Practical Surfaceware Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 06279035 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 March 2017

for

Practical Surfaceware Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A C Guilbert

Mrs J E Guilbert

SECRETARY:

Mrs J E Guilbert

REGISTERED OFFICE:

20-22 Wenlock Road

London

N1 7GU

REGISTERED NUMBER:

06279035 (England and Wales)

ACCOUNTANTS:

The Fish Partnership

The Mill House

Boundary Road

Loudwater

High Wycombe

Bucks.

HP10 9QN

FIXED ASSETS

Intangible assets

3

-

-

Tangible assets

4

1,200

1,310

1,200

1,310

CURRENT ASSETS

Stocks

1,528

980

Debtors

5

1,629

2,559

Cash at bank

5,432

5,145

8,589

8,684

CREDITORS

Amounts falling due within one year

6

22,081

26,322

NET CURRENT LIABILITIES

(13,492

)

(17,638

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(12,292

)

(16,328

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(12,392

)

(16,428

)

SHAREHOLDERS' FUNDS

(12,292

)

(16,328

)

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

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Statement has not been delivered.

The financial statements were approved by the Board of Directors on 1 August 2017 and were signed on its behalf by:

Mrs J E Guilbert - Director

1.	STATUTORY INFORMATION

Practical Surfaceware 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.

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 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.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Intangible fixed assets - patent costs

Development expenditure is normally written off in the year of expenditure, however expenditure

incurred in specific projects is capitalised when recoverability can be foreseen with reasonable

certainty and amortised in relation to the sales of such projects.

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

-

25% on reducing balance

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 Profit and Loss

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

Going concern

In accordance with their responsibilities as directors, the directors have considered the

appropriateness of the going concern basis for the preparation of the financial statements. The

company's balance sheet shows net liabilities at 30 March 2017 and therefore the company's activities

are supported by its parent company and creditors.

The financial statements have been prepared on the going concern basis, the validity of which

depends upon the continued support of the parent company and creditors. The directors have no

reason to believe that this support will not continue and has a reasonable expectation that the

company has adequate resources to continue in existence for a period of one year from the date of the

approval of the financial statements.

3.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 31 March 2016

and 30 March 2017

18,044

AMORTISATION

At 31 March 2016

and 30 March 2017

18,044

NET BOOK VALUE

At 30 March 2017

-

At 30 March 2016

-

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 31 March 2016

3,200

Additions

104

At 30 March 2017

3,304

DEPRECIATION

At 31 March 2016

1,890

Charge for year

214

At 30 March 2017

2,104

NET BOOK VALUE

At 30 March 2017

1,200

At 30 March 2016

1,310

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

-

1,059

Other debtors

1,629

1,500

1,629

2,559

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

2,565

3,830

Amounts owed to group undertakings

16,928

20,593

Taxation and social security

958

1,055

Other creditors

1,630

844

22,081

26,322

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

£

£

Between one and five years

18,750

24,750

8.	ULTIMATE CONTROLLING PARTY

The directors, Mr & Mrs Guilbert, are the ultimate controlling parties.

Isagi Limited is regarded by the directors as being the company's ultimate parent company. Their

registered office address is 20-22 Wenlock Road, London N1 7GU.