|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018 |
|
FOR |
|
CAMWOOD LIMITED |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018 |
|
FOR |
|
CAMWOOD LIMITED |
CAMWOOD LIMITED (REGISTERED NUMBER: 03469812) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 3 | to | 6 |
|
CAMWOOD LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2018 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
CAMWOOD LIMITED (REGISTERED NUMBER: 03469812) |
|
BALANCE SHEET |
31 MARCH 2018 |
|
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
Investments | 5 |
|
|
|
|
|
CURRENT ASSETS |
Debtors | 6 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 7 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
PROVISIONS FOR LIABILITIES | 8 |
|
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Share premium |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors on
|
|
|
|
|
|
|
|
CAMWOOD LIMITED (REGISTERED NUMBER: 03469812) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
|
|
1. | STATUTORY INFORMATION |
|
Camwood Limited is a
|
registered number and registered office address can be found on the Company Information page. |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Turnover |
Turnover earned from the provision of services is recognised on a basis in accordance with the delivery of |
services over the duration of the contracted project. Turnover earned from the provision of internal licensing |
contracts to access software are not refundable and are recognised over the duration of the licence period. |
|
Turnover is the fair value of the total amount receivable by the company for supplies of services which are |
provided in the normal course of business. VAT or similar local taxes and trade discounts are excluded. |
|
Turnover from the provision of services is recognised by reference to the stage of completion of the transaction |
at the statement of financial position date. The outcome of a transaction can be estimated reliably when all the |
following conditions are satisfied: |
|
a) the amount of revenue can be measured reliably; |
b) it is probable that the economic benefits associated with the transaction will flow to the entity; |
c) the stage of completion of the transaction at the statement of financial position date can be measured reliably; |
and |
d) the costs incurred for the transaction and the costs to complete the transaction can be measured reliably. |
|
Licensing |
|
The company licenses software under non-cancellable licence agreements. Licence fee revenues are generally |
recognised when a non-cancellable licence agreement has been signed, there are no uncertainties surrounding |
product acceptance, there are no significant vendor obligations, the fees are fixed and determinable and |
collection is considered probable. |
|
Where appropriate, the company allocates a portion of contracted fees to post-contract activities covered under |
the contract, which may include installation assistance, training services and first year maintenance. |
|
Support services |
|
The company provides support services which include installation, consulting, training and product support. |
Revenues for training or consulting services are recognised as the services are performed. Revenues from |
support agreements are recognised rateably over the support period. |
|
Tangible fixed assets |
|
Short leasehold | - |
|
Fixtures and fittings | - |
|
Computer equipment | - |
|
|
Investments in subsidiaries |
Investments that are not publicly traded and whose fair value cannot otherwise be measured reliably are |
recognised at cost less impairment until a reliable measure of fair value becomes available. |
|
CAMWOOD LIMITED (REGISTERED NUMBER: 03469812) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
|
|
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
|
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws |
that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal |
of the timing difference. |
|
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
|
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
|
|
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
|
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
|
Share based payments |
When share options are awarded to employees, the fair value of the options at the date of the grant is charged |
to the income statement over the vesting period. Non-market vesting conditions are taken into account by |
adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the |
cumulative amount recognised over the vesting period is based on the number of the options granted. As long |
as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting |
conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition. |
|
Property lease rental |
The company received a six month free rental period on commencement of its new lease. This is being spread |
over the term of the lease of 9 years. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
CAMWOOD LIMITED (REGISTERED NUMBER: 03469812) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
|
|
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | and | Computer |
leasehold | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2017 |
|
|
|
|
Additions |
|
|
|
|
At 31 March 2018 |
|
|
|
|
DEPRECIATION |
At 1 April 2017 |
|
|
|
|
Charge for year |
|
|
|
|
At 31 March 2018 |
|
|
|
|
NET BOOK VALUE |
At 31 March 2018 |
|
|
|
|
At 31 March 2017 |
|
|
|
|
|
5. | FIXED ASSET INVESTMENTS |
|
The company has a 75% interest in Camwood Espana SL, a dormant company.The cost of the investment was |
£1. |
|
6. | DEBTORS |
2018 | 2017 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Taxation recoverable | 98,659 | 117,049 |
Prepayments and accrued income |
|
|
|
|
|
Amounts falling due after more than one year: |
Other debtors |
|
|
Amounts owed by related |
companies | 1,025,727 | 1,009,151 |
|
|
|
Aggregate amounts |
|
|
|
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
CAMWOOD LIMITED (REGISTERED NUMBER: 03469812) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
|
|
8. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred tax | 7,784 | 3,562 |
|
Other provisions |
Other provisions | 30,000 | 30,000 |
Provision for rent incentive | 30,111 | 34,412 |
|
|
|
Aggregate amounts | 67,895 | 67,974 |
|
Deferred |
tax |
£ |
Balance at 1 April 2017 |
|
Accelerated capital allowances | 4,222 |
Balance at 31 March 2018 |
|
|
Deferred tax has been calculated using a rate of 17%. |
|
9. | OTHER FINANCIAL COMMITMENTS |
|
The company has a property rental obligation of £740,460 (2017: £846,240) to expiry of its lease in 2025. |
|
10. | ULTIMATE CONTROLLING PARTY |
|
The controlling party is Camwood Capital Ltd. |
|
The registered office of Camwood Capital Ltd is 53 New Broad Street, London, EC2M 1JJ. |