Company Registration No. 03213816 (England and Wales)
TECHNICAL SIMULATION CONSULTANTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
PAGES FOR FILING WITH REGISTRAR
TECHNICAL SIMULATION CONSULTANTS LIMITED
COMPANY INFORMATION
Directors
C M Bolton
A P Bolton
M J Fenton
A J Bolton
Secretary
A P Bolton
Company number
03213816
Registered office
Kestrel Business Centre
Private Road 2
Colwick
Nottingham
NG4 2JR
Accountants
UHY Hacker Young
14 Park Row
Nottingham
NG1 6GR
Business address
Kestrel Business Centre
Private Road 2
Colwick
Nottingham
NG4 2JR
TECHNICAL SIMULATION CONSULTANTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
TECHNICAL SIMULATION CONSULTANTS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2017
30 June 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Intangible assets
3
592,102
436,254
Tangible assets
4
10,554
11,144
602,656
447,398
Current assets
Stocks
379,662
490,959
Debtors
5
209,083
241,892
Cash at bank and in hand
6,118
19,001
594,863
751,852
Creditors: amounts falling due within one year
6
(313,027)
(393,089)
Net current assets
281,836
358,763
Total assets less current liabilities
884,492
806,161
Creditors: amounts falling due after more than one year
7
(231,009)
(319,586)
Provisions for liabilities
-
(388)
Net assets
653,483
486,187
Capital and reserves
Called up share capital
8
114,075
114,075
Capital redemption reserve
19,025
19,025
Profit and loss reserves
520,383
353,087
Total equity
653,483
486,187
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
TECHNICAL SIMULATION CONSULTANTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2017
30 June 2017
- 2 -
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered 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 14 November 2017 and are signed on its behalf by:
C M Bolton
Director
Company Registration No. 03213816
TECHNICAL SIMULATION CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
- 3 -
1
Accounting policies
Company information
Technical Simulation Consultants Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Kestrel Business Centre, Private Road 2, Colwick, Nottingham, NG4 2JR.
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.
These financial statements for the year ended 30 June 2017
are the
first
financial statements of Technical Simulation Consultants Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 July 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
TECHNICAL SIMULATION CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
1
Accounting policies
(Continued)
- 4 -
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.5
Intangible fixed assets other than goodwill
Intangible assets are recognised
when project developments become available to market. Intangible assets are recognised at the cumulative IPR costs of developed software included in work in progress,
and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Patents
10% per annum straight line
System IPR costs
10% per annum straight line
1.6
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:
Plant and machinery
25% per annum straight line
Fixtures and fittings
10 % per annum straight line
Computer equipment
10% per annum straight line
Source codes
10% per annum straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in use.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
TECHNICAL SIMULATION CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
1
Accounting policies
(Continued)
- 5 -
1.8
Stocks
Stocks are valued at the lower of cost and net realisable value. The cost of finished goods and work in progress includes directly attributable costs. Turnover and related costs on each long term contract are recorded in the profit and loss account as contract activity progresses. Turnover is calculated on the basis of the value of work done and when a profitable outcome can be assessed with reasonable certainty.
Attributable profit is calculated on a prudent basis for each contract by reference to the contract's cumulative turnover, total value and total profit estimated for the completed contract. Full provisions are made for losses on contracts as soon as they can be foreseen.
Work in progress is stated, at direct costs, applicable overhead plus a relevant proportion of profits. Provision is made for any foreseeable losses on each contract and the net figure is reflected in stock.
1.9
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
TECHNICAL SIMULATION CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
1
Accounting policies
(Continued)
- 6 -
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
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.
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 18 (2016 - 18).
TECHNICAL SIMULATION CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 7 -
3
Intangible fixed assets
Goodwill
Patents
System IPR costs
Total
£
£
£
£
Cost
At 1 July 2016
19,000
3,584
433,506
456,090
Additions - internally developed
-
-
198,908
198,908
Additions - separately acquired
-
1,026
-
1,026
At 30 June 2017
19,000
4,610
632,414
656,024
Amortisation and impairment
At 1 July 2016
19,000
836
-
19,836
Amortisation charged for the year
-
735
43,351
44,086
At 30 June 2017
19,000
1,571
43,351
63,922
Carrying amount
At 30 June 2017
-
3,039
589,063
592,102
At 30 June 2016
-
2,748
433,506
436,254
4
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Computer equipment
Source codes
Total
£
£
£
£
£
Cost
At 1 July 2016
113,628
19,875
153,965
129,000
416,468
Additions
4,574
620
-
-
5,194
At 30 June 2017
118,202
20,495
153,965
129,000
421,662
Depreciation and impairment
At 1 July 2016
106,512
15,847
153,965
129,000
405,324
Depreciation charged in the year
3,819
1,965
-
-
5,784
At 30 June 2017
110,331
17,812
153,965
129,000
411,108
Carrying amount
At 30 June 2017
7,871
2,683
-
-
10,554
At 30 June 2016
7,116
4,028
-
-
11,144
TECHNICAL SIMULATION CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 8 -
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
147,828
185,602
Corporation tax recoverable
56,684
49,829
Other debtors
4,571
6,461
209,083
241,892
6
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
78,822
46,484
Trade creditors
58,599
123,427
Other taxation and social security
107,034
49,086
Other creditors
68,572
174,092
313,027
393,089
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
231,009
319,586
Bank overdrafts are secured by way of a fixed and floating charge over the assets of the company. The other loans are secured by a personal guarantee by the directors C M Bolton and A P Bolton.
TECHNICAL SIMULATION CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 9 -
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
Preference share capital
Issued and fully paid
113,975 Cumulative redeemable preference shares of £1 each
113,975
113,975
The cumulative redeemable preference shares carry a fixed coupon of 6% per annum and have the right to be converted into ordinary shares.
In the opinion of the directors, the cumulative redeemable preference shares are correctly stated as equity shares.
TECHNICAL SIMULATION CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 10 -
9
Directors' transactions
Interest free loans have been granted
to
the company
by
its directors as follows:
Dividends totalling £10,000 (2016 - £0) were paid in the year in respect of shares held by the company's directors.
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan from C M Bolton
-
83,681
50,000
(8,875)
124,806
Loan from M J Fenton
-
6,000
-
-
6,000
Loan from A J Bolton
-
6,000
-
-
6,000
95,681
50,000
(8,875)
136,806
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