ACCOUNTS - Final Accounts preparation

Share capital

Shares classified as equity

Caseware UK (AP4) 2016.0.181 2016.0.181 2016-12-312016-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2016-01-01 08812579 2016-01-01 2016-12-31 08812579 2015-01-01 2015-12-31 08812579 2016-12-31 08812579 2015-12-31 08812579 c:Director1 2016-01-01 2016-12-31 08812579 d:OfficeEquipment 2016-01-01 2016-12-31 08812579 d:OfficeEquipment 2016-12-31 08812579 d:OfficeEquipment 2015-12-31 08812579 d:OfficeEquipment d:OwnedOrFreeholdAssets 2016-01-01 2016-12-31 08812579 d:CurrentFinancialInstruments 2016-12-31 08812579 d:CurrentFinancialInstruments 2015-12-31 08812579 d:CurrentFinancialInstruments d:WithinOneYear 2016-12-31 08812579 d:CurrentFinancialInstruments d:WithinOneYear 2015-12-31 08812579 d:ShareCapital 2016-12-31 08812579 d:ShareCapital 2015-12-31 08812579 d:RetainedEarningsAccumulatedLosses 2016-12-31 08812579 d:RetainedEarningsAccumulatedLosses 2015-12-31 08812579 c:OrdinaryShareClass1 2016-01-01 2016-12-31 08812579 c:OrdinaryShareClass1 2016-12-31 08812579 c:OrdinaryShareClass2 2016-01-01 2016-12-31 08812579 c:OrdinaryShareClass2 2016-12-31 08812579 c:OrdinaryShareClass3 2016-01-01 2016-12-31 08812579 c:OrdinaryShareClass3 2016-12-31 08812579 c:FRS102 2016-01-01 2016-12-31 08812579 c:AuditExempt-NoAccountantsReport 2016-01-01 2016-12-31 08812579 c:FullAccounts 2016-01-01 2016-12-31 08812579 c:PrivateLimitedCompanyLtd 2016-01-01 2016-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08812579

VECTISNET LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

VECTISNET LIMITED

REGISTERED NUMBER: 08812579

BALANCE SHEET

AS AT 31 DECEMBER 2016

		2016		2015
Note		£		£

Fixed assets
Tangible assets	4		996		1,328
Current assets
Debtors: amounts falling due within one year	5	19,587		32,098
		19,587		32,098
Creditors: amounts falling due within one year	6	(74,848)		(33,168)
Net current liabilities			(55,261)		(1,070)
Total assets less current liabilities			(54,265)		258

Net (liabilities)/assets			(54,265)		258

Capital and reserves
Called up share capital	150	100
Profit and loss account	(54,415)	158
	(54,265)	258

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

TJ Sleigh

Director

Date: 22 December 2017

The notes on pages 2 to 6 form part of these financial statements.

Page 1

VECTISNET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

1.Accounting policies

1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

1.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 2

VECTISNET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

1.Accounting policies (continued)

1.3

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment

25%

reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

1.4

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

1.5

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

1.6

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.7

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

1.8

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

VECTISNET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

1.Accounting policies (continued)

1.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

1.10

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

1.11

Borrowing costs

All borrowing costs are recognised in the Statement of Income and Retained Earnings in the year in which they are incurred.

1.12

Taxation

Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.	General information

Vectisnet Limited is a limited company incorporated in England and Wales. The principal place of business is 69 High Street, Wootton, Isle of Wight, PO33 4LU.

Employees

The average monthly number of employees, including directors, during the year was 2 (2015 - 2).

Page 4

VECTISNET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

4.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	At 1 January 2016	2,361
	At 31 December 2016	2,361
	Depreciation
	At 1 January 2016	1,033
	Charge for the year on owned assets	332
	At 31 December 2016	1,365
	Net book value
	At 31 December 2016	996
	At 31 December 2015	1,328

Debtors

					2016	2015
					£	£


Trade debtors	6,662	4,500
Other debtors	7,655	21,269
Prepayments and accrued income	-	1,059
Tax recoverable	5,270	5,270
	19,587	32,098

Included within Other debtors due within one year are loans to the directors totalling £7,655 (2015 : £21,269). The maximum amount outstanding during the period was £21,269 (2015 : £21,269).

Page 5

VECTISNET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

6.	Creditors: Amounts falling due within one year
		2016	2015
		£	£

Bank overdrafts	1,795	9,670
Trade creditors	43,518	8,777
Corporation tax	20,554	13,610
Other taxation and social security	7,870	-
Other creditors	111	111
Accruals and deferred income	1,000	1,000
	74,848	33,168

Allotted, called up and fully paid

100 Ordinary shares of £1 each	-	100
100 A Ordinary shares of £1 each	100	-
50 B Ordinary shares of £1 each	50	-

	150	100

During the year, the share capital of the company was re-organised into A Ordinary shares of £1 each and B Ordinary shares of £1 each and 50 A Ordinary shares of £1 each were allotted and fully paid at par.

Page 6