Company Registration No. 04703562 (England and Wales)
A-DATA LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017
A-DATA LIMITED
COMPANY INFORMATION
Directors
Mrs Joanna Brown
Mr M J Brown
Secretary
Mrs Joanna Brown
Company number
04703562
Registered office
53 Kent Road
Southsea
Portsmouth
Hampshire
PO5 3HU
Auditor
Jones Avens Limited
53 Kent Road
Southsea
Portsmouth
Hampshire
PO5 3HU
Business address
36 New Lane
Havant
Hampshire
PO9 2JL
Bankers
Barclays Bank Plc
PO Box 317
Woking
Surrey
GU21 1WT
A-DATA LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 5
Profit and loss account
6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 26
A-DATA LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2017
- 1 -
The directors present the strategic report for the year ended 30 April 2017.
Fair review of the business
The principal activity of the company was that of the supply of CCTV equipment and services.
Turnover for the company for the financial year amounted to £12,718,090 (2016 - £15,607,059). Profit for the financial year after taxation was £532,846 (2016 - Loss - £594,239). Whilst a reduction in turnover has been sustained, the directors are satisfied with the overall performance of the company.
The company has continued with its R & D projects and anticipates that this will produce increased sales in the future.
The company continues to enhance its share of a very competitive market and indeed its reputation as a market leader.
Principal risks and uncertainties
Principal risks and uncertainties are:
Management risks
The management of the company is controlled by its two directors who are supported by a management team. Strategic matters and future development decisions are carried out by the the board of directors.
Credit risk
The company has negligible credit risk as credit control is very tightly managed, with strict rules being laid down for every customer.
Financial risks
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Operating risk
The company manages day to operating risks by adapting best practice wherever possible. This process includes ensuring staff are properly trained and that industry standards and regulations are adhered to to the highest possible levels.
Mrs Joanna Brown
Director
4 January 2018
A-DATA LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2017
- 2 -
The directors present their annual report and financial statements for the year ended 30 April 2017.
Principal activities
The principal activity of the company was that of the supply of CCTV equipment and services.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mrs Joanna Brown
Mr M J Brown
Results and dividends
The results for the year are set out on page 6.
Ordinary dividends were paid amounting to £238,899. The directors do not recommend payment of a final dividend.
Auditor
The auditor, Jones Avens Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mrs Joanna Brown
Director
4 January 2018
A-DATA LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2017
- 3 -
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- state whether UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
A-DATA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF A-DATA LIMITED
- 4 -
We have audited the financial statements of A-Data Limited for the year ended 30 April 2017 set out on pages 6 to 26. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditor
As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the annual report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on financial statements
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 30 April 2017 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit, the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements, and the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
A-DATA LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF A-DATA LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the Strategic Report and the Directors' Report
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Claire Norwood BSc FCA ATII (Senior Statutory Auditor)
for and on behalf of Jones Avens Limited
4 January 2018
Chartered Accountants
Statutory Auditor
53 Kent Road
Southsea
Portsmouth
Hampshire
PO5 3HU
A-DATA LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2017
- 6 -
2017
2016
Notes
£
£
Turnover
3
12,718,090
15,607,059
Cost of sales
(8,333,106)
(10,436,082)
Gross profit
4,384,984
5,170,977
Administrative expenses
(4,003,903)
(4,458,741)
Operating profit
4
381,081
712,236
Interest receivable and similar income
7
529
355
Interest payable and similar expenses
8
(16,185)
(35,145)
Amounts written off investments
9
49,900
(1,147,543)
Profit/(loss) before taxation
415,325
(470,097)
Taxation
10
117,521
(124,142)
Profit/(loss) for the financial year
532,846
(594,239)
The Profit And Loss Account has been prepared on the basis that all operations are continuing operations.
