Audencis Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 07388884 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2016

for

Audencis Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N C Boote

A Hreidarsson

J P G Stewart

A J Buxton

SECRETARY:

S H Dewey

REGISTERED OFFICE:

8/10 South Street

Epsom

Surrey

KT18 7PF

REGISTERED NUMBER:

07388884 (England and Wales)

ACCOUNTANTS:

Williams & Co

Chartered Accountants

8-10 South Street

Epsom

Surrey

KT18 7PF

FIXED ASSETS

Intangible assets

4

735

840

Tangible assets

5

149,242

118,705

149,977

119,545

CURRENT ASSETS

Stocks

-

174

Debtors

6

34,413

13,298

Cash at bank

23,800

2,451

58,213

15,923

CREDITORS

Amounts falling due within one year

7

23,305

59,324

NET CURRENT ASSETS/(LIABILITIES)

34,908

(43,401

)

TOTAL ASSETS LESS CURRENT LIABILITIES

184,885

76,144

CAPITAL AND RESERVES

Called up share capital

8

9,420

6,720

Share premium

683,922

535,404

Retained earnings

(508,457

)

(465,980

)

SHAREHOLDERS' FUNDS

184,885

76,144

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 16 March 2017 and were signed on its behalf by:

N C Boote - Director

1.	STATUTORY INFORMATION

Audencis Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company

Information page.

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.

The accounts have been prepared on a going concern basis.

The Directors have prepared detailed forecasts and cashflow projections which they believe are

based upon reasonable assumptions. These forecasts show that the Company should be able to

operate within its current facilities for the foreseeable future and thus the Directors consider it

appropriate to prepare the financial statements on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Turnover represents the supply of services excluding VAT. Services are credited when provided to

customers.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

Music purchased is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

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

Computer equipment

-

25% on reducing balance

Bespoke software

-

10% 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

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

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that

are expected to apply to the reversal of the timing difference.

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.

Research and development

Expenditure on research and development on bespoke software is capitalised and written off over its

estimated life of 10 years.Other research and development is written off as incurred.Tax credits are

taken to account on receipt unless received in the period between the year end and signing the

accounts.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	INTANGIBLE FIXED ASSETS

Music

purchased

£

COST

At 1 January 2016

and 31 December 2016

1,050

AMORTISATION

At 1 January 2016

210

Amortisation for year

105

At 31 December 2016

315

NET BOOK VALUE

At 31 December 2016

735

At 31 December 2015

840

5.	TANGIBLE FIXED ASSETS

Computer

Bespoke

equipment

software

Totals

£

£

£

COST

At 1 January 2016

2,757

160,780

163,537

Additions

450

51,633

52,083

At 31 December 2016

3,207

212,413

215,620

DEPRECIATION

At 1 January 2016

1,877

42,955

44,832

Charge for year

305

21,241

21,546

At 31 December 2016

2,182

64,196

66,378

NET BOOK VALUE

At 31 December 2016

1,025

148,217

149,242

At 31 December 2015

880

117,825

118,705

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

32,270

11,571

Prepayments

2,143

1,727

34,413

13,298

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

3,264

27,189

Social security and other taxes

3,614

2,166

VAT

6,841

3,865

Other creditors

200

277

Directors' current accounts

500

21,362

Accruals and deferred income

8,886

4,465

23,305

59,324

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

671,958

Ordinary Shares

£0.01

9,420

6,720

270,032 Ordinary Shares shares of £0.01 each were allotted as fully paid at a premium of 55p per

share during the year.

9.	ULTIMATE CONTROLLING PARTY

The company is under the control of the Board of Directors.