Misting Systems Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 09607312 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

FOR

MISTING SYSTEMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs C L Brander

N A Swan

REGISTERED OFFICE:

The Die-Pat Centre

Broad March

Daventry

Northamptonshire

NN11 4HE

REGISTERED NUMBER:

09607312 (England and Wales)

ACCOUNTANTS:

Rochesters Audit Services Limited

No. 3 Caroline Court

13 Caroline Street

St. Paul's Square

Birmingham

West Midlands

B3 1TR

FIXED ASSETS

Tangible assets

4

-

25,901

CURRENT ASSETS

Stocks

-

19,246

Debtors

5

121

24,714

Cash at bank

-

5,516

121

49,476

CREDITORS

Amounts falling due within one year

6

10,239

132,056

NET CURRENT LIABILITIES

(10,118

)

(82,580

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(10,118

)

(56,679

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(10,119

)

(56,680

)

SHAREHOLDERS' FUNDS

(10,118

)

(56,679

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 by the Board of Directors on 19 October 2017 and were signed on its behalf by:

Mrs C L Brander - Director

1.	STATUTORY INFORMATION

Misting 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.

The financial statements for the year ended 30 June 2017 are the first financial statements that comply with

Section 1A "Small Entities" of Financial Reporting Standard 102. The transition date is 26 May 2015. On

transition the prior period financial statements have not been restated as the directors believe there are no

material transitional adjustments to make on the implementation of the standard.

Significant judgements and estimates

In the application of the company's accounting policies the directors are required to make judgements, estimates

and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other

sources. The estimates and associated assumptions are based on historical experience and other factors that are

considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates

are recognised in the period in which the estimate is revised if the revision effects only that period, or in the

period of revision and future periods if the revision effects both current and future periods.

In preparing these financial statements, the directors have made the following judgements:

The company reviews the carrying value of all assets for indications of impairment at each period. If indicators

of impairment exist, the carrying value of the asset is subject to further testing to determine whether its carrying

value exceeds it recoverable amount. This process will usually involve the estimation of future cash flows

which are likely to be generated by the asset.

A provision is recognised when the company has a present legal or constructive obligation as a result of a past

event for which it is probable that an outflow of resources will be required to settle the obligation and the

amount can be reliably estimated. If the effect is material, provisions are determined by discounting the

expected future cash flows at a rate that reflects the time value of money and the risk specific to the liability.

Whether a present obligation is probable or not requires judgement. The nature and type of risks for these

provisions differ and management's judgement is applied regarding the nature and extent of obligations in

deciding if an outflow of resources is probable or not.

The directors have reviewed the asset lives and associated residual values of all fixed assets classes. In

re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance

programmes are taken into account. Residual value assessments consider issues such as future market

conditions, the remaining life of the asset and projects disposal values.

The directors do not believe there to be any significant estimates made in the preparation of these financial

statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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 etc

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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 that have been enacted or

substantively enacted by the balance sheet date.

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.

Financial instruments

(i) Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with

banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

(ii) Financial assets and liabilities

All financial assets and liabilities are recognised when the company becomes party to the contractual provisions

of the instrument.

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 company after deducting all its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except

for those financial assets classified as at fair value through profit and loss, which are initially measured at fair

value unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing

transaction, the financial asset or liability is measured at the present value of the future payments discounted at a

market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset at the balance sheet date when, and only when there exists a

legally enforceable right to set off the recognised amounts and the company intends either to settle on a net

basis, or to realise the asset and settle the liability simultaneously.

Debt instruments that have no stated interest rate and are classified as payable or receivable within one year are

initially measured at an undiscounted amount of the cash or other consideration expected to be paid or received,

net of impairment. Other debt instruments not meeting these conditions are measure at fair value through profit

and loss.

Commitments to make or receive loans which meet the conditions mentioned above are measure at cost less

impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows for the financial

asset expire or are settled, when the company transfers to another party substantially all the risks and rewards of

ownership of the financial asset, or the company, despite having retained some, but not all, significant risks and

rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled

or expires.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet

date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

For non-financial assets, the asset is impaired where there is objective evidence that, as a result of one or more

events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The

recoverable amount of the asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at amortised costs, the amount of an impairment is the difference between the asset's

carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original

effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's

carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at

the reporting date.

Where indicators exist for the decrease in impairment loss, and the decrease can be related objectively to an

event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal.

An impairment loss is reversed on an individual impaired financial asset to the extent that the revised

recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment

been recognised.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2016

32,376

Disposals

(32,376

)

At 30 June 2017

-

DEPRECIATION

At 1 July 2016

6,475

Eliminated on disposal

(6,475

)

At 30 June 2017

-

NET BOOK VALUE

At 30 June 2017

-

At 30 June 2016

25,901

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

-

11,000

Other debtors

121

(1

)

Prepayments and accrued income

-

13,715

121

24,714

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank overdraft

208

-

Other creditors

8,531

130,556

Accruals and deferred income

1,500

1,500

10,239

132,056

7.	RELATED PARTY DISCLOSURES

During the period, the company received net loans of £nil (2016 £163,486) from Residual Barrier Technology

Limited, a company which Mrs C L Brander is also a director, made sales of plant and advisory services to it of

£118,992 (2016 £49,500) and made purchase of £nil (2016 - £21,600) from it. At the period end £121 was due

from (2016 £122,026 due to) Residual Barrier Technology Limited.

During the period, the company received net loans of £nil (2016 - £8,531) from RBT 247 Systems Limited, a

company of which both Mrs C L Brander and N A Swan are also directors. At the period end, £8,531 (2016

£8,531) was due to RBT 247 Systems Limited.

8.	ULTIMATE CONTROLLING PARTY