System Wise Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC160804 (Scotland)

Unaudited Financial Statements for the Year Ended 30 June 2017

for

System Wise Limited

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

P S Gillespie

J J Kennedy

SECRETARY:

Mrs F M Kennedy

REGISTERED OFFICE:

107 Saughtonhall Drive

Edinburgh

EH12 5TS

REGISTERED NUMBER:

SC160804 (Scotland)

ACCOUNTANTS:

Anderson Ballantine

Tower Mains Studios

18d Liberton Brae

Edinburgh

EH16 6AE

FIXED ASSETS

Intangible assets

4

130,000

138,125

Tangible assets

5

2,971

4,377

132,971

142,502

CURRENT ASSETS

Debtors

106,922

73,187

Cash at bank

86,702

58,656

193,624

131,843

CREDITORS

Amounts falling due within one year

85,493

69,035

NET CURRENT ASSETS

108,131

62,808

TOTAL ASSETS LESS CURRENT LIABILITIES

241,102

205,310

CREDITORS

Amounts falling due after more than one year

6

(94,161

)

(109,303

)

PROVISIONS FOR LIABILITIES

(594

)

(875

)

NET ASSETS

146,347

95,132

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

146,247

95,032

SHAREHOLDERS' FUNDS

146,347

95,132

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Statement of Financial Position for the year ended 30 June 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 28 November 2017 and were signed on its behalf by:

P S Gillespie - Director

1.	STATUTORY INFORMATION

System Wise Limited is a private company, limited by shares , registered in Scotland. 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 represents net invoiced sales of goods and services, excluding Value Added Tax, adjusted to recognise

whether or not the company has obtained the right to consideration.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of twenty years.

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 cost

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.

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 7 .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 July 2016

and 30 June 2017

162,500

AMORTISATION

At 1 July 2016

24,375

Amortisation for year

8,125

At 30 June 2017

32,500

NET BOOK VALUE

At 30 June 2017

130,000

At 30 June 2016

138,125

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 July 2016

and 30 June 2017

12,643

DEPRECIATION

At 1 July 2016

8,266

Charge for year

1,406

At 30 June 2017

9,672

NET BOOK VALUE

At 30 June 2017

2,971

At 30 June 2016

4,377

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

30.6.17

30.6.16

£

£

Repayable by instalments

Other loans > 5yrs instal

22,746

43,949

7.	OTHER FINANCIAL COMMITMENTS

As at 30 June 2017 the company had committed to 16 monthly payments of £129.70 for vehicle rental.

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2017 and

30 June 2016:

30.6.17

30.6.16

£

£

P S Gillespie

Balance outstanding at start of year

-

-

Amounts advanced

30,750

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

30,750

-

Interest has been charged at a commercial rate.

9.	ULTIMATE CONTROLLING PARTY