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Retail Systems Limited
For the year ended 31 March 2016
Unaudited Abbreviated Report and Financial Statements
England and Wales
Registered Number: 04587401
2
Contents Page
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
3
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
Dated:
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4
Abbreviated Balance Sheet
Retail Systems Limited
As at 31 March 2016
04587401
Registered Number :
£
£
2016
Notes
2015
Fixed assets
Intangible assets
2
1,500
1,750
Tangible assets
3
164
582
1,664
2,332
Current assets
Stocks
4,315
6,649
Debtors
10,319
15,648
Cash at bank and in hand
189,793
166,913
212,090
181,547
Creditors: amounts falling due within one year
(18,027)
(20,720)
163,520
191,370
Net current assets
Total assets less current liabilities
193,034
165,852
(299)
(466)
Provisions for liabilities
192,735
Net assets
165,386
Capital and reserves
Called up share capital
100
4
100
Profit and loss account
192,635
165,286
192,735
165,386
Shareholders funds
For the 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 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
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Date approved by the board: 25 August 2016
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 2016
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 January 2015).
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.
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
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.
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6
Notes to the Abbreviated Financial Statements
Retail Systems Limited
For the year ended 31 March 2016
2 Intangible fixed assets
Cost or valuation
Intangible
fixed assets
£
At 01 April 2015
2,500
2,500
At 31 March 2016
Amortisation
750
At 01 April 2015
250
Charge for year
1,000
At 31 March 2016
1,500
Net Book Values
At 31 March 2016
1,750
At 31 March 2015
3 Tangible fixed assets
Tangible
fixed assets
Cost or valuation
£
6,487
At 01 April 2015
At 31 March 2016
6,487
Depreciation
5,905
At 01 April 2015
418
Charge for year
6,323
At 31 March 2016
Net book values
At 31 March 2016
164
582
At 31 March 2015
4 Share capital
Allotted called up and fully paid
2016
2015
£
£
100 Ordinary shares of £1.00 each
100
100
100
100
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