Allday Time Systems Limited - Limited company - abbreviated

REGISTERED NUMBER: 04116785 (England and Wales)

ALLDAY TIME SYSTEMS LIMITED

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2013

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

R S Mason

Mrs J Mason

P S Mason

C M Mason

SECRETARY:

Mrs J Mason

REGISTERED OFFICE:

Lynchford House

Lynchford Lane

FARNBOROUGH

Hampshire

GU14 6JD

REGISTERED NUMBER:

04116785 (England and Wales)

ACCOUNTANTS:

HPCA Limited

Chartered Accountants

Station House

Connaught Road

Brookwood

Woking

Surrey

GU24 0ER

FIXED ASSETS

Intangible assets

2

843,742

965,112

Tangible assets

3

206,519

211,082

Investments

4

2

1,050,263

1,176,196

CURRENT ASSETS

Stocks

29,799

25,457

Debtors

265,792

220,703

Cash at bank and in hand

27,762

47,109

323,353

293,269

CREDITORS

Amounts falling due within one year

444,897

420,177

NET CURRENT LIABILITIES

(121,544

)

(126,908

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

928,719

1,049,288

CREDITORS

Amounts falling due after more than one
year

(369,954

)

(515,162

)

PROVISIONS FOR LIABILITIES

(6,571

)

(6,912

)

NET ASSETS

552,194

527,214

CAPITAL AND RESERVES

Called up share capital

5

1,000

Profit and loss account

551,194

526,214

SHAREHOLDERS' FUNDS

552,194

527,214

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2013.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2013 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 6 December 2013 and were signed on its behalf
by:

C M Mason - Director

Mrs J Mason - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of service contracts

where turnover is recognised only over the period of the contract.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of businesses in 2004, 2005, 2009, 2010 and

2011 is being written off evenly over its estimated useful economic life of ten years.

Computer software

Computer software developed by third parties is capitalised and written off over it's estimated useful economic

life of 10 years.

Tangible fixed assets

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

Fixtures & equipment

-

15% on reducing balance

Rental equipment

-

10% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

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.

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 the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2012

and 31 March 2013

1,213,698

AMORTISATION

At 1 April 2012

248,586

Amortisation for year

121,370

At 31 March 2013

369,956

NET BOOK VALUE

At 31 March 2013

843,742

At 31 March 2012

965,112

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2012

440,418

Additions

46,506

Disposals

(25,937

)

At 31 March 2013

460,987

DEPRECIATION

At 1 April 2012

229,336

Charge for year

50,819

Eliminated on disposal

(25,687

)

At 31 March 2013

254,468

NET BOOK VALUE

At 31 March 2013

206,519

At 31 March 2012

211,082

4.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 April 2012

and 31 March 2013

187,307

PROVISIONS

At 1 April 2012

and 31 March 2013

187,305

NET BOOK VALUE

At 31 March 2013

2

At 31 March 2012

2

The company's investments at the balance sheet date in the share capital of companies include the following:

Staffordshire & Midlands Time Recorders Limited

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

2013

2012

£

Aggregate capital and reserves

1

Quick Clocks Limited

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

2013

2012

£

Aggregate capital and reserves

1

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2013

2012

value:

£

1,000

Ordinary

£1

1,000

6.	RELATED PARTY DISCLOSURES

During the year the company had the following transactions with Allday Time Systems, a partnership in which R

S Mason and Mrs J Mason are the joint partners:-

£

2013

2012

Rent paid

48,000

Consultancy fees paid

12,000

At the balance sheet date, trade creditors includes £13,500 (2012 - £9,750) due to Allday Time Systems.

At the balance sheet date there was a liability of £485,954 (2012 - £552,662) representing the outstanding

balance due to the partners of Allday Time Systems arising from the sale of the clock rental business. This

balance is being paid repaid at £75,000 per year in accordance with the sale of business agreement.

Allday Time Systems owns the freehold property from which the company trades.

All transactions are carried out at arms length and at market value.

7.	ULTIMATE CONTROLLING PARTY

The company is controlled by the directors.