Protech Computer Systems Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03037197 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

PROTECH COMPUTER SYSTEMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Trouth

R A Couchman

REGISTERED OFFICE:

Protech House, Wharf Approach

Anchor Brook Industrial Park

Aldridge

Walsall

West Midlands

WS9 8BX

REGISTERED NUMBER:

03037197 (England and Wales)

ACCOUNTANTS:

Crowe Clark Whitehill LLP

Chartered Accountants

Black Country House

Rounds Green Road

Oldbury

West Midlands

B69 2DG

FIXED ASSETS

Intangible assets

4

985,366

838,916

Tangible assets

5

27,210

52,747

Investments

6

4

4

1,012,580

891,667

CURRENT ASSETS

Stocks

32,813

58,023

Debtors

7

578,902

383,279

Cash at bank and in hand

3,654

278,159

615,369

719,461

CREDITORS

Amounts falling due within one year

8

538,776

440,915

NET CURRENT ASSETS

76,593

278,546

TOTAL ASSETS LESS CURRENT LIABILITIES

1,089,173

1,170,213

CREDITORS

Amounts falling due after more than one year

9

(71,768

)

(154,654

)

PROVISIONS FOR LIABILITIES

(153,000

)

(100,000

)

NET ASSETS

864,405

915,559

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Capital redemption reserve

1,111

1,111

Retained earnings

853,294

904,448

SHAREHOLDERS' FUNDS

864,405

915,559

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 18 December 2017 and were signed on its behalf by:

M Trouth - Director

1.	STATUTORY INFORMATION

Protech Computer Systems 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

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:

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.

Intangible fixed assets and amortisation

Intangible fixed assets are stated at cost less amortisation. Amortisation is provided at rates

calculated to write off the cost of fixed assets, less their estimated residual value, over their

expected useful lives on the following bases.

Amortisation is provided at the following rates:

Development expenditure - 16.67% straight line

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

-

33% on cost

Fixtures and fittings

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

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 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.

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.

Going concern

The company depends on its existing bank facilities to meet its day to day working capital

requirements. Current forecasts indicate that the company expects to operate within these

facilities for the foreseeable future. These facilities are renewed annually and are not

guaranteed for the period covered by the going concern review. The Directors are not aware,

however, of any circumstances that may adversely affect the renewal of these facilities.

Accordingly, the Directors believe it appropriate to prepare the financial statements on the

going concern basis.

Development

Development costs are capitalised with intangible assets where they can be identified with a

specific product or project anticipated to produce further benefits, and are amortised on the

straight line basis over the anticipated life of the benefits arising from the completed product

or project.

Deferred research and development costs are reviewed annually, and where future benefits

are deemed to have ceased or to be in doubt, the balance of any related research and

development is written off to the Profit and Loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2016 - 22 ) .

4.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 April 2016

1,456,227

Additions

265,878

At 31 March 2017

1,722,105

AMORTISATION

At 1 April 2016

617,311

Amortisation for year

119,428

At 31 March 2017

736,739

NET BOOK VALUE

At 31 March 2017

985,366

At 31 March 2016

838,916

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 April 2016

176,189

64,844

241,033

Additions

-

2,515

2,515

Disposals

(92,258

)

(32,177

)

(124,435

)

At 31 March 2017

83,931

35,182

119,113

DEPRECIATION

At 1 April 2016

126,829

61,457

188,286

Charge for year

25,375

2,677

28,052

Eliminated on disposal

(92,258

)

(32,177

)

(124,435

)

At 31 March 2017

59,946

31,957

91,903

NET BOOK VALUE

At 31 March 2017

23,985

3,225

27,210

At 31 March 2016

49,360

3,387

52,747

An amount of £19,822 (2016: £39,059) included within the net book value of fixed assets

relate to assets held under hire purchase contracts.

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2016

and 31 March 2017

4

NET BOOK VALUE

At 31 March 2017

4

At 31 March 2016

4

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

320,528

234,768

Amounts owed by participating interests

10,938

7,542

Directors' loan accounts

121,733

95,832

Corporation Tax repayable

109,459

21,459

Prepayments

16,244

23,678

578,902

383,279

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

66,942

61,001

Hire purchase contracts

20,751

26,540

Trade creditors

89,495

54,981

Amounts owed to participating interests

41

83

Corporation tax

-

1,807

Social security and other taxes

20,599

20,083

VAT

112,540

57,463

Other creditors

183,125

151,958

Accrued expenses

37,690

59,396

Deferred government grants

7,593

7,603

538,776

440,915

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Other loans - 1-2 years

60,997

60,997

Other loans - 2-5 years

10,771

66,672

Hire purchase contracts

-

19,387

Accruals and deferred income

-

7,598

71,768

154,654

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

132,764

188,670

Hire purchase leases

20,751

-

153,515

188,670

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

31 March 2017 and 31 March 2016:

2017

2016

£

£

M Trouth

Balance outstanding at start of year

95,832

78,606

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

121,733

95,832

12.	ULTIMATE CONTROLLING PARTY

The controlling party is M Trouth.

13.	PENSION COMMITMENTS

During the year, the company made contributions to a defined benefit pension scheme. At

the balance sheet date £2,856 (2016: £1,108) was due to the pension scheme.

14.	FIRST TIME ADOPTION OF FRS 102

The date of transition was 1 April 2015.

On transition to FRS 102 Section 1A, the company has recognised a provision for accrued

holiday pay. The effect of this at the date of transition was the reduction of distributable

reserves and increase in creditors of £6,491.

During the comparative year, the provision was fair valued at 31 March 2016 and resulted in

an increase in distributable reserves and decrease in creditors due at the year end by

£1,080. The current financial year has been effected due to the transition to FRS 102

Section 1A, by a decrease in distributable reserves and increase in creditors of £581.