Company Registration No. 02511016 (England and Wales)
DMC TECHNOLOGIES LIMITED
FORMERLY FIRST OFFICE SYSTEMS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
DMC TECHNOLOGIES LIMITED
FORMERLY FIRST OFFICE SYSTEMS LIMITED
COMPANY INFORMATION
Directors
Mr J E D Hill
Mr S A Davey
(Appointed 23 May 2018)
Mr A P Tatham
(Appointed 11 June 2018)
Company number
02511016
Registered office
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
Auditor
Bryden Johnson
Kings Parade
Lower Coombe Street
Croydon
CR0 1AA
Business address
Unit 5
Invicta Business Centre
Orbital Park
Ashford
TN24 0HB
DMC TECHNOLOGIES LIMITED
FORMERLY FIRST OFFICE SYSTEMS LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 4
Profit and loss account
5
Balance sheet
6
Notes to the financial statements
7 - 11
DMC TECHNOLOGIES LIMITED
FORMERLY FIRST OFFICE SYSTEMS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2018
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2018.
Principal activities
The principal activity of the company continued to be sale, and service of telephones kits and consumables.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr J E D Hill
Mr P A Kavanagh
(Resigned 11 June 2018)
Mr J J Nicholson
(Resigned 11 June 2018)
Mr R B Lightfoot
(Appointed 11 June 2018 and resigned 27 July 2018)
Mr S A Davey
(Appointed 23 May 2018)
Mr A P Tatham
(Appointed 11 June 2018)
Auditor
In accordance with the company's articles, a resolution proposing that Bryden Johnson be reappointed as auditor of the company will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr J E D Hill
Director
28 September 2018
DMC TECHNOLOGIES LIMITED
FORMERLY FIRST OFFICE SYSTEMS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2018
- 2 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
DMC TECHNOLOGIES LIMITED
FORMERLY FIRST OFFICE SYSTEMS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DMC TECHNOLOGIES LIMITED
- 3 -
Opinion
We have audited the financial statements of DMC Technologies Limited (the 'company') for the year ended 31 March 2018 which comprise the profit and loss account, the balance sheet and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 March 2018 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's
responsibilities for the audit of the financial statements
section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue
.
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the
financial statements
does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the directors' r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the directors' report has been prepared in accordance with applicable legal requirements.
DMC TECHNOLOGIES LIMITED
FORMERLY FIRST OFFICE SYSTEMS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DMC TECHNOLOGIES LIMITED
- 4 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the directors'
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and take advantage of the small companies exemption from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities
.
This description forms part of our auditor’s report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Neil Johnson (Senior Statutory Auditor)
for and on behalf of Bryden Johnson
5 October 2018
Chartered Accountants
Statutory Auditor
Kings Parade
Lower Coombe Street
Croydon
CR0 1AA
DMC TECHNOLOGIES LIMITED
FORMERLY FIRST OFFICE SYSTEMS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2018
- 5 -
Year
Period
ended
ended
31 March
31 March
2018
2017
as restated
Notes
£
£
Turnover
1,560,403
2,547,769
Cost of sales
(843,757)
(1,329,334)
Gross profit
716,646
1,218,435
Distribution costs
(5,017)
(16,820)
Administrative expenses
(672,038)
(909,161)
Profit before taxation
39,591
292,454
Taxation
(7,609)
(59,591)
Profit for the financial year
31,982
232,863
DMC TECHNOLOGIES LIMITED
FORMERLY FIRST OFFICE SYSTEMS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 6 -
2018
2017
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,351
-
Current assets
Stocks
45,204
137,648
Debtors
4
144,019
250,269
Cash at bank and in hand
215,525
191,272
404,748
579,189
Creditors: amounts falling due within one year
5
(206,668)
(409,740)
Net current assets
198,080
169,449
Total assets less current liabilities
201,431
169,449
Capital and reserves
Called up share capital
6
100,099
100,099
Profit and loss reserves
101,332
69,350
Total equity
201,431
169,449
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 28 September 2018 and are signed on its behalf by:
Mr J E D Hill
Director
Company Registration No. 02511016
DMC TECHNOLOGIES LIMITED
FORMERLY FIRST OFFICE SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 7 -
1
Accounting policies
Company information
DMC Technologies Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Kings Parade, Lower Coombe Street, Croydon, Surrey, CR0 1AA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% straight line
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
DMC TECHNOLOGIES LIMITED
FORMERLY FIRST OFFICE SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 8 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 13 (2017 - 22).