A-DATA LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2017
- 7 -
2017
2016
£
£
Profit/(loss) for the year
532,846
(594,239)
Other comprehensive income
Tax relating to other comprehensive income
19,433
4,036
Total comprehensive income for the year
552,279
(590,203)
A-DATA LIMITED
BALANCE SHEET
AS AT
30 APRIL 2017
30 April 2017
- 8 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,787,937
2,954,644
Investment properties
13
359,820
-
Investments
14
-
100
3,147,757
2,954,744
Current assets
Stocks
17
2,337,335
2,828,033
Debtors
18
3,929,079
3,504,109
Cash at bank and in hand
35,525
69,918
6,301,939
6,402,060
Creditors: amounts falling due within one year
19
(2,814,671)
(2,296,131)
Net current assets
3,487,268
4,105,929
Total assets less current liabilities
6,635,025
7,060,673
Creditors: amounts falling due after more than one year
20
-
(646,265)
Provisions for liabilities
22
(134,627)
(227,390)
Net assets
6,500,398
6,187,018
Capital and reserves
Called up share capital
25
50,110
50,110
Revaluation reserve
860,719
841,286
Profit and loss reserves
5,589,569
5,295,622
Total equity
6,500,398
6,187,018
The financial statements were approved by the board of directors and authorised for issue on 4 January 2018 and are signed on its behalf by:
Mrs Joanna Brown
Mr M J Brown
Director
Director
Company Registration No. 04703562
A-DATA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2017
- 9 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2015
50,110
837,250
5,995,404
6,882,764
Year ended 30 April 2016:
Loss for the year
-
-
(594,239)
(594,239)
Other comprehensive income:
Tax relating to other comprehensive income
-
4,036
-
4,036
Total comprehensive income for the year
-
4,036
(594,239)
(590,203)
Dividends
11
-
-
(105,543)
(105,543)
Balance at 30 April 2016
50,110
841,286
5,295,622
6,187,018
Year ended 30 April 2017:
Profit for the year
-
-
532,846
532,846
Other comprehensive income:
Tax relating to other comprehensive income
-
19,433
-
19,433
Total comprehensive income for the year
-
19,433
532,846
552,279
Dividends
11
-
-
(238,899)
(238,899)
Balance at 30 April 2017
50,110
860,719
5,589,569
6,500,398
A-DATA LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2017
- 10 -
2017
2016
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
1,203,233
1,199,120
Interest paid
(16,185)
(35,145)
Income taxes refunded/(paid)
54,963
(291,239)
Net cash inflow from operating activities
1,242,011
872,736
Investing activities
Purchase of tangible fixed assets
(116,679)
(118,512)
Proceeds on disposal of tangible fixed assets
-
4,752
Purchase of investment property
(359,820)
-
Interest received
529
355
Net cash used in investing activities
(475,970)
(113,405)
Financing activities
Repayment of borrowings
-
(117,664)
Repayment of bank loans
(701,265)
27,168
Dividends paid
(238,899)
(105,543)
Net cash used in financing activities
(940,164)
(196,039)
Net (decrease)/increase in cash and cash equivalents
(174,123)
563,292
Cash and cash equivalents at beginning of year
(633,530)
(1,196,822)
Cash and cash equivalents at end of year
(807,653)
(633,530)
Relating to:
Cash at bank and in hand
35,525
69,918
Bank overdrafts included in creditors payable within one year
(843,178)
(703,448)
A-DATA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017
- 11 -
1
Accounting policies
Company information
A-Data Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
53 Kent Road, Southsea, Portsmouth, Hampshire, PO5 3HU.
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.
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 £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
A-DATA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
1
Accounting policies
(Continued)
- 12 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
Nil
Plant and machinery
20% - straight line
Fixtures, fittings & equipment
20% - straight line
Motor vehicles
25% - straight line
Freehold land and buildings are not depreciated. The company maintains a policy of constant refurbishment and the directors consider that no depreciation is required.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.7
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
.
1.8
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
A-DATA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
1
Accounting policies
(Continued)
- 13 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.10
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.
