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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 |
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PURENET SOLUTIONS LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 |
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FOR |
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PURENET SOLUTIONS LIMITED |
PURENET SOLUTIONS LIMITED (REGISTERED NUMBER: 06013169) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2017 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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PURENET SOLUTIONS LIMITED |
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COMPANY INFORMATION |
for the year ended 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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PURENET SOLUTIONS LIMITED (REGISTERED NUMBER: 06013169) |
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STATEMENT OF FINANCIAL POSITION |
31 December 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Property, plant and equipment | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 9 | ( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
PURENET SOLUTIONS LIMITED (REGISTERED NUMBER: 06013169) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 December 2017 |
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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
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PURENET SOLUTIONS LIMITED (REGISTERED NUMBER: 06013169) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2017 |
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1. | STATUTORY INFORMATION |
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PureNet Solutions Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
In preparing the financial statements, management is required to make estimates and assumptions which affect reported |
income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and |
application of judgement are inherent in the formation of estimates, together with past experience and expectations of future |
events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such |
estimates. |
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Critical judgements in applying the company's policies |
The management consider that no significant judgements have had to made in preparing these financial statements. |
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Critical accounting estimates and assumptions |
1. Amortisation of intangible assets |
The annual amortisation charge for intangible assets is sensitive to changes in the estimated useful economic lives and future |
revenues generated relating to development costs capitalised. The assumptions used regarding useful economic lives are |
assessed annually. They are amended when necessary to reflect current estimates based on market conditions. Forecasted |
future revenues are reviewed annually to ensure they are in excess of development costs together with related production, |
selling and administrative costs. |
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2. Provisions |
The management have assessed the necessary level of provisions required against bad debts and intercompany and other |
loans made based on previous experience and all available knowledge and information. |
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The directors do not consider that any other estimates and assumptions used in the preparation of these financial statements |
have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next |
financial year. |
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Turnover |
Turnover represents goods and services supplied, excluding value added tax. Revenue is recognised to the extent that the |
company has obtained the right to consideration through its performance and is measured at the fair value of the right to |
consideration. |
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Goodwill and other intangible fixed assets |
Acquired goodwill and other intangible fixed assets excluding development costs are written off in equal annual instalments |
over an estimated useful economic life of 10 years. |
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Development costs |
Development costs relate to clearly defined software products and are capitalised where it is reasonably expected that future |
related revenues will exceed development costs together with related production, selling and administrative costs. |
Completed development costs are amortised over the period expected to benefit from future revenues, which is critically |
reviewed at each accounting date. For the purposes of section 844 of the Companies Act 2006 the amount of development |
costs capitalised are not treated as a realised loss for the purposes of making distributions. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Investments in subsidiaries |
Investment in subsidiary undertakings are recognised at cost less impairment |
PURENET SOLUTIONS LIMITED (REGISTERED NUMBER: 06013169) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and |
liabilities such as trade, other accounts receivable and payable and loans to related parties. |
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Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, |
initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. |
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Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future |
payments and subsequently at amortised costs using the effective interest method. |
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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. |
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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 statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of |
financial position 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 year 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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Operating leases |
Operating lease rentals are charged against profits of the period to which they relate. |
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Pension costs and other post-retirement benefits |
Payments to defined contribution pension schemes are charged as an expense in the period to which they relate. |
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Going concern |
The company has a net asset position and the directors are satisfied that sufficient resources will be available to continue |
operating for the foreseeable future despite the net current liabilities shown in these accounts. Thus the directors continue to |
adopt the going concern basis of accounting in preparing the annual financial statements. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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PURENET SOLUTIONS LIMITED (REGISTERED NUMBER: 06013169) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2017 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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AMORTISATION |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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5. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
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fittings |
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COST |
At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2017 |
and 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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PURENET SOLUTIONS LIMITED (REGISTERED NUMBER: 06013169) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2017 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Other creditors |
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10. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2017 | 2016 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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11. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank overdraft |
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Other loans |
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The loans are secured by means of a directors' joint and several personal guarantee of £284,980 and a fixed and floating |
charge over all property or undertaking of the company. The bank overdraft is secured by means of debenture creating a |
fixed and floating charge over the undertaking and all property and assets present and future. |
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12. | RELATED PARTY DISCLOSURES |
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Directors and their close family received dividends of £211,068 (2016 -£250,960) during the period. |
Turnover includes £429,362 (2016 - £438,044) of management charges to related companies which are either subsidiaries or |
otherwise owned and controlled by directors and shareholders of this company. Balances due from these companies at the |
year end included in debtors are £285,170 (2016 - £210,970) and these loans are interest free and repayable on demand. |
PURENET SOLUTIONS LIMITED (REGISTERED NUMBER: 06013169) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2017 |
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13. | POST BALANCE SHEET EVENTS |
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Subsequent to the year end the loan account with PureClarity Technologies Limited of £268,788 included in debtors has |
been fully written off. PureClarity Technologies Limited was at the date of the write-off a company controlled by the same |
directors and shareholders. |
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Subsequent to the year-end, certain intellectual property rights held as intangible assets with a net book value of £94,781 |
have been reviewed by the directors and a decision has been taken to write these off as the directors consider that no value |
can be attributed to these intangible assets. |