Company Registration No. 03396173 (England and Wales)
EXPORTMASTER SYSTEMS LIMITED
DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
EXPORTMASTER SYSTEMS LIMITED
COMPANY INFORMATION
Directors
C H Bainbridge
C D Hensher
Secretary
C D Hensher
Company number
03396173
Registered office
Kings Parade
Lower Coombe Street
Croydon
CR0 1AA
Accountants
Bryden Johnson
Kings Parade
Lower Coombe Street
Croydon
CR0 1AA
Business address
Unit 26
22 Carlton Road
South Croydon
Surrey
CR2 0BS
EXPORTMASTER SYSTEMS LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4 - 5
Notes to the financial statements
6 - 11
EXPORTMASTER SYSTEMS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 1 -
The directors present their report and financial statements for the year ended 30 September 2016.
Directors
The following directors have held office since 1 October 2015:
C H Bainbridge
C D Hensher
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board
C D Hensher
Director
21 June 2017
EXPORTMASTER SYSTEMS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF EXPORTMASTER SYSTEMS LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Exportmaster Systems Limited for the year ended 30 September 2016 set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Exportmaster Systems Limited, as a body, in accordance with the terms of our engagement letter dated 29 August 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Exportmaster Systems Limited and state those matters that we have agreed to state to the Board of Directors of Exportmaster Systems Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Exportmaster Systems Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Exportmaster Systems Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Exportmaster Systems Limited. You consider that Exportmaster Systems Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Exportmaster Systems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Bryden Johnson
26 June 2017
Chartered Accountants
Kings Parade
Lower Coombe Street
Croydon
CR0 1AA
EXPORTMASTER SYSTEMS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 3 -
2016
2015
Notes
£
£
Turnover
389,605
359,816
Cost of sales
(3,465)
(7,672)
Gross profit
386,140
352,144
Administrative expenses
(364,306)
(284,592)
Operating profit
2
21,834
67,552
Other interest receivable and similar income
3
39
47
Interest payable and similar charges
-
(263)
Profit on ordinary activities before taxation
21,873
67,336
Tax on profit on ordinary activities
4
(10,400)
(7,308)
Profit for the year
13
11,473
60,028
EXPORTMASTER SYSTEMS LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2016
30 September 2016
- 4 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
6
-
62,209
Tangible assets
7
1,478
3,803
1,478
66,012
Current assets
Debtors
8
91,068
85,040
Cash at bank and in hand
81,621
90,450
172,689
175,490
Creditors: amounts falling due within one year
9
(44,072)
(36,959)
Net current assets
128,617
138,531
Total assets less current liabilities
130,095
204,543
Accruals and deferred income
11
(125,262)
(143,983)
4,833
60,560
Capital and reserves
Called up share capital
12
1,000
1,000
Profit and loss account
13
3,833
59,560
Shareholders' funds
4,833
60,560
EXPORTMASTER SYSTEMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2016
30 September 2016
- 5 -
For the financial year ended 30 September 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective January 2015).
Approved by the Board for issue on 21 June 2017
C H Bainbridge
Director
Company Registration No. 03396173
EXPORTMASTER SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 6 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Research and development
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure
was
written off in the same way unless the directors
were
satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure
was
deferred and amortised over the period during which the company
was
expected to benefit.
The policy from 1 January 2017 is to write off development expenditure to the profit and loss account in the year in which it is incurred.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
25% Straight Line
Fixtures, fittings & equipment
25% Straight Line
1.5
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Operating profit
2016
2015
£
£
Operating profit is stated after charging:
Amortisation of intangible assets
26,104
26,104
Depreciation of tangible assets
2,325
2,217
Directors' remuneration
36,050
22,340
3
Investment income
2016
2015
£
£
Bank interest
39
47
39
47
EXPORTMASTER SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 7 -
4
Taxation
2016
2015
£
£
Domestic current year tax
U.K. corporation tax
10,400
7,308
Total current tax
10,400
7,308
5
Dividends
2016
2015
£
£
Ordinary interim paid
67,200
70,200
6
Intangible fixed assets
Development Costs
£
Cost
At 1 October 2015
130,522
Disposals
(130,522)
At 30 September 2016
-
Amortisation
At 1 October 2015
68,313
Amortisation on disposals
(94,417)
Charge for the year
26,104
Net book value
At 30 September 2016
-
At 30 September 2015
62,209
The directors have changed the accounting policy in respect of development cost to recognise the expenditure as it is incurred. The balance of unamortised research and development cost has been written off to the profit and loss in these accounts.
EXPORTMASTER SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 8 -
7
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2015 & at 30 September 2016
9,327
Depreciation
At 1 October 2015
5,524
Charge for the year
2,325
At 30 September 2016
7,849
Net book value
At 30 September 2016
1,478
At 30 September 2015
3,803
8
Debtors
2016
2015
£
£
Trade debtors
84,606
78,343
Other debtors
6,462
6,697
91,068
85,040
9
Creditors: amounts falling due within one year
2016
2015
£
£
Trade creditors
6,444
3,488
Taxation and social security
28,307
25,693
Other creditors
9,321
7,778
44,072
36,959
EXPORTMASTER SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 9 -
10
Pension costs
Defined contribution
2016
2015
£
£
Contributions payable by the company for the year
191
-
11
Accruals and deferred income
Deferred income
£
Balance at 1 October 2015
143,983
Reduction in the year
(18,721)
Balance at 30 September 2016
125,262
The deferred income represents revenue from annual maintenance contracts received in advance and for completion in the year ending 30 September 2017.
12
Share capital
2016
2015
£
£
Allotted, called up and fully paid
900 Ordinary shares of £1 each
900
900
50 Ordinary A shares of £1 each
50
50
50 Ordinary B shares of £1 each
50
50
1,000
1,000
EXPORTMASTER SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 10 -
13
Statement of movements on profit and loss account
Profit
and loss
account
£
Balance at 1 October 2015
59,560
Profit for the year
11,473
Dividends paid
(67,200)
Balance at 30 September 2016
3,833
14
Financial commitments
At 30 September 2016 the company was committed to making the following payments under non-cancellable operating leases in the year to 30 September 2017:
2016
2015
£
£
Operating leases which expire:
Within one year
6,220
6,227
Between two and five years
5,226
-
11,446
6,227
15
Control
There is no ultimate controlling party.
EXPORTMASTER SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 11 -
16
Related party relationships and transactions
Dividends to Directors
The following directors were paid dividends during the year as outlined in the table below:
2016
2015
£
£
C D Hensher
33,600
35,100
C H Bainbridge
33,600
35,100
67,200
70,200
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