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Retail Systems Limited
For the year ended 31 March 2014
Unaudited Abbreviated Report and Financial Statements
England and Wales
Registered Number: 04587401
2
Contents Page
Retail Systems Limited
For the year ended 31 March 2014
1
Accountants' Report
2
Balance Sheet
3 to 5
Notes to the Abbreviated Financial Statements
3
Retail Systems Limited
Accountants' Report
For the year ended 31 March 2014
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 2014 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
03 December 2014
Dated:
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4
Abbreviated Balance Sheet
Retail Systems Limited
As at 31 March 2014
04587401
Registered Number :
£
£
2014
Notes
2013
Fixed assets
Intangible assets
2
2,000
2,250
Tangible assets
3
1,269
1,704
3,269
3,954
Current assets
Stocks
7,997
3,866
Debtors
9,674
5,151
Cash at bank and in hand
149,290
142,200
158,307
159,871
Creditors: amounts falling due within one year
(22,802)
(15,117)
137,069
143,190
Net current assets
Total assets less current liabilities
146,459
141,023
(654)
(341)
Provisions for liabilities
145,805
Net assets
140,682
Capital and reserves
Called up share capital
100
4
100
Profit and loss account
145,705
140,582
145,805
140,682
Shareholders funds
For the year ended 31 March 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director responsibilities: 1) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
2) The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
The accounts have been prepared in accordance with the micro-entity provisions. The accounts have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Date approved by the board: 04 December 2014
Mr Andrew Jacobs Director
Signed on behalf of the board of directors
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5
Notes to the Abbreviated Financial Statements
Retail Systems Limited
For the year ended 31 March 2014
1 Accounting Policies
Basis of accounting
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Deferred taxation
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.Deferred tax assets are only recognised if it is more likely than not that they will be recovered either against future taxable profits or against the reversal of other deferred tax liabilities.
Dividends
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
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
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
1/3 Straight line
Computer Equipment
1/3 Straight line
Fixtures and Fittings
1/3 Straight line
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6
Notes to the Abbreviated Financial Statements
Retail Systems Limited
For the year ended 31 March 2014
Stocks
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.
2 Intangible fixed assets
Cost or valuation
Intangible
fixed assets
£
At 01 April 2013
2,500
2,500
At 31 March 2014
Amortisation
250
At 01 April 2013
250
Charge for year
500
At 31 March 2014
2,000
Net Book Values
At 31 March 2014
2,250
At 31 March 2013
3 Tangible fixed assets
Tangible
fixed assets
Cost or valuation
£
6,203
At 01 April 2013
763
Additions
(971)
Disposals
At 31 March 2014
5,995
Depreciation
4,499
At 01 April 2013
(971)
Disposals
1,198
Charge for year
4,726
At 31 March 2014
Net book values
At 31 March 2014
1,269
1,704
At 31 March 2013
4 Share capital
Allotted called up and fully paid
2014
2013
£
£
100 Ordinary shares of £1.00 each
100
100
100
100
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7
Notes to the Abbreviated Financial Statements
Retail Systems Limited
For the year ended 31 March 2014
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