Company Registration No. SC338033 (Scotland)
PRISMTECH GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
PRISMTECH GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
PRISMTECH GROUP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Investments
2
1
1
Capital and reserves
Called up share capital
4
15,730
15,730
Share premium account
6,925,157
6,925,157
Profit and loss reserves
(6,940,886)
(6,940,886)
Total equity
1
1
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
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 19 March 2020 and are signed on its behalf by:
L Ross
Director
Company Registration No. SC338033
PRISMTECH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 2 -
1
Accounting policies
Company information
PrismTech Group Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
11 Fishers Green, Bridge of Allan, Fishers Green, Stirling, FK9 4PU.
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 on the historical cost convention. The principal accounting policies adopted are set out below.
The financial statements of the company are consolidated in the financial statements of
ADLINK Technology Inc.
These consolidated financial statements are available from its
website: www.adlinktech.com
,
1.2
Going concern
These financial statements have been prepared on the going concern basis which relies on the continuing
true
support of the company's ultimate parent company and other group companies. The company is ultimately
a wholly owned subsidiary of ADLINK Technology Inc. (ADLINK) a company quoted on the Taiwan Stock
Exchange.
Without giving any guarantees ADLINK has indicated to the d
i
rectors that it will provide further financial
support should it be required Consequently the directors have continued to prepare the financial
statements on the going concern basis.
1.3
Turnover
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
it is probable will be
recover
ed
.
1.4
Fixed asset investments
Interests in subsidiaries 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.
PRISMTECH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 3 -
1.5
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.
1.6
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.
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.
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, including creditors, bank loans
and
loans from
fellow group companies, 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.
1.7
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.
1.8
Auditors' limitation of liability
The company has entered into a liability limitation agreement with Royce Peeling Green Limited, the statutory auditor for the period ended 31 December 2019. The proportionate liability agreement follows the standard terms in Appendix B to the FRC's June 2008 Guidance on Auditor Liability Agreements, and has been approved by the shareholders.
PRISMTECH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 4 -
2
Fixed asset investments
2019
2018
£
£
Shares in group undertakings
1
1
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
Indirect
PrismTech Holdings Limited
UK
Dormant
Ordinary
100.00
4
Share capital
2019
2018
Ordinary share capital
£
£
Issued and fully paid
30,000,000 Ordinary Shares of 0.025p each
7,500
7,500
Preference share capital
Issued and fully paid
29,430,111 preference shares of 0.025p each
7,358
7,358
3,487,795 B preference shares of 0.025p each
872
872
8,230
8,230
All shares have the same rights and rank pari passu in all respects as if they together constituted the same class of share save that the preference and the ‘B’ preference shares carry a preferential return on capital. The preferential return varies dependant on the proceeds of any disposal or flotation of the business. Preference shares carry certain additional voting rights to class consent conditions compared to “B” preference shares.
5
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Martin Chatten.
The auditor was Royce Peeling Green Limited.
PRISMTECH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 5 -
6
Parent company
The company is a wholly owned subsidiary of ADLINK Technology Inc. a company registered in Taiwan. ADLINK Technology Inc. is also the ultimate controlling company and is quoted on the Taiwan Stock Exchange. Its registered office is 9F, No 166 Jian Yi Road, 235 Chungho City, Taipei, Taiwan.
ADLINK’s financial statements are available to the public on the company’s website as follows: http://www.adlinktech.com/investor_relations/financial.