Exact Financial Systems Limited
|
Registered Number
:
03006728
|
For the year ended 31 December 2016
England and Wales
Unaudited Financial Statements
For the year ended 31 December 2016
Exact Financial Systems Limited
Contents Page
1
Statement of Financial Position
2 to 4
Notes to the Financial Statements
Exact Financial Systems Limited
Statement of Financial Position
2015
2016
Property
,
plant and equipment
|
84,276
97,922
2
53,710
318,463
3
402,739
151,632
Trade and other receivables
|
190,712
69,828
4
2,023,338
Cash and cash equivalents
|
2,004,490
2,074,318
2,214,050
Trade and other payables
:
amounts falling due within one
|
year
|
(247,189)
(152,798)
5
1,966,861
1,921,520
Net current assets
Total assets less current liabilities
|
2,324,259
2,118,493
36,514
(7,126)
Provisions for liabilities
|
2,360,773
Net assets
2,111,367
5
5
2,360,768
2,111,362
2,360,773
2,111,367
Shareholders' funds
For the year ended 31 December 2016 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
|
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006
|
The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
|
b
)
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
|
each financial year and of its profit or loss for each financial year in accordance with the requirements of Section
|
394
and
395
and which otherwise comply with the requirements of the Companies Act
2006
relating to financial
|
statements
,
so far as applicable to the company
.
|
In accordance with Section
444
of the Companies Act
2006
,
the Income Statement has not been delivered
.
|
The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
|
These financial statements were approved and authorised for issue by the Board on 27 September 2017 and were signed by:
|
The notes form part of these financial statements
|
1 of 4
For the year ended 31 December 2016
Exact Financial Systems Limited
Notes to the Financial Statements
Statutory Information
Exact Financial Systems Limited is a private limited company
,
limited by shares
,
domiciled in England and Wales
,
|
registration number
03006728
.
|
Principal place of business
:
|
Clyde House
78 Maison Dieu road
Dover
Kent
CT16 1RQ
Suites 5 & 7, 3rd Floor
Roxby House, 20-22 Station Road
Sidcup
Kent
DA15 7EJ
The presentation currency is £ sterling
.
|
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section
1
A of Financial
|
Reporting Standard
102
'
The Financial Reporting Standard applicable in the UK and Republic of Ireland
'
and the
|
Companies Act
2006
.
The financial statements have been prepared under the historical costs convention as
|
modified by the revaluation of certain assets
.
|
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
|
Research and development
Research and development expenditure is charged to the profit and loss account in the period in which it is incurred.
Property, plant and equipment
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
|
Equipment
Motor vehicles
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
|
Hire purchase and leasing commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
2 of 4
For the year ended 31 December 2016
Exact Financial Systems Limited
Notes to the Financial Statements Continued
2
.
Property
,
plant and equipment
|
Equipment
Motor vehicles
210,065
158,416
51,649
14,445
14,445
-
51,649
172,861
224,510
Provision for depreciation and impairment
|
112,143
99,231
12,912
Charge for year
28,091
18,407
9,684
140,234
117,638
22,596
29,053
55,223
84,276
38,737
59,185
97,922
3
.
Investments held as fixed assets
|
Loans to group
|
and
|
participating
|
interests
|
53,710
53,710
-
264,753
2,347
262,406
262,406
56,057
318,463
262,406
56,057
318,463
53,710
-
53,710
On
26
May
2016
,
a long term loan of £
262
,
406
was issued to a company in which
,
G Butcher
,
a director
,
is materially
|
interested
.
The loan is an interest free loan and is repayable in
15
years from
26
May
2016
.
|
4
.
Trade and other receivables
|
2015
2016
63,615
156,293
6,213
34,419
190,712
69,828
3 of 4
For the year ended 31 December 2016
Exact Financial Systems Limited
Notes to the Financial Statements Continued
5
.
Trade and other payables
:
amounts falling due within one year
|
2015
2016
Taxation and social security
|
97,487
189,672
55,311
57,517
152,798
247,189
6
.
Related party transactions
|
During the two years ending
31
December
2016
,
P Sinclair and G Butcher
,
together with members of their close
|
family
,
each owned
50
%
of the issued ordinary share capital
.
|
7
.
Guarantees and other financial commitments
|
The company operates a defined contribution pension scheme on behalf of its directors and certain employees
.
The
|
assets of the scheme are held separately from those of the company in an independently administered fund
.
The
|
annual commitment under this scheme is for contributions of £
24
,
756
(
2015
-
£
6
,
873
).
|
Pension commitments
4 of 4