NFS Meetings Technology Limited - Accounts to registrar - small 17.2
NFS Meetings Technology Limited - Accounts to registrar - small 17.2
| REGISTERED NUMBER: |
| Report of the Director and |
| Financial Statements |
| for the Year Ended 31 December 2016 |
| for |
| NFS Meetings Technology Limited |
| NFS Meetings Technology Limited (Registered number: 04634959) |
| Contents of the Financial Statements |
| for the year ended 31 December 2016 |
| Page |
| Company Information | 1 |
| Report of the Director | 2 |
| Abridged Balance Sheet | 3 |
| Notes to the Financial Statements | 5 |
| NFS Meetings Technology Limited |
| Company Information |
| for the year ended 31 December 2016 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Certified Accountants |
| & Statutory Auditors |
| Maple House |
| 382 Kenton Road |
| Harrow |
| Middlesex |
| HA3 9DP |
| NFS Meetings Technology Limited (Registered number: 04634959) |
| Report of the Director |
| for the year ended 31 December 2016 |
| The director presents his report with the financial statements of the company for the year ended 31 December 2016. |
| REVIEW OF BUSINESS |
| During 2016, a Group structure was created to reflect the different market segments that the NFS business currently |
| offers technology solutions and services, which are meeting facilities, restaurants and hotels. |
| In 2016 significant investments were made in 4 different areas; a new development centre in Pune India, a new office in |
| Brisbane Australia, to support growth in Asia and a growing partner network in the region, expansion of the NFS USA |
| business and most importantly, very significant investments in product development to refresh the Rendezvous Events |
| solution and add powerful new functionality to the Rendezvous Workspace solution. These investments, which will |
| generate incremental revenue streams in 2017 and beyond, resulted in lower reported profits in 2016, relative to 2015. |
| 2016 profitability was also impacted by the lower value of Sterling following Brexit, as many of NFS solutions for the |
| hospitality business are sourced in USD. |
| With the investments made in 2016, financed mainly from cash flow and new funds provided by shareholders, the |
| individual operating Companies are now in a stronger position for growth in 2017 and beyond, particularly in the |
| international markets. This will reduce dependence on the UK and EMEA revenues. |
| DIRECTOR |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
| companies. |
| ON BEHALF OF THE BOARD: |
| NFS Meetings Technology Limited (Registered number: 04634959) |
| Abridged Balance Sheet |
| 31 December 2016 |
| 2016 | 2015 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
( |
) |
( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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. |
| NFS Meetings Technology Limited (Registered number: 04634959) |
| Abridged Balance Sheet - continued |
| 31 December 2016 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director on |
| NFS Meetings Technology Limited (Registered number: 04634959) |
| Notes to the Financial Statements |
| for the year ended 31 December 2016 |
| 1. | STATUTORY INFORMATION |
| NFS Meetings Technology Limited is a |
| 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 |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
| value added tax and other sales taxes. |
| Intangible fixed assets |
| Amortisation is provided at the following annual rates in order to reflect the expected pattern of depletion over |
| its estimated useful life. |
| Patents and licences - 10% of cost |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| 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. |
| NFS Meetings Technology Limited (Registered number: 04634959) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2016 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| At 1 January 2016 |
| Additions |
| At 31 December 2016 |
| AMORTISATION |
| At 1 January 2016 |
| Amortisation for year |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| 5. | TANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| At 1 January 2016 |
| Additions |
| Disposals | ( |
) |
| At 31 December 2016 |
| DEPRECIATION |
| At 1 January 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |