Allday Time Systems Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 04116785 (England and Wales)

ALLDAY TIME SYSTEMS LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

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

622,527

577,863

Tangible assets

3

169,632

191,703

Investments

4

102

2

792,261

769,568

CURRENT ASSETS

Stocks

69,905

49,119

Debtors

355,894

346,658

Cash at bank and in hand

135,942

83,656

561,741

479,433

CREDITORS

Amounts falling due within one year

581,444

525,476

NET CURRENT LIABILITIES

(19,703

)

(46,043

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

772,558

723,525

CREDITORS

Amounts falling due after more than one year

-

(76,244

)

PROVISIONS FOR LIABILITIES

(15,999

)

(10,191

)

NET ASSETS

756,559

637,090

CAPITAL AND RESERVES

Called up share capital

5

1,000

Profit and loss account

755,559

636,090

SHAREHOLDERS' FUNDS

756,559

637,090

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 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 14 November 2016 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 January 2015).

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, 2011, 2012

and 2014 is being written off evenly over its estimated useful economic life of ten years.

Computer software

Computer software is capitalised and written off over it's estimated useful economic life of 10 and 5 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

1,158,698

Additions

173,178

At 31 March 2016

1,331,876

AMORTISATION

At 1 April 2015

580,835

Amortisation for year

128,514

At 31 March 2016

709,349

NET BOOK VALUE

At 31 March 2016

622,527

At 31 March 2015

577,863

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

547,119

Additions

39,922

Disposals

(1,724

)

At 31 March 2016

585,317

DEPRECIATION

At 1 April 2015

355,416

Charge for year

61,993

Eliminated on disposal

(1,724

)

At 31 March 2016

415,685

NET BOOK VALUE

At 31 March 2016

169,632

At 31 March 2015

191,703

4.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 April 2015

187,307

Additions

110,000

At 31 March 2016

297,307

PROVISIONS

At 1 April 2015

187,305

Charge for year

109,900

At 31 March 2016

297,205

NET BOOK VALUE

At 31 March 2016

102

At 31 March 2015

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

2016

2015

£

Aggregate capital and reserves

1

Quick Clocks Limited

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

2016

2015

£

Aggregate capital and reserves

1

Birmingham Time Recorder Services Limited

Nature of business:

%

Class of shares:

holding

Ordinary A

100.00

2016

£

Aggregate capital and reserves

100

Profit for the year

116,552

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

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:-

£

2016

2015

Rent paid

48,000

Consultancy fees paid

12,000

15,000

At the balance sheet date, trade creditors includes £15,000 (2015: £15,000) due to Allday Time Systems.

At the balance sheet date there was a liability of £68,813 (2015: £151,244) representing the outstanding balance due to the

partners of Allday Time Systems arising from the sale of the clock rental business. No additional loans have been made

during the year. During the year the partners from Allday Time Systems did not advance any funds and were repaid £82,431

(2015: £145,988).

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.