Trust Systems Software Group Limited
Unaudited Financial Statements
For Filing with Registrar
For the period ended 31 December 2019
Company Registration No. 11933401 (England and Wales)
Trust Systems Software Group Limited
Company Information
Directors
A Collins
(Appointed 9 April 2019)
D Roos
(Appointed 2 September 2019)
Company number
11933401
Registered office
Devonshire House
60 Goswell Road
London
United Kingdom
EC1M 7AD
Accountants
Moore Kingston Smith LLP
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF
Trust Systems Software Group Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Trust Systems Software Group Limited
Balance Sheet
As at 31 December 2019
31 December 2019
Page 1
2019
Notes
£
£
Fixed assets
Investments
2
1
Current assets
Debtors
4
1,050,186
Creditors: amounts falling due within one year
5
(8)
Net current assets
1,050,178
Total assets less current liabilities
1,050,179
Capital and reserves
Called up share capital
6
112
Share premium account
1,050,140
Profit and loss reserves
(73)
Total equity
1,050,179
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 21 July 2020 and are signed on its behalf by:
A Collins
Director
Company Registration No. 11933401
Trust Systems Software Group Limited
Notes to the Financial Statements
For the period ended 31 December 2019
Page 2
1
Accounting policies
Company information
Trust Systems Software Group Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Devonshire House, 60 Goswell Road, London, United Kingdom, EC1M 7AD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.3
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Trust Systems Software Group Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2019
1
Accounting policies
(Continued)
Page 3
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
The Company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic financial instruments measured at fair value.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Fixed asset investments
2019
£
Investments
1
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 9 April 2019
-
Additions
97
Valuation changes
(96)
At 31 December 2019
1
Carrying amount
At 31 December 2019
1
Trust Systems Software Group Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2019
Page 4
3
Subsidiaries
Details of the company's subsidiaries at 31 December 2019 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Trust Systems Software (UK) Limited
Devonshire House, 60 Goswell Road, London, EC1M 7AD
Software development
Ordinary shares
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Trust Systems Software (UK) Limited
(1,035,866)
(1,035,865)
4
Debtors
2019
Amounts falling due within one year:
£
Amounts due from group undertakings
1,050,186
5
Creditors: amounts falling due within one year
2019
£
Other creditors
8
6
Called up share capital
2019
£
Ordinary share capital
Issued and fully paid
11,184 Ordinary shares of 1p each
112
112
7
Acquisitions
Trust Systems Software Group Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2019
7
Acquisitions
(Continued)
Page 5
On 21 May 2019 the company acquired the business of Trust Systems Software Limited (registered in Ireland with company number 631227).
Total consideration
2,635,488
Satisfied by:
£
Issue of shares
2,635,488
The business was acquired by way of a share for share exchange. The investment was recorded at the nominal value of the shares under s.615 of the Companies Act. Merger relief has been applied to the share premium arising from this transaction totalling £2,635,392.
8
Controlling party
The ultimate controlling party is A Collins, by virtue of their majority shareholding.