REGISTERED NUMBER: 05555689 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 June 2017

for

AAC Systems Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr A K Chescoe

SECRETARY:

Ms C Palmer

REGISTERED OFFICE:

5a Frascati Way

Maidenhead

Berkshire

SL6 4UY

REGISTERED NUMBER:

05555689 (England and Wales)

ACCOUNTANTS:

Wilson Partners Limited

Chartered Accountants

5a Frascati Way

Maidenhead

Berkshire

SL6 4UY

FIXED ASSETS

Intangible assets

3

4,254

5,414

Tangible assets

4

2,631

4,331

6,885

9,745

CURRENT ASSETS

Debtors

5

86,824

106,410

Cash at bank

145,283

89,697

232,107

196,107

CREDITORS

Amounts falling due within one year

6

(145,107

)

(153,960

)

NET CURRENT ASSETS

87,000

42,147

TOTAL ASSETS LESS CURRENT LIABILITIES

93,885

51,892

PROVISIONS FOR LIABILITIES

(500

)

(866

)

NET ASSETS

93,385

51,026

CAPITAL AND RESERVES

Called up share capital

1,002

1,002

Retained earnings

92,383

50,024

SHAREHOLDERS' FUNDS

93,385

51,026

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 in accordance with Section 476 of the Companies Act 2006.

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.

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 19 September 2017 and were signed by:

Mr A K Chescoe - Director

1.	STATUTORY INFORMATION

AAC Systems 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.

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.

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

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Tangible fixed assets are included at cost less depreciation and impairment.

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.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 July 2016

and 30 June 2017

54,731

AMORTISATION

At 1 July 2016

49,317

Charge for year

1,160

At 30 June 2017

50,477

NET BOOK VALUE

At 30 June 2017

4,254

At 30 June 2016

5,414

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 July 2016

1,962

22,302

24,264

Disposals

(564

)

(2,494

)

(3,058

)

At 30 June 2017

1,398

19,808

21,206

DEPRECIATION

At 1 July 2016

1,392

18,541

19,933

Charge for year

128

759

887

Eliminated on disposal

(482

)

(1,763

)

(2,245

)

At 30 June 2017

1,038

17,537

18,575

NET BOOK VALUE

At 30 June 2017

360

2,271

2,631

At 30 June 2016

570

3,761

4,331

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Trade debtors

22,483

59,825

Other debtors

64,341

46,585

86,824

106,410

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Trade creditors

11,497

14,951

Taxation and social security

25,737

17,685

Other creditors

107,873

121,324

145,107

153,960

7.	LEASING AGREEMENTS

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

30.6.17

30.6.16

£

£

Within one year

450

600

Between one and five years

-

450

450

1,050

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr A K Chescoe.