Company Registration No. 04910002 (England and Wales)
ADVANCED COMPUTER TECHNOLOGY SYSTEMS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
PAGES FOR FILING WITH REGISTRAR
ADVANCED COMPUTER TECHNOLOGY SYSTEMS LTD
COMPANY INFORMATION
Directors
A M Boudier
A P Boudier
A R F Payne
G R Payne
Company number
04910002
Registered office
Unit 4 Bennet Place
15 Bennet Road
Reading
Berkshire
RG2 0QX
Accountants
Goringe Accountants Ltd
5 Theale Lakes Business Park
Moulden Way
Sulhamstead
Reading
Berkshire
RG7 4GB
ADVANCED COMPUTER TECHNOLOGY SYSTEMS LTD
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
ADVANCED COMPUTER TECHNOLOGY SYSTEMS LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ADVANCED COMPUTER TECHNOLOGY SYSTEMS LTD FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006,
we
have prepared for your approval the financial statements of Advanced Computer Technology Systems Ltd for the year ended 30 September 2018
from the company's accounting records and from information and explanations you have given us
.
It is your duty to ensure that Advanced Computer Technology Systems Ltd 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 Advanced Computer Technology Systems Ltd. You consider that Advanced Computer Technology Systems Ltd 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 Advanced Computer Technology Systems Ltd. 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.
Goringe Accountants Ltd
26 February 2019
Accountants
5 Theale Lakes Business Park
Moulden Way
Sulhamstead
Reading
Berkshire
RG7 4GB
ADVANCED COMPUTER TECHNOLOGY SYSTEMS LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2018
30 September 2018
- 2 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
583
729
Tangible assets
4
16,882
11,933
Current assets
Stocks
1,086
1,669
Debtors
5
128,077
138,856
Cash at bank and in hand
205,068
118,206
334,231
258,731
Creditors: amounts falling due within one year
6
(144,074)
(145,541)
Net current assets
190,157
113,190
Total assets less current liabilities
207,622
125,852
Provisions for liabilities
(3,318)
(2,406)
Net assets
204,304
123,446
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
204,302
123,444
Total equity
204,304
123,446
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 September 2018 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.
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.
ADVANCED COMPUTER TECHNOLOGY SYSTEMS LTD
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2018
30 September 2018
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 26 February 2019 and are signed on its behalf by:
A P Boudier
G R Payne
Director
Director
Company Registration No. 04910002
ADVANCED COMPUTER TECHNOLOGY SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 4 -
1
Accounting policies
Company information
Advanced Computer Technology Systems Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 4 Bennet Place, 15 Bennet Road, Reading, Berkshire, RG2 0QX.
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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.
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:
Software
20% per annum reducing balance
1.4
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 equipment
20% per annum reducing balance
Furniture and fittings
20% per annum reducing balance
Office equipment
20% per annum reducing balance
ADVANCED COMPUTER TECHNOLOGY SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 5 -
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
.
1.5
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
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.
1.7
Cash at bank and in hand
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.
1.8
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
ADVANCED COMPUTER TECHNOLOGY SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 6 -
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.
1.9
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.
1.10
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.
1.11
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
ADVANCED COMPUTER TECHNOLOGY SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 7 -
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 15 (2017 - 15).
3
Intangible fixed assets
Other
£
Cost
At 1 October 2017 and 30 September 2018
3,518
Amortisation and impairment
At 1 October 2017
2,789
Amortisation charged for the year
146
At 30 September 2018
2,935
Carrying amount
At 30 September 2018
583
At 30 September 2017
729
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2017
36,665
Additions
9,187
At 30 September 2018
45,852
Depreciation and impairment
At 1 October 2017
24,730
Depreciation charged in the year
4,240
At 30 September 2018
28,970
Carrying amount
At 30 September 2018
16,882
At 30 September 2017
11,933
ADVANCED COMPUTER TECHNOLOGY SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 8 -
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
111,463
115,297
Other debtors
16,614
23,559
128,077
138,856
6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
44,661
52,881
Corporation tax
35,773
33,598
Other taxation and social security
45,635
39,920
Other creditors
18,005
19,142
144,074
145,541
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
90 Ordinary A of 1p each
1
1
90 Ordinary B of 1p each
1
1
10 Ordinary C of 1p each
-
-
10 Ordinary D of 1p each
-
-
2
2
8
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
£
£
6,985
4,203
9
Related party transactions
ADVANCED COMPUTER TECHNOLOGY SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
9
Related party transactions
(Continued)
- 9 -
The following amounts were outstanding at the reporting end date:
2018
2017
Amounts owed to related parties
£
£
Loans from directors
2,558
16,834