Monsoon Software Consulting (UK) Limited Company Accounts

Monsoon Software Consulting (UK) Limited Company Accounts

MONSOON SOFTWARE CONSULTING (UK) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08881139
Monsoon Software Consulting (UK) Limited
Filleted Unaudited Financial Statements
31 December 2016
Monsoon Software Consulting (UK) Limited
Financial Statements
Year ended 31 December 2016
Contents
Page
Balance sheet
1
Notes to the financial statements
2
Monsoon Software Consulting (UK) Limited
Balance Sheet
31 December 2016
2016
2015
Note
£
£
£
Current assets
Debtors
5
4,562
12,152
Cash at bank and in hand
–
464
-------
--------
4,562
12,616
Creditors: amounts falling due within one year
6
35,234
666
--------
--------
Net current (liabilities)/assets
( 30,672)
11,950
--------
--------
Total assets less current liabilities
( 30,672)
11,950
--------
--------
Net (liabilities)/assets
( 30,672)
11,950
--------
--------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
( 31,672)
10,950
--------
--------
Members (deficit)/funds
( 30,672)
11,950
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 22 August 2017 , and are signed on behalf of the board by:
Bharat Sharma
Stephen Kenealy
Director
Director
Company registration number: 08881139
Monsoon Software Consulting (UK) Limited
Notes to the Financial Statements
Year ended 31 December 2016
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Devonshire House, 1 Mayfair Place, London, W1J 8AJ, England.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
No significant judgements have had to be made by management in preparing these financial statements and there is no material estimated uncertainty .
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares .
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2015: Nil).
5. Debtors
2016
2015
£
£
Trade debtors
–
1,536
Amounts owed by group undertakings and undertakings in which the company has a participating interest
–
9,460
Other debtors
4,562
1,156
-------
--------
4,562
12,152
-------
--------
6. Creditors: amounts falling due within one year
2016
2015
£
£
Bank loans and overdrafts
1
–
Trade creditors
–
166
Amounts owed to group undertakings and undertakings in which the company has a participating interest
26,289
–
Social security and other taxes
3,237
–
Other creditors
5,707
500
--------
----
35,234
666
--------
----
7. Controlling party
The company is a wholly owned subsidiary of Monsoon Software Consulting (Ireland) Limited, a company incorporated in the Republic of Ireland.