Company Registration No. 03780320 (England and Wales)
SPICE APPLICATION SYSTEMS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
SPICE APPLICATION SYSTEMS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
SPICE APPLICATION SYSTEMS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
13,255
13,842
Current assets
Stocks
213,273
263,273
Debtors
150,113
73,993
363,386
337,266
Creditors: amounts falling due within one year
3
(169,549)
(228,126)
Net current assets
193,837
109,140
Total assets less current liabilities
207,092
122,982
Creditors: amounts falling due after more than one year
4
(41,448)
(13,155)
165,644
109,827
Capital and reserves
Called up share capital
5
800
800
Share premium account
19,800
19,800
Other reserves
200
200
Profit and loss account
144,844
89,027
Shareholder's funds
165,644
109,827
SPICE APPLICATION SYSTEMS LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2016
31 March 2016
- 2 -
For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his 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 for issue on 30 December 2016
P R King
Director
Company Registration No. 03780320
SPICE APPLICATION SYSTEMS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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. The company invoices for the supply and installation of its goods in 3 key stages. A down payment on order (typically 30%), after which the company will procure all necessary component parts and commence with the unit assembly. A further payment, prior to d e spatch (typically 60%) to recognise completion of the assembled unit. A final payment (typically 10%) on installation and commissioning of the working system. Income is recognised in accordance with the amounts invoiced.
The company invoices for the supply and installation of its goods in 3 key stages. A down payment on order (typically 30%), after which the company will procure all necessary component parts and commence with the unit assembly. A further payment, prior to despatch (typically 60%) to recognise completion of the assembled unit. A final payment (typically 10%) on installation and commissioning of the working system. Income is recognised in accordance with the amounts invoiced.
1.4
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:
Fixtures, fittings & equipment
20% reducing balance
Motor vehicles
25% reducing balance
1.5
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
Revenue recognition
Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.
Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.
SPICE APPLICATION SYSTEMS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
1
Accounting policies
(Continued)
- 4 -
1.8
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.
1.9
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.
1.10
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 entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
1.11
Costs associated with the registration and renewals of patents is written off to the profit and loss account in the year in which it is incurred.
SPICE APPLICATION SYSTEMS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 5 -
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2015
53,655
Additions
3,179
At 31 March 2016
56,834
Depreciation
At 1 April 2015
39,813
Charge for the year
3,766
At 31 March 2016
43,579
Net book value
At 31 March 2016
13,255
At 31 March 2015
13,842
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £44,973 (2015 - £52,183).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £41,448 (2015 - £13,155).
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
800 Ordinary shares of £1 each
800
800