REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2018 |
for |
AAC Systems Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2018 |
for |
AAC Systems Ltd |
AAC Systems Ltd (Registered number: 05555689) |
Contents of the Financial Statements |
for the Year Ended 30 June 2018 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
AAC Systems Ltd |
Company Information |
for the Year Ended 30 June 2018 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
5a Frascati Way |
Maidenhead |
Berkshire |
SL6 4UY |
AAC Systems Ltd (Registered number: 05555689) |
Balance Sheet |
30 June 2018 |
30.6.18 | 30.6.17 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps 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 Sections 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. |
AAC Systems Ltd (Registered number: 05555689) |
Balance Sheet - continued |
30 June 2018 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director on |
AAC Systems Ltd (Registered number: 05555689) |
Notes to the Financial Statements |
for the Year Ended 30 June 2018 |
1. | STATUTORY INFORMATION |
AAC Systems Ltd is a |
company's registered number and registered office address can be found on the Company |
Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
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. |
Turnover |
Revenue is recognised in the month it is incurred. Revenue is measured as the fair value of the |
consideration received or receivable, excluding discounts, rebates, value added tax and other sales |
taxes. |
Intangible assets |
Development costs that are directly attributable to the design of the unique software products |
controlled by the company are recognised as intangible assets when the necessary criteria are met. |
Directly attributable costs are capitalised as part of the software product. Other development |
expenditures that do not meet these criteria are recognised as an expense as incurred. Software |
development costs recognised as assets are not amortised until completed. The directors assess the |
economic life of the asset once development is complete.The directors assess the economic life of |
the asset once development is complete. Development costs are written off over a period of 5 years |
Intangible assets |
Tangible fixed assets |
Plant and machinery | - |
Computer equipment | - |
Tangible fixed assets are included at cost less depreciation and impairment. |
AAC Systems Ltd (Registered number: 05555689) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2018 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Basic financial instruments are recognised at amortised cost using the effective interest method, |
except for investments in non-convertible preference and non-puttable preference and ordinary |
shares, which are measured at fair value, with changes recognised in profit or loss. Derivative |
financial instruments are initially recorded at cost and therefore at fair value, with changes |
recognised in profit and loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income |
Statement, except to the extent that it relates to items recognised in other comprehensive income |
or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed |
at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that |
are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is |
probable that they will be recovered against the reversal of deferred tax liabilities or other future |
taxable profits. |
Research and development |
Research expenditure is written off to the profit and loss account in the year in which it is incurred. |
Development expenditure is written off in the same way unless the directors are satisfied as to the |
technical, commercial and financial viability of individual projects. In this situation, the expenditure |
is deferred and amortised over the period during which the company is expected to benefit. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
AAC Systems Ltd (Registered number: 05555689) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2018 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 July 2017 |
and 30 June 2018 |
AMORTISATION |
At 1 July 2017 |
Charge for year |
At 30 June 2018 |
NET BOOK VALUE |
At 30 June 2018 |
At 30 June 2017 |
5. | TANGIBLE FIXED ASSETS |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 July 2017 |
Additions |
At 30 June 2018 |
DEPRECIATION |
At 1 July 2017 |
Charge for year |
At 30 June 2018 |
NET BOOK VALUE |
At 30 June 2018 |
At 30 June 2017 |
AAC Systems Ltd (Registered number: 05555689) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2018 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.18 | 30.6.17 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.18 | 30.6.17 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.6.18 | 30.6.17 |
£ | £ |
Within one year |
9. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |