Ten Ten Systems Limited Company Accounts

TEN TEN SYSTEMS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04806768

Ten Ten Systems Limited

Filleted Unaudited Financial Statements

30 June 2017

Ten Ten Systems Limited

Financial Statements

Year ended 30 June 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Ten Ten Systems Limited

Statement of Financial Position

30 June 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	5	12,000	14,000
Tangible assets	6	8,095	1,526
		---------	---------
		20,095	15,526

Current assets

Stocks		22,415	15,448
Debtors	7	91,680	67,304
Cash at bank and in hand		56,336	54,266
		-----------	-----------
		170,431	137,018

Creditors: amounts falling due within one year	8	129,064		109,033
		-----------		-----------
Net current assets			41,367	27,985
			---------	---------
Total assets less current liabilities			61,462	43,511
			---------	---------
Net assets			61,462	43,511
			---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	61,362	43,411
	---------	---------
Shareholders funds	61,462	43,511
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

Ten Ten Systems Limited

Statement of Financial Position (continued)

30 June 2017

These financial statements were approved by the board of directors and authorised for issue on 16 February 2018 , and are signed on behalf of the board by:

Mrs K Birks

Director

Company registration number: 04806768

Ten Ten Systems Limited

Notes to the Financial Statements

Year ended 30 June 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Abbey Square, Chester, Cheshire, CH1 2HU, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 July 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures & fittings	-	20% straight line
Motor vehicles	-	25% reducing balance
Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2016: 9 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 July 2016 and 30 June 2017	40,000
	---------
Amortisation
At 1 July 2016	26,000
Charge for the year	2,000
	---------
At 30 June 2017	28,000
	---------
Carrying amount
At 30 June 2017	12,000
	---------
At 30 June 2016	14,000
	---------

6. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 July 2016	13,830	–	18,454	32,284
Additions	–	9,720	309	10,029
	---------	--------	---------	---------
At 30 June 2017	13,830	9,720	18,763	42,313
	---------	--------	---------	---------
Depreciation
At 1 July 2016	13,163	–	17,595	30,758
Charge for the year	282	2,430	748	3,460
	---------	--------	---------	---------
At 30 June 2017	13,445	2,430	18,343	34,218
	---------	--------	---------	---------
Carrying amount
At 30 June 2017	385	7,290	420	8,095
	---------	--------	---------	---------
At 30 June 2016	667	–	859	1,526
	---------	--------	---------	---------

7. Debtors

	2017	2016
	£	£
Trade debtors	82,944	58,106
Prepayments and accrued income	8,736	9,198
	---------	---------
	91,680	67,304
	---------	---------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	31,109	15,562
Accruals and deferred income	1,190	3,380
Corporation tax	3,780	3,001
Social security and other taxes	26,995	20,150
Director loan accounts	59,483	59,912
Other creditors	6,507	7,028
	-----------	-----------
	129,064	109,033
	-----------	-----------

9. Directors' advances, credits and guarantees

There were no director's guarantees or advances during the year.

10. Related party transactions

The company was under the control of Mr. S. Birks throughout the current and previous year. Mr. S. Birks is the managing director and majority shareholder.

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 July 2015.

No transitional adjustments were required in equity or profit or loss for the year.