Datasharp UK Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01807741 (England and Wales)

Financial Statements for the Year Ended 31 March 2018

for

DATASHARP UK LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

9

DIRECTORS:

J N Cockcroft

A J Williams

S P McIntosh

SECRETARY:

J N Cockcroft

REGISTERED OFFICE:

Woodlands Court

Truro Business Park

Truro

Cornwall

TR4 9NH

REGISTERED NUMBER:

01807741 (England and Wales)

AUDITORS:

Kelsall Steele Ltd

Statutory Auditors

Woodlands Court

Truro Business Park

Truro

Cornwall

TR4 9NH

FIXED ASSETS

Tangible assets

4

137,505

167,268

CURRENT ASSETS

Stocks

5

134,034

145,341

Debtors

6

842,729

805,752

Investments

7

405,153

403,225

Cash at bank and in hand

927,347

1,047,118

2,309,263

2,401,436

CREDITORS

Amounts falling due within one year

8

1,241,925

1,394,423

NET CURRENT ASSETS

1,067,338

1,007,013

TOTAL ASSETS LESS CURRENT LIABILITIES

1,204,843

1,174,281

CREDITORS

Amounts falling due after more than one year

9

(138,462

)

(10,772

)

PROVISIONS FOR LIABILITIES

12

(10,867

)

(11,966

)

NET ASSETS

1,055,514

1,151,543

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

1,054,514

1,150,543

SHAREHOLDERS' FUNDS

1,055,514

1,151,543

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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 14 December 2018 and were signed on its behalf by:

J N Cockcroft - Director

1.	STATUTORY INFORMATION

Datasharp UK 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

The financial statements have been prepared in accordance with Financial Reporting Standard 102

Section 1A "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 are prepared in sterling which is the functional currency of the company.

Monetary amounts in these financial statements are rounded to the nearest pound sterling.

Going concern

The directors, after making enquiries and having considered the company's business, its financial

plans and the facilities available to finance the business, have a reasonable expectation that the

company has adequate resources to continue in operational existence for the foreseeable future.

Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Related party exemption

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

Section 1A '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.

Turnover

Turnover and other income is measured at the fair value of the consideration received or receivable

net of VAT and trade discounts. The policies adopted for the recognition of turnover and other income

are as follows:

Costed deals

Turnover from costed deals is recognised at the point of installation to the customer.

Calls

Turnover from calls is invoiced in arrears and recognised in the period to which it relates.

Line rental

Turnover from line rental is invoiced in advance and recognised in the period to which it relates.

Maintenance contracts

Turnover in respect of maintenance contracts is recognised on a straight line basis over the period of

the contract term.

Ad-hoc services

Turnover in respect of ad-hoc services is recognised on completion of work carried out.

Leasing commissions

Turnover from commissions and secondary rentals are recognised in the period to which they relate.

Interest received

Interest received is recognised in other income in the period to which it relates.

Tangible fixed assets

Tangible assets are initially measured at cost. Such costs includes costs directly attributable to making

the asset capable of operating as intended. Subsequent to initial recognition, tangible assets are stated

at cost less accumulated depreciation and accumulated impairment.

Tangible assets are depreciated as follows:

Short leasehold - Straight line over the term of the lease

Fixtures and fittings - Straight line over 20%-33%

Motor vehicles - 30% reducing balance

Impairment of tangible fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible

assets to determine whether there is any indication that those assets have suffered an impairment

loss. If any such indication exists, the recoverable amount of the asset is estimated in order to

determine the extent of the impairment loss (if any). Where it is not possible to estimate the

recoverable amount of an individual asset, the company estimates the recoverable amount of the

cash-generating unit to which the asset belongs.

The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing

value in use, the estimated future cash flows are discounted to their present value using a pre-tax

discount rate that reflects current market assessments of the time value of money and the risks

specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying

amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable

amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is

carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have

ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset

(or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the

increased carrying amount does not exceed the carrying amount that would have been determined had

no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of

an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried in at

a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation

increase.

Stocks

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

obsolete and slow moving items.

Taxation

The tax expense represents the sum of the current tax expense and deferred tax expense. Current

tax assets are recognised when tax paid exceeds the tax payable.

Current and deferred tax is charged or credited to the profit or loss, except when it relates to items

charged or credited to other comprehensive income or equity, when the tax follows the transaction or

event it relates to and is also charged or credited to other comprehensive income, or equity.

Current tax assets and current tax liabilities as well as deferred tax assets and deferred tax liabilities

are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends

either to settle on the net basis or to realise the asset and settle the liability simultaneously.

Current tax is based on taxable profit for the year. Taxable profit differs from total comprehensive

income because it excludes item of income or expense that are taxable or deductible in other periods.

Current tax assets and liabilities are measured using tax rates that have been enacted or substantively

enacted by the reporting period.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date where transactions or events have occurred at that date that will result in an

obligation to pay more, or a right to pay less or to receive more tax.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely

than not that there will be suitable taxable profits from which the future reversal of the underlying timing

differences can be deducted.

