Poundbury Systems Ltd - Period Ending 2018-07-31

Poundbury Systems Ltd

Annual Report and Unaudited Financial Statements
Year Ended 31 July 2018

Registration number: 04245291

Poundbury Systems Ltd

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 6

Poundbury Systems Ltd

Balance Sheet

31 July 2018

	Note	2018 £	2017 £
Fixed assets
Intangible assets	4	1	-
Tangible assets	5	26,300	48,584
		26,301	48,584
Current assets
Debtors	6	71,330	106,711
Cash at bank and in hand		60,445	63,304
		131,775	170,015
Creditors: Amounts falling due within one year	7	(67,877)	(108,585)
Net current assets		63,898	61,430
Total assets less current liabilities		90,199	110,014
Provisions for liabilities		(4,290)	(8,809)
Net assets		85,909	101,205
Capital and reserves
Called up share capital		200	200
Profit and loss account		85,709	101,005
Total equity		85,909	101,205

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 1

Poundbury Systems Ltd

Balance Sheet

31 July 2018

For the financial year ending 31 July 2018 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 November 2018 and signed on its behalf by:
 

......................................... M J Jenkins Director

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

Poundbury Systems Ltd

Notes to the Financial Statements

Year Ended 31 July 2018

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Emeria House
71-73 Middlemarsh Street
Dorchester
Dorset
DT1 3FD

These financial statements were authorised for issue by the Board on 29 November 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These 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.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Computer equipment	3 years straight line basis
Fixtures and fittings	4 years straight line basis
Motor vehicles	4 years straight line basis
Office equipment	4 years straight line basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Page 3

Poundbury Systems Ltd

Notes to the Financial Statements

Year Ended 31 July 2018

Asset class	Amortisation method and rate
Goodwill	2 years straight line basis

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2017 - 11).

Page 4

Poundbury Systems Ltd

Notes to the Financial Statements

Year Ended 31 July 2018

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
Additions acquired separately	1	1
At 31 July 2018	1	1
Amortisation
Carrying amount
At 31 July 2018	1	1

5	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 August 2017	35,447	115,948	96,214	247,609
At 31 July 2018	35,447	115,948	96,214	247,609
Depreciation
At 1 August 2017	34,563	71,243	93,219	199,025
Charge for the year	884	19,411	1,989	22,284
At 31 July 2018	35,447	90,654	95,208	221,309
Carrying amount
At 31 July 2018	-	25,294	1,006	26,300
At 31 July 2017	884	44,705	2,995	48,584

Page 5

Poundbury Systems Ltd

Notes to the Financial Statements

Year Ended 31 July 2018

6

Debtors

	2018  £	2017  £
Trade debtors	56,827	81,796
Other debtors	12,343	14,671
Prepayments	2,160	10,244
	71,330	106,711

7

Creditors

Creditors: amounts falling due within one year

	2018  £	2017  £
Due within one year
Trade creditors	19,401	22,790
Corporation tax	12,689	1,226
Social security and other taxes	28,071	21,894
Outstanding defined contribution pension costs	160	-
Other creditors	4,356	59,475
Accrued expenses	3,200	3,200
	67,877	108,585

Page 6