I.D. Systems ( Uk) Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 04001259 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

I.D. SYSTEMS ( UK) LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr N Mavrommatis

REGISTERED OFFICE:

10 St. Ann Street

Salisbury

Wiltshire

SP1 2DN

REGISTERED NUMBER:

04001259 (England and Wales)

SENIOR STATUTORY AUDITOR:

Susan Sullivan FCA

AUDITORS:

Rothmans Audit LLP

Chartered Accountants and Statutory Auditors

10 St Ann Street

Salisbury

Wiltshire

SP1 2DN

BANKERS:

Barclays Bank Plc

2-6 High Street

Salisbury

Wiltshire

SP1 2NP

FIXED ASSETS

Tangible assets

4

732

1,202

CURRENT ASSETS

Stocks

13,400

7,372

Debtors

5

197,829

182,434

Cash at bank and in hand

163,557

244,060

374,786

433,866

CREDITORS

Amounts falling due within one year

6

1,576,229

1,206,655

NET CURRENT LIABILITIES

(1,201,443

)

(772,789

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,200,711

)

(771,587

)

CAPITAL AND RESERVES

Called up share capital

176

176

Retained earnings

(1,200,887

)

(771,763

)

SHAREHOLDERS' FUNDS

(1,200,711

)

(771,587

)

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 director on 19 September 2017 and were signed by:

Mr N Mavrommatis - Director

1.	STATUTORY INFORMATION

I.D. Systems ( Uk) Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

The principle place of business is Linford Forum, Milton Keynes, England.

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.

Turnover

Turnover is the amount receivable for the provision of goods and services falling within the Company's ordinary

activities, excluding actual sales returns and value added tax.

Turnover comprises of the sale of good and equipment leases.

The company recognises income at the point where it obtains the right to consideration.

Tangible fixed assets

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

Fixtures and fittings

-

15% on cost

Computer equipment

-

20% 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.

The company holds stock of components and consumables. Certain components are subject to technological

obsolescence and in these circumstances these items have been valued by the directors at the lower of cost or

net realisable value.

Parts and components are issued to production on a first in first out basis.

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.

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.

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.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will

continue in existence for the foreseeable future.

The parent company has declared its intention to continue to support the company for the foreseeable future and

will not require repayment of its loans within a period of 15 months following the date of signing these accounts,

unless its cash flow permits such a payment to be made without impacting upon its ability to continue to trade.

The directors' consider that in preparing the financial statements they have taken into account all information that

could reasonably be expected to be available. On this basis they consider that it is appropriate to prepare the

financial statements on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2015 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2016

and 31 December 2016

3,245

5,419

8,664

DEPRECIATION

At 1 January 2016

2,348

5,114

7,462

Charge for year

297

173

470

At 31 December 2016

2,645

5,287

7,932

NET BOOK VALUE

At 31 December 2016

600

132

732

At 31 December 2015

897

305

1,202

5.

DEBTORS

31.12.16

31.12.15

£

£

Amounts falling due within one year:

Trade debtors

74,039

57,698

Amounts owed by group undertakings

57,260

5,493

Other debtors

39,009

54,495

170,308

117,686

Amounts falling due after more than one year:

Other debtors

27,521

64,748

Aggregate amounts

197,829

182,434

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade creditors

1,223

13,661

Amounts owed to group undertakings

1,536,284

1,176,288

Taxation and social security

10,127

6,898

Other creditors

28,595

9,808

1,576,229

1,206,655

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Susan Sullivan FCA (Senior Statutory Auditor)

for and on behalf of Rothmans Audit LLP

8.	RELATED PARTY DISCLOSURES

9.	ULTIMATE PARENT COMPANY