Registration number:
Active8 Managed Technologies Limited
for the Year Ended 30 September 2018
12 Tentercroft Street
Lincoln
LN5 7DB
Active8 Managed Technologies Limited
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Active8 Managed Technologies Limited
Company Information
Directors |
Mr D J Hayward Mr M J Bramah Mr K P Ingman Mr A Patterson Mr N Swindin Mr R T Appleton |
Registered office |
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Accountants |
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Page 1 |
Active8 Managed Technologies Limited
Directors' Report for the Year Ended 30 September 2018
The directors present their report and the financial statements for the year ended 30 September 2018.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is IT, print and telephony solutions.
Small companies provision statement
This report has 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.
Approved by the
.........................................
Director
Page 2 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Active8 Managed Technologies Limited
for the Year Ended 30 September 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Active8 Managed Technologies Limited for the year ended 30 September 2018 as set out on pages 4 to 15 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 Active8 Managed Technologies Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Active8 Managed Technologies Limited and state those matters that we have agreed to state to the Board of Directors of Active8 Managed Technologies Limited, 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 Active8 Managed Technologies Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Active8 Managed Technologies Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Active8 Managed Technologies Limited. You consider that Active8 Managed Technologies Limited 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 accounts of Active8 Managed Technologies Limited. 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 accounts.
......................................
Lincoln
LN5 7DB
Page 3 |
Active8 Managed Technologies Limited
Profit and Loss Account for the Year Ended 30 September 2018
Note |
2018 |
2017 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
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Interest payable and similar expenses |
( |
( |
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(16,096) |
(3,418) |
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Profit before tax |
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Profit for the financial year |
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The above results were derived from continuing operations.
Page 4 |
Active8 Managed Technologies Limited
Statement of Comprehensive Income for the Year Ended 30 September 2018
2018 |
2017 |
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Profit for the year |
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Surplus/(deficit) on revaluation of other assets |
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- |
Total comprehensive income for the year |
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Page 5 |
Active8 Managed Technologies Limited
(Registration number: 08493548)
Balance Sheet as at 30 September 2018
Note |
2018 |
2017 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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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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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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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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Revaluation reserve |
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- |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
For the financial year ending 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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.
Page 6 |
Active8 Managed Technologies Limited
(Registration number: 08493548)
Balance Sheet as at 30 September 2018
Approved and authorised by the
.........................................
Director
Page 7 |
Active8 Managed Technologies Limited
Statement of Changes in Equity for the Year Ended 30 September 2018
Share capital |
Revaluation reserve |
Profit and loss account |
Total |
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At 1 October 2017 |
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- |
( |
( |
Profit for the year |
- |
- |
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Other comprehensive income |
- |
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- |
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Total comprehensive income |
- |
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At 30 September 2018 |
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( |
( |
Share capital |
Profit and loss account |
Total |
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At 1 October 2016 |
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( |
( |
Profit for the year |
- |
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Total comprehensive income |
- |
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At 30 September 2017 |
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( |
( |
Page 8 |
Active8 Managed Technologies Limited
Notes to the Financial Statements for the Year Ended 30 September 2018
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
The principal place of business is:
Unit 1 Halifax Court
Fernwood Business Park, Cross Lane
Fernwood
Newark
NG24 3JP
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
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.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the statement of financial position 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.
Page 9 |
Active8 Managed Technologies Limited
Notes to the Financial Statements for the Year Ended 30 September 2018
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
33% straight line |
Other property, plant and equipment |
25% reducing balance |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
Over 3 years straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.
Stocks
Stock is comprised of three main elements which are valued as described below:-
Machine stock and service stock are valued at the lower of cost and estimated selling price less costs to sell. Cost is determined using the first in, first out (FIFO) method.
Stock in field is the consumable toner, ink and parts which are on site with the relevant photocopier machines. The stock is valued on a usage basis using an average cost calculation.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced and the impairment loss is recognised immediately in profit or loss.
Page 10 |
Active8 Managed Technologies Limited
Notes to the Financial Statements for the Year Ended 30 September 2018
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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Page 11 |
Active8 Managed Technologies Limited
Notes to the Financial Statements for the Year Ended 30 September 2018
Staff numbers |
The average number of persons employed by the company (including directors with contracts of employment) during the year was
Profit before tax |
Arrived at after charging/(crediting)
2018 |
2017 |
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Depreciation expense |
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Amortisation expense |
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Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 October 2017 |
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At 30 September 2018 |
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Amortisation |
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At 1 October 2017 |
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Amortisation charge |
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At 30 September 2018 |
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Carrying amount |
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At 30 September 2018 |
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At 30 September 2017 |
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Page 12 |
Active8 Managed Technologies Limited
Notes to the Financial Statements for the Year Ended 30 September 2018
Tangible assets |
Furniture, fittings and equipment |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 October 2017 |
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Revaluations |
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- |
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Additions |
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- |
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Disposals |
( |
- |
( |
At 30 September 2018 |
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Depreciation |
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At 1 October 2017 |
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Charge for the year |
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- |
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Eliminated on disposal |
( |
- |
( |
At 30 September 2018 |
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Carrying amount |
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At 30 September 2018 |
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- |
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At 30 September 2017 |
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- |
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Revaluation
The fair value of the company's furniture, fittings and equipment was subject to an internal revaluation on
Stocks |
2018 |
2017 |
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Finished goods and goods for resale |
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Other inventories |
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Page 13 |
Active8 Managed Technologies Limited
Notes to the Financial Statements for the Year Ended 30 September 2018
Debtors |
Note |
2018 |
2017 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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- |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Creditors: amounts falling due after more than one year
Note |
2018 |
2017 |
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Due after one year |
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Loans and borrowings |
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Page 14 |
Active8 Managed Technologies Limited
Notes to the Financial Statements for the Year Ended 30 September 2018
Loans and borrowings |
2018 |
2017 |
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Non-current loans and borrowings |
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Other borrowings |
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2018 |
2017 |
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Current loans and borrowings |
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Finance lease liabilities |
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Other borrowings |
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Other borrowings
Finance leases is denominated in £ with a nominal interest rate of market rate. The carrying amount at year end is £24,970 (2017 - £24,733). The finance leases are secured on the related asset. |
Other loans is denominated in £ with a nominal interest rate of market rate. The carrying amount at year end is £1,513,899 (2017 - £1,397,405). The loan is secured by a fixed and floating charge over the assets of the company. |
Related party transactions |
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is
Page 15 |