Company Registration No. 07855138 (England and Wales)
INFO-CTRL LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2016
INFO-CTRL LIMITED
CONTENTS
Page
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3 - 4
INFO-CTRL LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2016
- 1 -
The director presents his report and financial statements for the year ended 30 November 2016.
Director
The following director has held office since 1 December 2015:
Mr C A Collins
(Resigned 13 October 2017)
Mr B R Fisher
(Appointed 11 February 2016)
Mrs C J Hawkins
(Resigned 13 October 2017)
Mr R M George
(Appointed 11 January 2016 and resigned 13 October 2017)
Mr R A Walters
(Appointed 27 May 2016 and resigned 13 October 2017)
Post balance sheet event
On 13 October 2017 the company was acquired by Intellitag Limited by means of a share for share exchange.
Going concern
Following the acquisition of the company by Intellitag Limited, on the basis of both financial support and the opportunities available to the company as a result of the acquisition, the director considers that the company will be able to meet its liabilities as they fall due.
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board
Mr B R Fisher
Director
20 December 2017
INFO-CTRL LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 NOVEMBER 2016
30 November 2016
- 2 -
2016
2015
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
2
86,079
81,430
Current assets
Debtors
205,513
106,827
Cash at bank and in hand
19,181
213,387
224,694
320,214
Creditors: amounts falling due within one year
(273,550)
(100,667)
Net current liabilities/(assets)
(48,856)
219,547
Total assets less current liabilities
37,223
300,977
37,223
300,977
Capital and reserves
Called up share capital
3
3,541
3,541
Share premium account
686,738
686,738
Profit and loss account
(653,056)
(389,302)
Shareholders' funds
37,223
300,977
For the financial year ended 30 November 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his 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 .........................
2017-12-20
..............................
Mr B R Fisher
Director
Company Registration No. 07855138
INFO-CTRL LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 NOVEMBER 2016
- 3 -
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 January 2015).
The company recorded an operating loss of £401,409 for the year (2015: £218,041). In common with many early stage technology companies, significant costs have to be incurred in bringing a fully developed product to market.
The board has considered the level of sales enquiries and is confident that orders will be forthcoming. However, they are also mindful of the fact that until such orders are placed current working capital will continue to be required in order to fund both marketing and product development work. Following the acquisition of the company by Intellitag Limited on 13 October 2017, the board considers it appropriate to adopt the going concern basis for preparing accounts as Intellitag Limited will ensure that the company is adequately resourced.
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 director 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
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 2016
- 4 -
2
Fixed assets
Intangible assets
£
as restated
Cost
At 1 December 2015
143,567
Additions
26,756
At 30 November 2016
170,323
Depreciation
At 1 December 2015
62,137
Charge for the year
22,107
At 30 November 2016
84,244
Net book value
At 30 November 2016
86,079
At 30 November 2015
81,430
It has been identified that an impairment of development costs of £60,000 had not been accounted for within the financial statements for the year ended 30 November 2015. The £60,000 has now been provided and 2015's comparative information included within these accounts have been restated accordingly.
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
204,821 Ordinary of 1p each
2,048
2,048
149,254 A Ordinary of 1p each
1,493
1,493
3,541
3,541