1.11
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
A-DATA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
1
Accounting policies
(Continued)
- 14 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
A-DATA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
1
Accounting policies
(Continued)
- 15 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.12
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.
1.13
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
A-DATA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
1
Accounting policies
(Continued)
- 16 -
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.18
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2017
2016
£
£
Turnover analysed by class of business
Sale of CCTV equipment
12,718,090
15,607,059
2017
2016
£
£
Other significant revenue
Interest income
529
355
A-DATA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
3
Turnover and other revenue
(Continued)
- 17 -
2017
2016
£
£
Turnover analysed by geographical market
UK and Europe
12,718,090
15,607,059
4
Operating profit
2017
2016
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(12,188)
23,418
Research and development costs
660,272
438,230
Fees payable to the company's auditor for the audit of the company's financial statements
10,500
10,500
Depreciation of owned tangible fixed assets
283,387
300,272
(Profit)/loss on disposal of tangible fixed assets
-
4,037
Cost of stocks recognised as an expense
8,064,612
10,081,450
Operating lease charges
55,796
51,400
Exchange differences recognised in profit or loss during the year, except for those arising on financial instruments measured at fair value through profit or loss, amounted to £12,188 (2016 - £23,418).
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2017
2016
Number
Number
Management
2
2
Sales and distribution
37
51
Administration
10
10
49
63
Their aggregate remuneration comprised:
2017
2016
£
£
Wages and salaries
1,825,552
2,152,497
Social security costs
175,442
206,939
Pension costs
51,794
292,436
2,052,788
2,651,872
A-DATA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 18 -
6
Directors' remuneration
2017
2016
£
£
Remuneration for qualifying services
240,001
240,000
Company pension contributions to defined contribution schemes
41,200
281,655
281,201
521,655
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2016 - 2).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2017
2016
£
£
Remuneration for qualifying services
140,000
140,000
Company pension contributions to defined contribution schemes
20,600
140,828
7
Interest receivable and similar income
2017
2016
£
£
Interest income
Other interest income
529
355
8
Interest payable and similar expenses
2017
2016
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
195
-
Other interest on financial liabilities
15,990
35,145
16,185
35,145
9
Amounts written off investments
fixed asset investments
2017
2016
£
£
Gain on disposal of fixed asset investments
49,900
-
Amounts written back to/(written off) current loans
-
(1,147,543)
49,900
(1,147,543)
A-DATA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 19 -
10
Taxation
2017
2016
£
£
Current tax
UK corporation tax on profits for the current period
-
44,191
Adjustments in respect of prior periods
(44,191)
(42,840)
Group tax relief
-
159,273
Total current tax
(44,191)
160,624
Deferred tax
Origination and reversal of timing differences
(73,330)
(36,482)
Total tax (credit)/charge
(117,521)
124,142
The actual (credit)/charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2017
2016
£
£
Profit/(loss) before taxation
415,325
(470,097)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.00% (2016: 20.00%)
78,912
(94,019)
Tax effect of expenses that are not deductible in determining taxable profit
13,187
242,565
Unutilised tax losses carried forward
(42,105)
-
Effect of change in corporation tax rate
(2,223)
-
Research and development tax credit
(163,087)
(79,604)
Other non-reversing timing differences
(11,567)
-
Under/(over) provided in prior years
9,362
(42,840)
Payment for group relief for prior year
-
98,040
Taxation (credit)/charge for the year
(117,521)
124,142
In addition to the amount (credited)/charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2017
2016
£
£
Deferred tax arising on:
Revaluation of property
(19,433)
(4,036)
A-DATA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 20 -
11
Dividends
2017
2016
£
£
Interim paid
238,899
105,543
12
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 May 2016
2,465,381
629,503
551,810
96,178
3,742,872
Additions
34,000
-
82,679
-
116,679
At 30 April 2017
2,499,381
629,503
634,489
96,178
3,859,551
Depreciation and impairment
At 1 May 2016
-
442,063
320,896
25,268
788,227
Depreciation charged in the year
-
147,180
114,870
21,337
283,387
At 30 April 2017
-
589,243
435,766
46,605
1,071,614
Carrying amount
At 30 April 2017
2,499,381
40,260
198,723
49,573
2,787,937
At 30 April 2016
2,465,381
187,439
230,914
70,910
2,954,644
The carrying value of land and buildings comprises:
2017
2016
£
£
Freehold
2,499,381
2,465,381
Land and buildings with a carrying amount of
£2,499,381
were revalued
in February 2015
by
Hellier Langstone
, independent valuers not connected with the company on the basis of market value
for the land and buildings
. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2017
2016
£
£
Cost
1,475,156
1,441,156
Accumulated depreciation
-
-
Carrying value
1,475,156
1,441,156
A-DATA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 21 -
13
Investment property
2017
£
Fair value
At 1 May 2016
-
Additions through external acquisition
359,820
At 30 April 2017
359,820
Investment property comprises a freehold residential property. The fair value of the investment property is considered to be the same as the cost of acquisition.
