REGISTERED NUMBER: 03294574 (England and Wales)

Financial Statements for the Year Ended 31 December 2018

for

Morpace International Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

M F Nagle

SECRETARY:

M F Nagle

REGISTERED OFFICE:

21 Frederick Sanger Road

Surrey Research Park

Guildford

Surrey

GU2 7YD

REGISTERED NUMBER:

03294574 (England and Wales)

SENIOR STATUTORY AUDITOR:

Paul Chamberlain

AUDITORS:

Chamberlains Statutory Auditors

and Chartered Accountants

Elm House, Tanshire Park

Shackleford Road, Elstead

Godalming

Surrey

GU8 6LB

FIXED ASSETS

Tangible assets

4

10,822

11,586

CURRENT ASSETS

Debtors

5

715,724

1,474,203

Cash in hand

847,479

429,861

1,563,203

1,904,064

CREDITORS

Amounts falling due within one year

6

393,427

749,998

NET CURRENT ASSETS

1,169,776

1,154,066

TOTAL ASSETS LESS CURRENT LIABILITIES

1,180,598

1,165,652

PROVISIONS FOR LIABILITIES

8

1,540

1,571

NET ASSETS

1,179,058

1,164,081

CAPITAL AND RESERVES

Called up share capital

9

1,800,900

1,800,900

Share premium

210,224

210,224

Retained earnings

(832,066

)

(847,043

)

SHAREHOLDERS' FUNDS

1,179,058

1,164,081

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.

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 15 March 2019 and were signed by:

M F Nagle - Director

1.	STATUTORY INFORMATION

Morpace International Ltd. is a private company, limited by shares , registered in England and Wales. The

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

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" 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 cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and

the revenue can be measured reliably.

Revenue from long term contracts is recognised by reference to the stage of completion of contract activity at the

balance sheet date. This is normally determined by the proportion that contract costs incurred to date bear to the

estimated total contract costs, except where this would not be representative of the stage of completion. Profit

attributable to contract activity is recognised if the final outcome of such contracts can be reliably assessed.

Contracts with a duration of less than one year are accounted for as long-term contracts. On all contracts, full

provision is made for any losses in the year in which that are first foreseen.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost and 20% on cost

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.

Foreign currencies

The financial statements are presented in pounds sterling, which is the operational currency of the company.

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 9 (2017 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2018

84,343

Additions

6,038

At 31 December 2018

90,381

DEPRECIATION

At 1 January 2018

72,757

Charge for year

6,802

At 31 December 2018

79,559

NET BOOK VALUE

At 31 December 2018

10,822

At 31 December 2017

11,586

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

532,649

1,353,050

Amounts recoverable on contracts

154,513

91,799

Other debtors

28,562

29,354

715,724

1,474,203

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade creditors

295,184

471,409

Taxation and social security

43,432

183,865

Other creditors

54,811

94,724

393,427

749,998

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.18

31.12.17

£

£

Within one year

31,000

31,000

Between one and five years

49,940

80,940

80,940

111,940

8.	PROVISIONS FOR LIABILITIES

31.12.18

31.12.17

£

£

Deferred tax

1,540

1,571

Deferred

tax

£

Balance at 1 January 2018

1,571

Credit to Income Statement during year

(31

)

Balance at 31 December 2018

1,540

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.18

31.12.17

value:

£

£

1,800,900

Ordinary

£1

1,800,900

1,800,900

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Chamberlain (Senior Statutory Auditor)

for and on behalf of Chamberlains Statutory Auditors

11.	ULTIMATE CONTROLLING PARTY

The company is a 100% subsidiary of Morpace Inc, a company incorporated in the USA. The ultimate

controlling party is Symphony Technology Group, based in California, USA.