Technology Solutions (Holdings) Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 08352304 (England and Wales)

TECHNOLOGY SOLUTIONS (HOLDINGS) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

8

Chartered Certified Accountants' Report

9

DIRECTORS:

Dr D R Evans

Mrs A J Evans

REGISTERED OFFICE:

8 Dunsmore Close

Loughborough

Leicestershire

LE11 3RD

REGISTERED NUMBER:

08352304 (England and Wales)

ACCOUNTANTS:

Essex Abel Ltd

4 Bank Court

Weldon Road

Loughborough

Leicestershire

LE11 5RF

FIXED ASSETS

Intangible assets

4

25,000

85,000

Tangible assets

5

85,619

47,221

Investments

6

1,000

1,000

111,619

133,221

CURRENT ASSETS

Debtors

7

964,638

676,394

Cash at bank

1,682,181

1,178,562

2,646,819

1,854,956

CREDITORS

Amounts falling due within one year

8

136,709

153,241

NET CURRENT ASSETS

2,510,110

1,701,715

TOTAL ASSETS LESS CURRENT LIABILITIES

2,621,729

1,834,936

PROVISIONS FOR LIABILITIES

4,308

-

NET ASSETS

2,617,421

1,834,936

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Retained earnings

2,616,421

1,833,936

SHAREHOLDERS' FUNDS

2,617,421

1,834,936

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

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

The financial statements were approved and authorised for issue by the Board of Directors on 1 February 2018 and were signed on its behalf by:

Dr D R Evans - Director

1.	STATUTORY INFORMATION

Technology Solutions (Holdings) 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 and the principal place of business is at Loughborough Technology Centre, Epinal Way,

Loughborough, Leicestershire.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Preparation of consolidated financial statements

The financial statements contain information about Technology Solutions (Holdings) Limited as an individual

company and do not contain consolidated financial information as the parent of a group. The company has taken

the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Significant judgements and estimates

In the application of the company's accounting policies, which are described in the accounting policies below,

management is required to make judgements, estimates and assumptions about the carrying values of assets and

liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based

on historical experience and other factors that are considered to be relevant. Actual results may differ from these

estimates which could result in a material adjustment to the carrying amounts of assets or liabilities affected in

future periods.

Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date,

that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities

within the next financial year, are described below. The Company based its assumptions and estimates on

parameters available when the financial statements were prepared. Existing circumstances and assumptions about

future developments; however, may change due to market changes or circumstances arising that are beyond the

control of the Company. Such changes are reflected in the assumptions when they occur.

Turnover

Turnover represents net invoiced sales for renting assets and receipt of royalties from group companies.

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 five years.

Intangible assets

Intangible assets, which comprise of Intellectual property, are stated at historical cost less accumulated

amortisation and impairment loss, if any.

Amortisation of intangible assets with a definite useful life is calculated on a straight-line basis over the expected

economic lives of the assets as follows:

- Intellectual Property - 5 years

Expected useful lives are reviewed at each balance sheet date and if they differ significantly from previous

estimates, the remaining amortisation periods are adjusted accordingly.

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

-

20% on cost

Fixtures and fittings

-

10% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at 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 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.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial

assets and liabilities like trade and other accounts receivable and payable and loans to/from related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of

the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that

are payable or receivable within one year, typically trade payables or receivables, are measured, initially and

subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a

trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in

case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and

subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt

instrument.

Trade and other debtors

Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost

using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of

discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and

doubtful debts.

A provision for impairment of trade debtors is established when there is objective evidence that the company will

not be able to collect all amounts due according to the original terms of debtors. The amount of the provision is

determined as the difference between the asset's carrying amount and the present value of estimated future cash

flows, and is recognised in the profit & loss in operating expenses.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the

effective interest method unless the effect of discounting would be immaterial, in which case they are stated at

cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 August 2016

and 31 July 2017

300,000

AMORTISATION

At 1 August 2016

215,000

Charge for year

60,000

At 31 July 2017

275,000

NET BOOK VALUE

At 31 July 2017

25,000

At 31 July 2016

85,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 August 2016

104,608

27,364

131,972

Additions

83,600

-

83,600

Disposals

(10,600

)

-

(10,600

)

At 31 July 2017

177,608

27,364

204,972

DEPRECIATION

At 1 August 2016

74,946

9,805

84,751

Charge for year

31,865

2,737

34,602

At 31 July 2017

106,811

12,542

119,353

NET BOOK VALUE

At 31 July 2017

70,797

14,822

85,619

At 31 July 2016

29,662

17,559

47,221

6.	FIXED ASSET INVESTMENTS

Group accounts have not been prepared as the companies stated qualify as a small group under section 399 of the

Companies Act 2006.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Amounts owed by group undertakings

494,189

256,651

Other debtors

470,449

419,743

964,638

676,394

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

3,415

198

Taxation and social security

64,660

36,993

Other creditors

68,634

116,050

136,709

153,241

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

960

'A ' Preference

£1

960

960

40

'B'

£1

40

40

1,000

1,000

Dividend payments on the first £200,000 of dividends declared are to be allocated pro-rata to shareholding of

issued A Preference shares. Thereafter, dividends to be paid pro-rata to shareholding of all issued shares.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2017 and 31 July 2016:

2017

2016

£

£

Dr D R Evans and Mrs A J Evans

Balance outstanding at start of year

-

-

Amounts advanced

255,010

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

255,010

-

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

12.	ULTIMATE CONTROLLING PARTY

13.	FIRST YEAR ADOPTION

This is the first year that the company has presented its results under FRS 102. The last financial statements

under previous UK GAAP were for the year ended 31 July 2016 and the date of transition to FRS 102 was 1

August 2015. The policies applied under the entity's previous accounting framework are not materially different

to FRS 102 and have not impacted on equity or profit or loss. Therefore, there is no requirement to disclose the

additional statements which reconcile profit for the financial year ended 31 July 2016 and the total equity as at 1

August 2015 and 31 July 2016 between UK GAAP as previously reported and under FRS 102 in these financial

statements.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Technology Solutions (Holdings) Limited for the year ended 31 July 2017 which comprise the

Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Technology Solutions (Holdings) Limited, as a body, in accordance with the terms of our engagement letter dated 5 August 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Technology Solutions (Holdings) Limited and state those matters that we have agreed to state to the Board of Directors of Technology Solutions (Holdings) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Technology Solutions (Holdings) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Technology Solutions (Holdings) Limited. You consider that Technology Solutions (Holdings) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Technology Solutions (Holdings) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Essex Abel Ltd

4 Bank Court

Weldon Road

Loughborough

Leicestershire

LE11 5RF

1 February 2018