2017
2016
£
£
Freehold
359,820
-
14
Fixed asset investments
2017
2016
Notes
£
£
Investments in subsidiaries
15
-
100
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 May 2016
100
Disposals
(100)
At 30 April 2017
-
Carrying amount
At 30 April 2017
-
At 30 April 2016
100
A-DATA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 22 -
15
Subsidiaries
The company disposed of the investment in the subsidiary undertaking on 30 April 2017.
The shares in the subsidiary undertaking were sold for £50,000 to Mrs Sophie Rootes, who is the daughter of Mr and Mrs Brown, the directors.
16
Financial instruments
2017
2016
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
3,792,917
3,353,405
Carrying amount of financial liabilities
Measured at amortised cost
2,749,154
2,754,021
17
Stocks
2017
2016
£
£
Finished goods and goods for resale
2,337,335
2,828,033
2,337,335
2,828,033
18
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
1,704,217
1,903,145
Corporation tax recoverable
44,191
99,154
Other debtors
2,088,700
1,450,260
Prepayments and accrued income
91,971
51,550
3,929,079
3,504,109
19
Creditors: amounts falling due within one year
2017
2016
Notes
£
£
Bank loans and overdrafts
21
843,178
758,448
Trade creditors
1,758,709
1,245,290
Corporation tax
-
44,191
Other taxation and social security
65,517
144,184
Other creditors
134,316
86,301
Accruals and deferred income
12,951
17,717
2,814,671
2,296,131
A-DATA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 23 -
20
Creditors: amounts falling due after more than one year
2017
2016
Notes
£
£
Bank loans and overdrafts
21
-
646,265
Amounts included above which fall due after five years are as follows:
Payable by instalments
-
426,265
21
Loans and overdrafts
2017
2016
£
£
Bank loans
-
701,265
Bank overdrafts
843,178
703,448
843,178
1,404,713
Payable within one year
843,178
758,448
Payable after one year
-
646,265
22
Provisions for liabilities
2017
2016
Notes
£
£
Deferred tax liabilities
23
134,627
227,390
A-DATA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 24 -
23
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2017
2016
Balances:
£
£
ACAs
13,227
44,452
Tax losses
(42,105)
-
Revaluations
163,505
182,938
134,627
227,390
2017
Movements in the year:
£
Liability at 1 May 2016
227,390
Credit to profit or loss
(63,849)
Other
(19,433)
Liability at 30 April 2017
144,108
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
24
Retirement benefit schemes
2017
2016
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
51,794
292,436
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
25
Share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
50,100 Ordinary 'A' of £1 each
50,100
50,100
10 Ordinary 'B' of £1 each
10
10
50,110
50,110
A-DATA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 25 -
26
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2017
2016
£
£
Between two and five years
31,917
31,917
27
Related party transactions
Transactions with related parties
Advantage has been taken of the exemption available under FRS 102 33.1A not to disclose transactions entered into between two or more members of the group, where the subsidiary undertakings are wholly owned by the parent company.
