Registration number:
Knadel Software Solutions Ltd
for the Year Ended 31 December 2017
Chartered Accountants
Belfry House
Champions Way
Hendon
London
NW4 1PX
Knadel Software Solutions Ltd
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Knadel Software Solutions Ltd
Company Information
Directors |
Mr D J Lumer Mr P J Miller Mr P A Sutton Mr P H Bratch |
Registered office |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Knadel Software Solutions Ltd
for the Year Ended 31 December 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Knadel Software Solutions Ltd for the year ended 31 December 2017 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Knadel Software Solutions Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Knadel Software Solutions Ltd and state those matters that we have agreed to state to the Board of Directors of Knadel Software Solutions Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Knadel Software Solutions Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Knadel Software Solutions 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 Knadel Software Solutions Ltd. You consider that Knadel Software Solutions 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 Knadel Software Solutions 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.
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Chartered Accountants
Champions Way
Hendon
London
NW4 1PX
Page 2 |
Knadel Software Solutions Ltd
(Registration number: 08443083)
Balance Sheet as at 31 December 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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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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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
( |
( |
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Shareholders' funds |
( |
( |
For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The statement of income and directors' report are not delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.
Approved and authorised for issue by the
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Mr D J Lumer
Director
Page 3 |
Knadel Software Solutions Ltd
Notes to the Financial Statements for the Year Ended 31 December 2017
General information |
The company is a private company limited by share capital incorporated in England. The registered office is shown on page 1.
The principal place of business is:
80 Coleman Street
London
EC2R 5BJ
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historic cost convention except where disclosed in the accounting policies if certain items are shown at fair value.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis unless it is inappropriate to presume that the Company will continue business.
The Directors have considered in detail the company's forecast performance, as well as its capital and liquidity resources. On this basis the Directors have a reasonable expectation that, despite uncertain market conditions, the company has sufficient funding and liquidity facilities to ensure that the company will continue in operational existence for the forseeable future. Accordingly the Directors of the company have adopted the going concern basis in the preparation of these financial statements.
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Tax
The tax expense for the period comprises current and deferred tax as applicable. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The company's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised in respect of all significant timing differences that have originated but not reversed by the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against suitable future taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Current and deferred tax assets and liabilities are not discounted.
Page 4 |
Knadel Software Solutions Ltd
Notes to the Financial Statements for the Year Ended 31 December 2017
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets on a straight line basis, evenly over their estimated useful economic life as follows:
Asset class |
Life |
Fixtures, fittings & equipment |
5 years |
Cash and cash equivalents
Cash comprises cash at bank and in hand and includes deposits repayable on demand.
Financial instruments
Trade debtors
Trade debtors are amounts due from customers for software licences sold and services performed in the ordinary course of business.
Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised at the transaction price.
Leases
Rentals payable under operating leases are charged in the statement of income on a straight line basis over the lease term.
Pensions
The company operates a defined contribution pension scheme. Contributions are recognised in the statement of income in the period in which they become payable in accordance with the rules of the scheme. The assets of the scheme are held separately from those of the company in an independent administered fund. In addition, the pension costs also include the amount paid by the company into certain employees' personal pension plans.
Page 5 |
Knadel Software Solutions Ltd
Notes to the Financial Statements for the Year Ended 31 December 2017
Employee information |
The average number of persons employed by the company, including directors, during the year was
Tangible assets |
Fixtures, fittings & equipment |
Total |
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Cost |
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At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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Depreciation |
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At 1 January 2017 |
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Charge for the year |
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At 31 December 2017 |
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Carrying amount |
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At 31 December 2017 |
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At 31 December 2016 |
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Debtors |
2017 |
2016 |
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Trade debtors |
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Other debtors |
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- |
Prepayments |
2,500 |
- |
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Page 6 |
Knadel Software Solutions Ltd
Notes to the Financial Statements for the Year Ended 31 December 2017
Creditors |
2017 |
2016 |
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Due within one year |
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Trade creditors |
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Corporation tax |
4 |
- |
Other taxes and social security |
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Other creditors |
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Accruals and deferred income |
320,631 |
250,678 |
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Other commitments |
As at 31 December 2017 the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £23,600 (2016 - £nil).
Control |
Page 7 |