Novatel Systems Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 03599526

Unaudited Financial Statements for the Year Ended 31 December 2016

for

Novatel Systems Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

4

DIRECTORS:

I G Gray

AE Gray

SECRETARY:

I G Gray

REGISTERED OFFICE:

Third Floor, Scottish Mutual House

27 - 29 North Street

Hornchurch

Essex

RM11 1RS

REGISTERED NUMBER:

03599526

ACCOUNTANTS:

Havard & Associates

Third Floor, Scottish Mutual House

27-29 North Street

Hornchurch

Essex

RM11 1RS

FIXED ASSETS

Tangible assets

4

1,306

99

CURRENT ASSETS

Debtors

5

74,109

64,498

Cash at bank

74,272

151,001

148,381

215,499

CREDITORS

Amounts falling due within one year

6

18,621

33,004

NET CURRENT ASSETS

129,760

182,495

TOTAL ASSETS LESS CURRENT LIABILITIES

131,066

182,594

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

131,056

182,584

SHAREHOLDERS' FUNDS

131,066

182,594

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 26 September 2017 and were signed on its behalf by:

I G Gray - Director

1.	STATUTORY INFORMATION

Novatel Systems Limited is a private company, limited by shares , registered in Not specified/Other. 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.

Turnover

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

value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost and 20% on reducing balance

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 statement of financial position date.

Deferred tax

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

statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2016

9,058

Additions

1,840

Disposals

(1,491

)

At 31 December 2016

9,407

DEPRECIATION

At 1 January 2016

8,959

Charge for year

633

Eliminated on disposal

(1,491

)

At 31 December 2016

8,101

NET BOOK VALUE

At 31 December 2016

1,306

At 31 December 2015

99

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

67,576

54,765

Other debtors

6,533

9,733

74,109

64,498

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade creditors

57

12,709

Taxation and social security

14,531

16,971

Other creditors

4,033

3,324

18,621

33,004

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

There was a loan to the director, £10,000, brought forward. This has been repaid in full during the current

financial year and nothing was outstanding at the year end 31 December 2016.

8.	FIRST YEAR ADOPTION

Novatel System Limited prepares its first financial statements that comply with FRS 102 for the year ended 31

December 2016. Novatel Systems Limited date of transition to FRS 102 is 1 January 2015. For Novatel System

Limited the transition to FRS 102 resulted in reclassification of some fixed assets and changing of the computer

equipment depreciation policy.