Company Registration No. 07855138 (England and Wales)
INFO-CTRL LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2015
INFO-CTRL LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 4
INFO-CTRL LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 NOVEMBER 2015
30 November 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Intangible assets
2
141,430
140,429
Investments
2
-
1
141,430
140,430
Current assets
Debtors
106,827
46,497
Cash at bank and in hand
213,387
39,308
320,214
85,805
Creditors: amounts falling due within one year
(160,667)
(234,913)
Net current assets/(liabilities)
159,547
(149,108)
Total assets less current liabilities
300,977
(8,678)
300,977
(8,678)
Capital and reserves
Called up share capital
3
3,541
1,108
Share premium account
686,738
201,663
Profit and loss account
(389,302)
(211,449)
Shareholders' funds
300,977
(8,678)
For the financial year ended 30 November 2015 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 abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 19 April 2016
Mr C A Collins
Mrs C J Hawkins
Director
Director
Company Registration No. 07855138
INFO-CTRL LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 NOVEMBER 2015
- 2 -
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 April 2008).
The company recorded an operating loss of £218,041 for the year (2014: £112,993). In common with many early stage technology companies, significant costs have to be incurred in bringing a fully developed product to market. The board is confident that, in future, revenue will exceed costs and that meanwhile the company has adequate financial resources to continue in business in the foreseeable future. Accordingly, the directors consider that is it appropriate to continue to adopt the going concern basis in preparing the financial statements.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Research and development
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.
The board has considered external software development expenditure incurred in the year and has resolved to defer and amortise
over
a ten year period
.
Software development assets are stated at cost less amortisation.
1.5
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% reducing balance
1.6
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.7
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable profits from which future reversal of underlying timing differences can be deducted.
The deferred tax balance has not been discounted.
INFO-CTRL LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2015
- 3 -
2
Fixed assets
Intangible assets
Investments
Total
£
£
£
Cost
At 1 December 2014
183,121
1
183,122
Additions
20,446
-
20,446
Disposals
-
(1)
(1)
At 30 November 2015
203,567
-
203,567
Depreciation
At 1 December 2014
42,692
-
42,692
Charge for the year
19,445
-
19,445
At 30 November 2015
62,137
-
62,137
Net book value
At 30 November 2015
141,430
-
141,430
At 30 November 2014
140,429
1
140,430
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
SAAS-LINKS LIMITED
England and Wales
Ordinary
100.00
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2015
2015
Principal activity
£
£
SAAS-LINKS LIMITED
Dormant
-
-
INFO-CTRL LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2015
- 4 -
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
204,821 Ordinary of 1p each
2,048
1,108
149,254 A Ordinary of 1p each
1,493
-
3,541
1,108
During the financial year, 94,030 Ordinary Shares of £0.01 each were issued at £2.01 each and 149,254 Ordinary A Shares of £0.01 were issued at £2.00 per share.