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FINANCIAL STATEMENTS |
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FOR THE PERIOD 1 JULY 2016 TO 31 DECEMBER 2017 |
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ALWAYSON LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE PERIOD 1 JULY 2016 TO 31 DECEMBER 2017 |
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FOR |
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ALWAYSON LIMITED |
ALWAYSON LIMITED (REGISTERED NUMBER: 04090448) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2016 TO 31 DECEMBER 2017 |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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ALWAYSON LIMITED |
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COMPANY INFORMATION |
FOR THE PERIOD 1 JULY 2016 TO 31 DECEMBER 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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7/8 Eghams Court |
Boston Drive |
Bourne End |
Buckinghamshire |
SL8 5YS |
ALWAYSON LIMITED (REGISTERED NUMBER: 04090448) |
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ABRIDGED BALANCE SHEET |
31 DECEMBER 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CREDITORS |
Amounts falling due after more than one
year |
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( |
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PROVISIONS FOR LIABILITIES |
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( |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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ALWAYSON LIMITED (REGISTERED NUMBER: 04090448) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2016 TO 31 DECEMBER 2017 |
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1. | STATUTORY INFORMATION |
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AlwaysOn Limited is a private company, limited by shares, registered in England and Wales. The |
company's registered number and registered office address can be found on the Company Information |
Page. The company's place of business is 1 Bridge House, Brants Bridge, Bracknell, Berkshire RG12 |
9BG. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
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Going concern |
Since the year end a decision has been taken to transfer the company's business and assets and |
liabilities to a fellow group company, On Direct Business Services Limited, during 2018. |
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Accordingly, the Directors consider that it is not appropriate for the company to adopt the going |
concern basis of preparation for these financial statements. The business and assets and liabilities will |
be transferred at book values and no adjustment to the carrying value of assets and liabilities at 31 |
December 2017 is required. |
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The Directors regard the business carried on by the company, and subsequently to be carried on by |
On Direct Business Services Limited following the transfer, to be a going concern. Having reviewed the |
businesses trading forecasts and projections and making appropriate enquiries, the Directors believe |
the businesses have adequate financial facilities and resources to continue in operational existence for |
the foreseeable future. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 |
'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related |
party transactions with wholly owned subsidiaries within the group. |
ALWAYSON LIMITED (REGISTERED NUMBER: 04090448) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2016 TO 31 DECEMBER 2017 |
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3. | ACCOUNTING POLICIES - continued |
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Critical accounting judgements and key sources of estimation uncertainty |
Estimates and judgements are continually evaluated and based on historical experience and other |
factors, including expectations of future events that are believed to be reasonable under the |
circumstances. |
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Critical judgements in applying the company's accounting policies: |
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Determine whether leases entered into by the company either as a lessor or lessee are operating or |
finance leases. These decisions depend on whether the risks and rewards of ownership have been |
transferred from the lessor to the lessee on a lease by lease basis. |
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Determine whether there are indicators of impairment of the company's tangible assets. Factors taken |
into consideration in reaching such a decision include the economic viability and expected future |
financial performance of the asset. |
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Key accounting estimates and assumptions |
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Tangible fixed assets are depreciated over their useful lives taking into account residual values, where |
appropriate. The actual lives of the assets and residual values are assessed annually and may vary |
depending on a number of factors. In re-assessing asset lives, factors such as technological |
innovation, product life cycles and maintenance programmes are taken into account. Residual value |
assessments consider issues such as future market conditions, the remaining life of the asset and |
projected disposal values. |
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Provision is made for dilapidations which requires management best estimate of the costs that will be |
incurred based on legislative and contractual requirements. |
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Turnover |
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. |
Turnover relating to installation is recognised on completion of the work. Turnover arising from rentals |
and maintenance is recognised in the period in which it is earned. Product sales are recognised at the |
point of delivery. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Computer equipment | - |
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The assets' residual values, useful lives and depreciation methods are reviewed and adjusted |
prospectively if appropriate, if there is an indication of a significant change since the last reporting date. |
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Gains and losses on disposals are determined by comparing the proceeds with the carrying amount |
and are recognised within other operating income or losses in the statement of comprehensive |
income. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
ALWAYSON LIMITED (REGISTERED NUMBER: 04090448) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2016 TO 31 DECEMBER 2017 |
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3. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company uses certain financial instruments in its normal operating and investing activities, which |
are deemed appropriate to its circumstances, such as trade receivables and trade payables, cash at |
bank deposits and bank overdrafts, loans and equity shares. Financial assets and liabilities are |
recognised on the company's statements of financial position (balance sheets) when the company has |
become a party to the contractual provisions of the instrument. |
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Cash and cash equivalents comprise cash on hand and on demand deposits. Bank overdrafts that are |
repayable on demand and form an integral part of the company's cash management are included as a |
component of cash and cash equivalents for the purpose only of the cash flow statement. |