During the year the company entered into transaction with related parties, in the ordinary course of business.
Transaction entered into and balances outstanding at 30 April 2017 are as follows:
The company received management fees from Qvis Lighting Limited amounting to £248,474 (2016 - £130,502). The company also received management fees from Qvis Retail Limited amounting to £47,985 (2016 - £167,370).
The company sold goods to Qvis Lighting Limited amounting to £390,485 (2016 - £152,999)
.
The company also sold goods amounting to £73,018 (2016 - £ 494,400) to Qvis Retail Limited. The company purchased goods amounting to £135,656 (2016 - £86,444) from Qvis Lighting Limited. The company purchased goods amounting to £227,407 (2016 - £46,735) from Qvis Retail Limited.
At 30 April 2017 the company was owed £840,648 (2016 - £762,255) by Qvis Lighting Limited and £113,970 (2016 - £11,312) by Qvis Retail Limited.
By O Cycles is a company controlled by Mr M J Brown, who is a director and husband of Mrs J Brown. At 30 April 2017 the company was owed £415,324 (2016 - £246,292) by By O Cycles Limited.
28
Directors' transactions
Dividends totalling £238,899 (2016 - £105,543) were paid in the year in respect of shares held by the company's directors.
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Joanna Brown
-
-
73,426
73,426
-
73,426
73,426
A-DATA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
28
Directors' transactions
(Continued)
- 26 -
The loan to the director was repaid to the company on 20 December 2017.
29
Cash generated from operations
2017
2016
£
£
Profit/(loss) for the year after tax
532,846
(594,239)
Adjustments for:
Taxation (credited)/charged
(117,521)
124,142
Finance costs
16,185
35,145
Investment income
(529)
(355)
(Gain)/loss on disposal of tangible fixed assets
-
4,037
Depreciation and impairment of tangible fixed assets
283,386
300,272
Gain on sale of investments
(49,900)
-
Amounts written off investments
-
1,147,543
Movements in working capital:
Decrease/(increase) in stocks
490,698
(145,453)
(Increase)/decrease in debtors
(429,933)
252,072
Increase in creditors
478,001
75,956
Cash generated from operations
1,203,233
1,199,120
A-DATA LIMITED
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 30 APRIL 2017
A-DATA LIMITED
SCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 30 APRIL 2017
2017
2016
£
£
Administrative expenses
Wages and salaries
1,585,551
1,912,497
Social security costs
175,442
206,939
Staff recruitment costs
21,186
30,113
Staff welfare
9,731
9,148
Staff training
2,767
6,612
Staff pension costs defined contribution
10,594
10,781
Directors' remuneration
240,001
240,000
Directors' pension costs - defined contribution scheme
41,200
281,655
Rates
155,670
149,460
Overseas office costs
22,917
24,810
Cleaning and waste disposal
18,252
14,026
Power, light and heat
42,868
50,111
Property repairs and maintenance
12,269
16,948
Business insurances
39,172
44,612
Equipment repairs
6,088
-
Computer running costs
108,390
95,120
Leasing - plant and machinery
5,386
4,184
Leasing - motor vehicles
50,410
47,216
Motor running expenses
30,746
22,357
Travelling expenses
49,882
59,145
Professional subscriptions
5,294
8,493
Legal and professional fees
22,279
33,309
Consultancy fees
699
1,213
Non audit remuneration paid to auditors
