses |
(15) |
- |
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Motor expenses |
(230) |
(350) |
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Petrol or diesel |
(359) |
(810) |
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Travel and subsistence |
(33) |
(59) |
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Rail, air and taxi fares |
(891) |
(91) |
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Hotel accommodation |
(250) |
(638) |
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Advertising |
(1,300) |
(278) |
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Accountancy fees |
(500) |
(740) |
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Consultancy fees |
(1,740) |
(3,200) |
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Legal and professional fees |
(50) |
(2,761) |
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(5,888) |
(9,336) |
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Finance charges |
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Bank charges |
(312) |
(99) |
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Page 10 |