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Financial assets |
Trade debtors, loans and other receivables that have fixed or determinable payments are classified as |
'Loans and receivables' and are measured at amortised cost using the effective interest method less |
impairment. Interest is recognised by applying the effective interest rate, except for short term |
receivables when the recognition of interest would be immaterial. |
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Financial assets are assessed for impairment at each balance sheet date and any impairment |
recognised in the profit or loss for the year in the statement of comprehensive income. Trade debtors |
are assessed for collectability and where appropriate the carrying amount is reduced through the use |
of an allowance account. When a trade receivable is uncollectible it is written off against the allowance |
account. Subsequent recoveries of amounts previously written off are credited against the allowance |
account and changes in the carrying amount of the allowance account are recognised in the profit or |
loss for the year in the statement of comprehensive income. |
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Debt and equity instruments issued by the company |
Debt and equity instruments are classified as either financial liabilities or as equity in accordance with |
the substance of the contractual arrangement. |
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Financial liabilities |
Financial liabilities such as trade creditors and loans are classified as 'Other financial liabilities' and are |
measured initially at fair value. Other financial liabilities are subsequently measured at amortised cost |
using the effective interest method, except for short term payables when the recognition of interest |
would be immaterial. |
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Other financial instruments |
Other financial instruments not meeting the definition of basic financial instruments are recognised |
initially at fair value. Subsequent to initial recognition, other financial instruments are measured at fair |
value with changes recognised in profit or loss. |
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Taxation |
Taxation for the period 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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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ALWAYSON LIMITED (REGISTERED NUMBER: 04090448) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2016 TO 31 DECEMBER 2017 |
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3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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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 period end and that |
are expected to apply to the reversal of the timing difference. |
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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. |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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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. |
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Leased assets - Lessee |
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Where assets are financed by leasing arrangements that give rights approximating to ownership |
(finance leases), the assets are treated as if they had been purchased outright. The amount capitalised |
is the present value of the minimum lease payments over the term of the lease. The corresponding |
leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets |
is charged to profit or loss over the shorter of estimated useful economic life or the term of the lease. |
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Lease payments are analysed between capital and interest components so that the interest element of |
the payment is charged to profit or loss over the term of the lease and is calculated so that it |
represents a constant proportion of the balance of capital repayments outstanding. The capital part |
reduces the amounts payable to the lessor. |
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All other leases are treated as operating leases. Their annual rentals are charged to profit or loss on a |
straight line basis over the term of the lease. |
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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. |
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Comparative period |
The accounting period was extended to an 18 month period to 31 December 2017 in order that the |
year end corresponds with that of its new parent company. Accordingly, the comparative figures for the |
year ended 30 June 2016 are not strictly comparable. |
ALWAYSON LIMITED (REGISTERED NUMBER: 04090448) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2016 TO 31 DECEMBER 2017 |
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4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 July 2016 |
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Additions |
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At 31 December 2017 |
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DEPRECIATION |
At 1 July 2016 |
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Charge for period |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 30 June 2016 |
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5. |
DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Other debtors |
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6. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2017 | 2016 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable |
operating leases |
2017 | 2016 |
£ | £ |
Within one year |
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Between one and five years |
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ALWAYSON LIMITED (REGISTERED NUMBER: 04090448) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2016 TO 31 DECEMBER 2017 |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, called up and fully paid | 31 December | 30 June | 31 December | 30 June |
2017 | 2016 | 2017 | 2016 |
Number | Number | £ | £ |
Ordinary shares of £1 each | 200,000 | 200,000 | 200,000 | 200,000 |
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All shares are entitled to one vote and dividends and return of capital are payable and distributed |
amongst the holders of equity shares pari passu. |
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8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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9. | CONTINGENT LIABILITIES |
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The company is part of a VAT group registration scheme with its fellow group undertaking AlwaysON |
Group Limited. As a result, these companies are jointly and severally liable for all the VAT liabilities of |
that particular VAT group. |
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10. | POST BALANCE SHEET EVENTS |
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As described in note 3 to the financial statements, since the year end a decision has been taken to |
transfer the company's business and assets and liabilities to a fellow group company during 2018. |
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11. | ULTIMATE CONTROLLING PARTY |
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The company's immediate parent company is AlwaysOn Group Limited a company incorporated in |
England & Wales. |
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The company's ultimate parent company is OnDirect Group Limited a company incorporated in |
England and Wales. |