12,510
14,689
Audit fees
10,500
10,500
Charitable donations
81
200
Bank and BCID charges
58,231
50,264
Credit card charges
75,711
95,616
Bad and doubtful debts
21,640
12,414
Printing and stationery
6,567
9,190
Advertising and marketing costs
110,160
108,031
Telecommunications
50,834
57,497
Entertaining
69,404
65,283
Research and development costs
660,272
438,230
Sundry expenses
-
351
Depreciation
283,387
300,272
Profit or loss on sale of tangible assets (non exceptional)
-
4,037
Profit or loss on foreign exchange
(12,188)
23,418
4,003,903
4,458,741
2017-04-30
2016-05-01
false
CCH Software
CCH Accounts Production 2017.400
04703562
2016-05-01
2017-04-30
04703562
bus:CompanySecretaryDirector1
2016-05-01
2017-04-30
04703562
bus:Director1
2016-05-01
2017-04-30
04703562
bus:CompanySecretary1
2016-05-01
2017-04-30
04703562
bus:RegisteredOffice
2016-05-01
2017-04-30
04703562
bus:Agent1
2016-05-01
2017-04-30
04703562
2017-04-30
04703562
2015-05-01
2016-04-30
04703562
core:RevaluationReserve
2015-05-01
2016-04-30
04703562
core:RevaluationReserve
2016-05-01
2017-04-30
04703562
2016-04-30
04703562
core:LandBuildings
core:OwnedOrFreeholdAssets
2017-04-30
04703562
core:PlantMachinery
2017-04-30
04703562
core:FurnitureFittings
2017-04-30
04703562
core:MotorVehicles
2017-04-30
04703562
core:LandBuildings
core:OwnedOrFreeholdAssets
2016-04-30
04703562
core:PlantMachinery
2016-04-30
04703562
core:FurnitureFittings
2016-04-30
04703562
core:MotorVehicles
2016-04-30
04703562
core:CurrentFinancialInstruments
2017-04-30
04703562
core:CurrentFinancialInstruments
2016-04-30
04703562
core:Non-currentFinancialInstruments
2016-04-30
04703562
core:ShareCapital
2017-04-30
04703562
core:ShareCapital
2016-04-30
04703562
core:RevaluationReserve
2017-04-30
04703562
core:RevaluationReserve
2016-04-30
04703562
core:ShareCapital
core:RestatedAmount
2015-04-30
04703562
core:RevaluationReserve
core:RestatedAmount
2015-04-30
04703562
core:RestatedAmount
2015-04-30
04703562
core:ShareCapitalOrdinaryShares
2017-04-30
04703562
core:ShareCapitalOrdinaryShares
2016-04-30
04703562
core:RetainedEarningsAccumulatedLosses
2015-05-01
2016-04-30
04703562
1
2016-05-01
2017-04-30
04703562
1
2015-05-01
2016-04-30
04703562
core:LandBuildings
core:OwnedOrFreeholdAssets
2016-05-01
2017-04-30
04703562
core:PlantMachinery
2016-05-01
2017-04-30
04703562
core:FurnitureFittings
2016-05-01
2017-04-30
04703562
core:MotorVehicles
2016-05-01
2017-04-30
04703562
core:OwnedAssets
2016-05-01
2017-04-30
04703562
core:OwnedAssets
2015-05-01
2016-04-30
04703562
core:UKTax
2015-05-01
2016-04-30
04703562
core:UKTax
2016-05-01
2017-04-30
04703562
2
2015-05-01
2016-04-30
04703562
core:LandBuildings
core:OwnedOrFreeholdAssets
2016-04-30
04703562
core:PlantMachinery
2016-04-30
04703562
core:FurnitureFittings
2016-04-30
04703562
core:MotorVehicles
2016-04-30
04703562
2016-04-30
04703562
bus:OrdinaryShareClass1
2016-05-01
2017-04-30
04703562
bus:OrdinaryShareClass2
2016-05-01
2017-04-30
04703562
bus:OrdinaryShareClass1
2017-04-30
04703562
bus:OrdinaryShareClass2
2017-04-30
04703562
bus:PrivateLimitedCompanyLtd
2016-05-01
2017-04-30
04703562
bus:FRS102
2016-05-01
2017-04-30
04703562
bus:Audited
2016-05-01
2017-04-30
04703562
bus:FullAccounts
2016-05-01
2017-04-30
xbrli:pure
xbrli:shares
iso4217:GBP