Jane IT Systems Limited Filleted accounts for Companies House (small and micro)

JANE IT SYSTEMS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04045743

Jane IT Systems Limited

Filleted Unaudited Financial Statements

30 September 2018

Jane IT Systems Limited

Financial Statements

Year ended 30 September 2018

CONTENTS	PAGE

Officers and Professional Advisers	1

Statement of Financial Position	2

Notes to the Financial Statements	4

Jane IT Systems Limited

Officers and Professional Advisers

The board of directors	Mr N Sargent
	Miss T Jane

Registered office	15 Tawe Business Village
	Swansea Enterprise Park
	Swansea
	SA7 9LA

Accountants	James & Uzzell Ltd
	Chartered Certified Accountants
	Axis 15, Axis Court
	Mallard Way
	Riverside Business Park
	Swansea
	SA7 0AJ

Jane IT Systems Limited

Statement of Financial Position

30 September 2018

	2018		2017
Note	£	£	£

FIXED ASSETS

Intangible assets	5	–	3,167
Tangible assets	6	7,893	7,792
		------	--------
		7,893	10,959

CURRENT ASSETS

Debtors	7	286,389	103,670
Cash at bank and in hand		323,190	216,949
		---------	---------
		609,579	320,619

CREDITORS: amounts falling due within one year	8	245,025		294,490
		---------		---------
NET CURRENT ASSETS			364,554	26,129
			---------	--------
TOTAL ASSETS LESS CURRENT LIABILITIES			372,447	37,088

PROVISIONS

Taxation including deferred tax	1,500	–
	---------	--------
NET ASSETS	370,947	37,088
	---------	--------

CAPITAL AND RESERVES

Called up share capital	9	100	100
Profit and loss account		370,847	36,988
		---------	--------
SHAREHOLDERS FUNDS		370,947	37,088
		---------	--------

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 comprehensive income has not been delivered.

For the year ending 30 September 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 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 .

Jane IT Systems Limited

Statement of Financial Position (continued)

30 September 2018

These financial statements were approved by the board of directors and authorised for issue on 5 February 2019 , and are signed on behalf of the board by:

Mr N Sargent

Director

Company registration number: 04045743

Jane IT Systems Limited

Notes to the Financial Statements

Year ended 30 September 2018

1. GENERAL INFORMATION

Jane IT Systems Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities are that of provision of personnel and payroll software packages.

2. STATEMENT OF COMPLIANCE

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 30 September 2018. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Going concern

The directors have considered the future trading position of the company and are confident that the going concern principle can be applied to the financial statements.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Judgements and key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are addressed below. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Revenue recognition

Turnover 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 are as follows: Rendering of services When the outcome of a transaction can be estimated reliably, turnover from provision of personnel and payroll software packages is recognised by reference to the stage of completion at the balance sheet date. Interest receivable Interest income is recognised using the effective interest method.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

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	-	20 Years

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	-	25% per annum of cost

Impairment of fixed assets

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions

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 9 (2017: 8 ).

5. INTANGIBLE ASSETS

	Goodwill
	£
Cost
At 1 October 2017 and 30 September 2018	20,000
	--------
Amortisation
At 1 October 2017	16,833
Charge for the year	3,167
	--------
At 30 September 2018	20,000
	--------
Carrying amount
At 30 September 2018	–
	--------
At 30 September 2017	3,167
	--------

Goodwill represents the purchase of a personnel and payroll computer software business on the 28th November 2000 and is being amortised over 20 years. In the opinion of the directors, this represents a prudent estimate of the period over which the company will derive economic benefit from the products acquired as part of that business.

6. TANGIBLE ASSETS

	Fixtures and fittings	Total
	£	£
Cost
At 1 October 2017	25,246	25,246
Additions	4,111	4,111
	--------	--------
At 30 September 2018	29,357	29,357
	--------	--------
Depreciation
At 1 October 2017	17,454	17,454
Charge for the year	4,010	4,010
	--------	--------
At 30 September 2018	21,464	21,464
	--------	--------
Carrying amount
At 30 September 2018	7,893	7,893
	--------	--------
At 30 September 2017	7,792	7,792
	--------	--------

7. DEBTORS

	2018	2017
	£	£
Trade debtors	282,722	100,670
Other debtors	3,667	3,000
	---------	---------
	286,389	103,670
	---------	---------

8. CREDITORS: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	1,192	3,525
Corporation tax	444	–
Social security and other taxes	66,130	35,683
Other creditors	177,259	255,282
	---------	---------
	245,025	294,490
	---------	---------

9. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2018		2017
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

10. OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £216,000 (2017 - £228,000).

11. RELATED PARTY TRANSACTIONS

At 30th September 2018 the following balances were due from/(to) related parties: Key Management Personnel of the entity or its parent

	2018	2017
	£	£
Balance due (to)/from key management personnel	(9,311)	(104,792)

No interest has been incurred in relation to this balance.