For the year ended 31 March 2016
Unaudited Abbreviated Report and Financial Statements
England and Wales
Registered Number: 04587401
Retail Systems Limited
For the year ended 31 March 2016
1
Accountants' Report
2
Balance Sheet
3 to 4
Notes to the Abbreviated Financial Statements
Retail Systems Limited
Accountants' Report
For the year ended 31 March 2016
In order to assist you to fulfil your duties under Companies Act 2006, we have prepared for your approval the |
accounts of Retail Systems Limited for the year ended 31 March 2016 which comprise the Profit and Loss |
Account, the Balance Sheet and the related notes from the company's accounting records and from |
information and explanations you have given us. |
As a practising firm of the Association of Chartered Certified Accountants, we are subject to its ethical and |
other professional requirements which are detailed at http://rulebook.accaglobal.com. |
This report is made solely to the Board of Directors of Retail Systems Limited, as a body, in accordance with |
the terms of our engagement letter dated 14 January 2009. Our work has been undertaken solely to prepare |
for your approval the accounts of Retail Systems Limited and state those matters that we have agreed to state |
to the Board of Directors of Retail Systems Limited, as a body, in this report in accordance with the |
requirements of the Association of Chartered Certified Accountants and as detailed at |
http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume |
responsibility to anyone other than Retail Systems Limited and its Board of Directors as a body for our work |
or for this report. |
It is your duty to ensure that Retail Systems Limited has kept adequate accounting records and to prepare |
statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Retail |
Systems Limited. You consider that Retail Systems Limited is exempt from the statutory audit requirement |
for the year. |
JLS & Co Accountants Limited
112 Gilfach Street
BARGOED
CF81 8LQ
29 August 2016
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Notes to the Abbreviated Financial Statements |
Retail Systems Limited
For the year ended 31 March 2016
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). |
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. |
Deferred taxation arises when items are charged or credited in accounts in different periods to those in which they are included in the company's tax computations.Deferred tax is provided in full on timing differences that result in an obligation to pay more (or less) tax at a future date. Deferred tax is calculated at the average rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. The resulting deferred tax asset or liability is not discounted. |
Proposed dividends are only included as liabilities in the financial statements when their payment has been |
approved by the shareholders prior to the balance sheet date. |
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable. |
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: |
Stand Fixtures
Computer Equipment
Fixtures and Fittings
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. |
3 of 4
Notes to the Abbreviated Financial Statements |
Retail Systems Limited
For the year ended 31 March 2016
2 Intangible fixed assets |
2,500
2,500
750
250
Charge for year
1,000
1,500
1,750
6,487
6,487
5,905
418
Charge for year
6,323
164
582
Allotted called up and fully paid |
2016
2015
100 Ordinary shares of £1.00 each |
100
100
100
100
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