DMC TECHNOLOGIES LIMITED
FORMERLY FIRST OFFICE SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 9 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2017
29,658
Additions
3,351
At 31 March 2018
33,009
Depreciation and impairment
At 1 April 2017 and 31 March 2018
29,658
Carrying amount
At 31 March 2018
3,351
At 31 March 2017
-
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
106,955
226,060
Other debtors
36,678
22,896
143,633
248,956
Deferred tax asset
386
1,313
144,019
250,269
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
65,906
145,353
Amounts due to group undertakings
57,785
948
Corporation tax
8,322
59,422
Other taxation and social security
2,832
80,396
Other creditors
71,823
123,621
206,668
409,740
DMC TECHNOLOGIES LIMITED
FORMERLY FIRST OFFICE SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 10 -
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
74,999 Ordinary A shares of £1 each
74,999
74,999
25,000 Ordinary B shares of £1 each
25,000
25,000
100 Ordinary C shares of £1 each
100
100
100,099
100,099
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
64,369
-
8
Related party transactions
The company has taken advantage of the exemption available in FRS 102 33.1 A "Related party disclosures" whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
9
Parent company
The ultimate parent company is DMC Business Machines Limited which draws up consolidated financial statement for the group.
The registered office of DMC Business Machines Limited is Kings Parade, Lower Coombe Street, Croydon, Surrey, CR0 1AA.
DMC Business Machines Limited principal place of business is 59 Imperial Way, Croydon, CR0 4RR.
DMC TECHNOLOGIES LIMITED
FORMERLY FIRST OFFICE SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 11 -
10
Prior period adjustment
Reconciliation of changes in equity
1 May
31 March
2016
2017
Notes
£
£
Equity as previously reported
396,606
162,459
Adjustments to prior year
Prior year adjustment in relation to align group accounting policy for income recognition
1
-
6,990
Equity as adjusted
396,606
169,449
Reconciliation of changes in profit for the previous financial period
2017
Notes
£
Profit as previously reported
225,873
Adjustments to prior year
Prior year adjustment in relation to align group accounting policy for income recognition
1
6,990
Profit as adjusted
232,863
Notes to reconciliation
Note 1- Prior year adjustment in relation to align group accounting policy for income recognition
A prior year adjustment has been recognised in relation to a change in accounting policy for the recognition of income.
This adjustment has increased turnover by £8,629, increased accrued income by £8,629 and also increased the taxation charge by £1,639.
2018-03-31
2017-04-01
false
CCH Software
CCH Accounts Production 2018.220
Mr J Hill
Mr P Kavanagh
Mr J J Nicholson
Mr R Lightfoot
Mr S Davey
Mr A Tatham
02511016
2017-04-01
2018-03-31
02511016
bus:Director8
2017-04-01
2018-03-31
02511016
bus:Director9
2017-04-01
2018-03-31
02511016
bus:Director7
2017-04-01
2018-03-31
02511016
bus:Director1
2017-04-01
2018-03-31
02511016
bus:Director2
2017-04-01
2018-03-31
02511016
bus:Director3
2017-04-01
2018-03-31
02511016
bus:Director4
2017-04-01
2018-03-31
02511016
bus:Director5
2017-04-01
2018-03-31
02511016
bus:Director6
2017-04-01
2018-03-31
02511016
bus:RegisteredOffice
2017-04-01
2018-03-31
02511016
2018-03-31
02511016
2016-05-01
2017-03-31
02511016
core:OtherPropertyPlantEquipment
2018-03-31
02511016
2017-03-31
02511016
core:CurrentFinancialInstruments
2018-03-31
02511016
core:CurrentFinancialInstruments
2017-03-31
02511016
core:ShareCapital
2018-03-31
02511016
core:ShareCapital
2017-03-31
02511016
core:RetainedEarningsAccumulatedLosses
2018-03-31
02511016
core:RetainedEarningsAccumulatedLosses
2017-03-31
02511016
core:ShareCapitalOrdinaryShares
2018-03-31
02511016
core:ShareCapitalOrdinaryShares
2017-03-31
02511016
core:FurnitureFittings
2017-04-01
2018-03-31
02511016
core:OtherPropertyPlantEquipment
2017-03-31
02511016
core:OtherPropertyPlantEquipment
2017-04-01
2018-03-31
02511016
bus:OrdinaryShareClass1
2017-04-01
2018-03-31
02511016
bus:OrdinaryShareClass2
2017-04-01
2018-03-31
02511016
bus:OrdinaryShareClass3
2017-04-01
2018-03-31
02511016
bus:OrdinaryShareClass1
2018-03-31
02511016
bus:OrdinaryShareClass2
2018-03-31
02511016
bus:OrdinaryShareClass3
2018-03-31
02511016
bus:PrivateLimitedCompanyLtd
2017-04-01
2018-03-31
02511016
bus:FRS102
2017-04-01
2018-03-31
02511016
bus:Audited
2017-04-01
2018-03-31
02511016
bus:FullAccounts
2017-04-01
2018-03-31
xbrli:pure
xbrli:shares
iso4217:GBP