Deferred tax is measures on an undiscounted basis at the tax rates that are expected to apply in the

periods in which timing differences reverse, base don tax rates and laws enacted or substantively

enacted at the balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

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.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and

Section 12 "Other Financial Instruments" of FRS102 to all of its financial instruments.

Financial assets and liabilities are recognised in the company's statement of financial position when

the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are classified into specified categories. The classification depends on

the nature and purpose of the financial asset or liability and is determined at the time of recognition.

Basic financial assets, which include trade and other receivables, including staff loans and cash and

bank balances, are initially measured at transaction price including transaction costs and are

subsequently carried at amortised cost using the effective interest method, unless the arrangement

constitute a financing transaction, where the transaction is measure at the present value of the future

receipts discounted at a market rate of interest.

Basic financial liabilities, which include trade and other payables are initially measured at transaction

price, unless the arrangement constitutes a financing transaction, where the debt instrument is

measured at the present value of the future payments discounted at a market rate of interest.

Financial liabilities are derecognised when, and only when, the company's obligations are discharged,

cancelled, or they expire.

Employee benefits

The costs of short-term employee benefits including holiday pay, are recognised as an expense in the

period in which the service is received, unless those costs are required to be recognised as part of the

cost of stock or fixed assets.

Termination benefits are recognised immediately as an expense when the company is demonstrably

committed to terminate the employment of any employee or to provide termination benefits.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and

assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and

the amounts reported for revenues and expenses during the year. However, the nature of estimation

means that actual outcomes could differ from those estimates. The following judgements (apart from

those involving estimates) have had the most significant effect on amounts recognised in the financial

statements and are the company's key sources of estimation uncertainty:

i) Operating lease commitments

The company has entered into commercial property leases as a lessee and it obtains use of property,

plant and equipment. The classification of such leases as operating or finance lease requires the

company to determine, based on an evaluation of the terms and conditions of the arrangements,

whether it retains or acquires the significant risks and rewards of ownership of these assets and

accordingly whether the lease requires an asset and liability to be recognised in the statement of

financial position.

ii) Taxation

The company establishes provisions based on reasonable estimates, for possible consequences of

audits by the tax authorities. The amount of such provisions is based on various factors, such as

experience with previous tax audits and differing interpretations of tax regulations by the company and

the responsible tax authority.

Management estimation is required to determine the amount of deferred tax assets that can be

recognised, based upon likely timing and level of future taxable profits together with an assessment of

the effect of future tax planning strategies. Further details are contained in note 5.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 73 (2017 - 76 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Motor

leasehold

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2017

60,580

378,506

300,622

739,708

Additions

-

37,465

11,878

49,343

Disposals

-

(62,986

)

(28,150

)

(91,136

)

At 31 March 2018

60,580

352,985

284,350

697,915

DEPRECIATION

At 1 April 2017

21,528

309,095

241,817

572,440

Charge for year

10,587

45,867

19,096

75,550

Eliminated on disposal

-

(61,984

)

(25,596

)

(87,580

)

At 31 March 2018

32,115

292,978

235,317

560,410

NET BOOK VALUE

At 31 March 2018

28,465

60,007

49,033

137,505

At 31 March 2017

39,052

69,411

58,805

167,268

5.

STOCKS

2018

2017

£

£

Stocks

134,034

145,341

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

560,005

444,387

Amounts owed by group undertakings

1,786

511

Other debtors

10,000

38,149

Prepayments and accrued income

270,938

322,705

842,729

805,752

Included within other debtors are the following amounts;

A balance due from McIntosh Properties Limited totalling £10,000 (2017: £nil ). This balance is

considered to be due within one year.

A balance due from staff loans totalling £nil (2017: £38,149). This balance is considered to be due

within one year.

7.	CURRENT ASSET INVESTMENTS

2018

2017

£

£

Term deposits

405,153

403,225

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

344,342

337,306

Corporation tax payable

53,579

90,716

Other tax and social security

224,764

225,738

Accruals and deferred income

619,240

740,663

1,241,925

1,394,423

The company has given a standard unlimited guarantee to the bank covering its Direct Debit Operator

responsibilities.

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Accruals and deferred income

138,462

10,772

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2018

2017

£

£

Within one year

142,619

144,425

Between one and five years

548,262

542,339

In more than five years

104,875

104,875

795,756

791,639

11.	FINANCIAL ASSETS AND LIABILITIES

2018

2017

£

£

Carrying amount of financial assets

Cash measured at amortised cost (incl. term deposits)

1,332,500

1,450,343

Debtors measured at amortised cost

571,791

483,046

1,904,291

1,943,389

Carrying amount of financial liabilities

Creditors measured at amortised cost

344,342

337,306

12.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax arising on accelerated capital allowances

10,867

11,966

Deferred

tax

£

Balance at 1 April 2017

11,966

Movement in the year

(1,099

)

Balance at 31 March 2018

10,867

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

B B Pooley FCA CF (Senior Statutory Auditor)

for and on behalf of Kelsall Steele Ltd

14.	RELATED PARTY DISCLOSURES

During the year gross wages of £42,500 (2017: £41,000) were paid to retired close family members of

the directors.

During the year key management personnel compensation totalled £366,565 (2017: 121,502).

15.	ULTIMATE CONTROLLING PARTY