MODALITY_SYSTEMS_LIMITED - Accounts

MODALITY SYSTEMS LIMITED - Company Information

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Company Registration No. 06143649 (England and Wales)

MODALITY SYSTEMS LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2014

Faulkner House
Victoria Street

St Albans

Rayner Essex LLP

Herts

Chartered Accountants

AL1 3SE

MODALITY SYSTEMS LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 5

MODALITY SYSTEMS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 APRIL 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

71,548

71,083

Investments

1,304

72,852

71,083

Current assets

Debtors

1,279,940

710,245

Cash at bank and in hand

770,539

312,550

2,050,479

1,022,795

Creditors: amounts falling due within one year

(1,708,221)

(747,399)

Net current assets

342,258

275,396

Total assets less current liabilities

415,110

346,479

Provisions for liabilities

(13,252)

(13,708)

401,858

332,771

Capital and reserves

Called up share capital

100

Profit and loss account

401,758

332,671

Shareholders' funds

401,858

332,771

MODALITY SYSTEMS LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

30 APRIL 2014

- 2 -

For the financial year ended 30 April 2014 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.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board and authorised for issue on 9 January 2015

J A Rodd

Director

Company Registration No. 06143649

MODALITY SYSTEMS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2014

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention.

The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement on the grounds that it is a small company.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Research and development

Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.

1.5

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Computer equipment

25% on the reducing balance

Fixtures, fittings and equipment

25% on the reducing balance

1.6

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.7

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

1.8

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.9

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.10

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

MODALITY SYSTEMS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2014

- 4 -

Fixed assets

Tangible assets

Investments

Total

Cost

At 1 May 2013

107,612

Additions

20,295

1,304

21,599

At 30 April 2014

127,907

1,304

129,211

Depreciation

At 1 May 2013

36,529

Charge for the year

19,830

At 30 April 2014

56,359

Net book value

At 30 April 2014

71,548

1,304

72,852

At 30 April 2013

71,083

Holdings of more than 20%

The company holds more than 20% of the share capital of the following companies:

Company

Country of registration or

Shares held

incorporation

Class

Subsidiary undertakings

Modality Systems Inc

USA

Ordinary

100.00

Modality Systems Pty Ltd

Australia

Ordinary

100.00

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:

Capital and reserves

Profit/(loss) for the year

2014

Principal activity

Modality Systems Inc

Consulting services

133,446

64,246

Modality Systems Pty Ltd

Consulting services

MODALITY SYSTEMS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2014

- 5 -

Share capital

2014

2013

Authorised

100 Ordinary shares of £1 each

100

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100

Related party relationships and transactions

Other transactions

Included in debtors is an amount of £ 361,967 (2013: £ 122,256) owed from the subsidiary company Modality Systems Inc. This represents loans made to the company and expenses paid on its behalf. Interest is charged on the loan at a rate of 6%, the amount charged in the year was £ 14,796 (2013: £ 3,628).