Company Registration No. 02990427 (England and Wales)
ACCESS COMPUTING SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2021
ACCESS COMPUTING SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 5
ACCESS COMPUTING SOLUTIONS LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF ACCESS COMPUTING SOLUTIONS LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Access Computing Solutions Limited for the Period ended 31 January 2021 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the Board of Directors of Access Computing Solutions 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 financial statements of Access Computing Solutions Limited and state those matters that we have agreed to state to the Board of Directors of Access Computing Solutions Limited, as a body, in this report in accordance with
the requirements of the Association of Chartered Certified Accountants
as detailed at
https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Access Computing Solutions Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Access Computing Solutions Limited 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 loss
of Access Computing Solutions Limited. You consider that Access Computing Solutions Limited is exempt from the statutory audit
requirement for the Period.
We have not been instructed to carry out an audit or a review of the financial statements of Access Computing Solutions 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 financial statements.
Stiles & Company
Chartered Certified Accountants
2 Lake End Court
Taplow Road
Taplow
Maidenhead
SL6 0JQ
ACCESS COMPUTING SOLUTIONS LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2021
31 January 2021
- 2 -
2020
2019
Notes
£
£
£
£
Current assets
Debtors
3
20,882
45,518
Cash at bank and in hand
3,805
365
24,687
45,883
Creditors: amounts falling due within one year
4
(27,992)
(46,737)
Net current liabilities
(3,305)
(854)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(3,405)
(954)
Total equity
(3,305)
(854)
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 January 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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 23 March 2021 and are signed on its behalf by:
Mr J Wildman
Director
Company Registration No. 02990427
ACCESS COMPUTING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2021
- 3 -
1
Accounting policies
Company information
Access Computing Solutions Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
2 Lake End Court, Taplow Road, Taplow, Maidenhead, Berkshire, SL6 0JQ. The principal place of business is Suite 4 Soho Studios, 1 Soho Mills, Town Lane, Wooburn Green, Buckinghamshire, HP10 0PF.
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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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
Reporting period
These accounts have been prepared for the 16 month period to 31st January 2021 due to the cessation of the trade. The comparative figures are for the 12 month period ending 30th September 2019.
1.3
Cash and cash equivalents
Cash and cash equivalents
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.
1.4
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.
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.
ACCESS COMPUTING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2021
1
Accounting policies
(Continued)
- 4 -
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.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
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
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2020
2019
Number
Number
Total
2
2
3
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
20,882
45,518
ACCESS COMPUTING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2021
- 5 -
4
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
276
Taxation and social security
24,311
44,911
Other creditors
3,681
1,550
27,992
46,737