| Scandex Ltd |
| Notes to the unaudited financial statements |
| for the year ended 31 March 2017 |
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| 1 |
General Information |
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Scandex Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is : Scandex Group Services Grand Union House, 20 Kentish Town Road, London, United Kingdom, NW1 9NR. |
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| 2 |
Accounting policies |
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Basis of preparation |
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These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 102 Section 1A "Small Entities". "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. |
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First year adoption |
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These financial statements for the year ended 31 March 2017 are the first financial statements of the Company following the adoption of FRS 102. The date of transition to FRS 102 was 1 April 2015. The Company previously reported under old UK GAAP. The Company has made no measurement and recognition adjustments. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Land and buildings |
In accordance with the property |
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Plant and machinery |
20% reducing balance method |
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Investments |
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Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. |
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Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. |
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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. |
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Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. |
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Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. |
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The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. |
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Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. |
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Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. |
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Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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| 3 |
Average number of employees during the year |
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The average number of employees, including directors, during the year was as follows: |
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2017 |
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2016 |
| Number |
Number |
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Number of employees |
1 |
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2 |
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| 4 |
Tangible fixed assets |
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Land and buildings |
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Plant and machinery |
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Total |
| £ |
£ |
£ |
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Cost |
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At 1 April 2016 |
200,010 |
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1,426 |
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201,436 |
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At 31 March 2017 |
200,010 |
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1,426 |
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201,436 |
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Depreciation |
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At 1 April 2016 |
200,010 |
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593 |
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200,603 |
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Charge for the year |
- |
|
167 |
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167 |
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At 31 March 2017 |
200,010 |
|
760 |
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200,770 |
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Net book value |
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At 31 March 2017 |
- |
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666 |
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666 |
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At 31 March 2016 |
- |
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833 |
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833 |
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| 5 |
Investments |
| Investments in |
| subsidiary |
| undertakings |
| £ |
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Cost |
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At 1 April 2016 |
7,598 |
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Additions |
- |
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Disposals |
- |
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At 31 March 2017 |
7,598 |
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The company holds 20% or more of the share capital of the following companies: |
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| Capital and |
Profit (loss) |
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Company |
Share held |
reserves |
for the year |
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Class |
% |
£ |
£ |
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Travel Information Systems Limited |
Ordinary |
98 |
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106,351 |
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28,489 |
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| 6 |
Debtors |
2017 |
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2016 |
| £ |
£ |
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Other taxes and social security costs |
9,540 |
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6,125 |
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Other debtors |
1,432,067 |
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1,434,518 |
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1,441,607 |
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1,440,643 |
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| 7 |
Investments held as current assets |
2017 |
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2016 |
| £ |
£ |
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Listed investments |
- |
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20,318 |
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Listed investments at market value |
- |
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18,685 |
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This investment was disposed of during the year. |
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| 8 |
Creditors: amounts falling due within one year |
2017 |
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2016 |
| £ |
£ |
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Trade creditors |
393 |
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9,766 |
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Other taxes and social security costs |
1,169 |
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1,176 |
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Director's loan account |
3,520 |
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129 |
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Other creditors |
5,242 |
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5,264 |
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10,324 |
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16,335 |
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| 9 |
Creditors: amounts falling due after one year |
2017 |
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2016 |
| £ |
£ |
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Amounts owed to group undertakings |
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99,538 |
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102,060 |
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Other creditors |
1,234,383 |
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1,219,983 |
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1,333,921 |
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1,322,043 |
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| 10 |
Related party transactions |
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Mr E P Perry |
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Director |
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The balance owed to Mr E P Perry at 31 March 2017 was £3,520 (2016 : £129) |
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These amounts are interest free and there is no fixed repayment date. |
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Travel Information Systems Limited |
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Related party |
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Amount due to the related party |
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99,538 |
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102,060 |
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| 11 |
Ultimate parent company |
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The ultimate parent company is Scandex Gibraltar Limited, a company registered in Gibraltar. |
