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Registration number: 03507348

Active Information Systems Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Period from 1 December 2015 to 31 May 2017

Blue Spire Limited
Chartered Accountants
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

 

Active Information Systems Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Abridged Financial Statements

4 to 7

 

Active Information Systems Ltd

Company Information

Director

C J Sewell BSC (HONS) MIET

Registered office

40 Ann Street
Worthing
West Sussex
BN11 1NX

Accountants

Blue Spire Limited
Chartered Accountants
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

 

Active Information Systems Ltd

(Registration number: 03507348)
Abridged Balance Sheet as at 31 May 2017

Note

2017
£

2015
£

Fixed assets

 

Intangible assets

4

-

51,908

Tangible assets

5

4,223

4,223

 

4,223

56,131

Current assets

 

Stocks

6

6,000

6,000

Debtors

17,569

24,792

Cash at bank and in hand

 

3,232

-

 

26,801

30,792

Prepayments and accrued income

 

-

42,536

Creditors: Amounts falling due within one year

(245,733)

(133,927)

Net current liabilities

 

(218,932)

(60,599)

Total assets less current liabilities

 

(214,709)

(4,468)

Creditors: Amounts falling due after more than one year

-

(78,905)

Accruals and deferred income

 

-

(1,805)

Net liabilities

 

(214,709)

(85,178)

Capital and reserves

 

Called up share capital

51,313

51,313

Capital redemption reserve

24,737

24,737

Profit and loss account

(290,759)

(161,228)

Total equity

 

(214,709)

(85,178)

For the financial period ending 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Active Information Systems Ltd

(Registration number: 03507348)
Abridged Balance Sheet as at 31 May 2017

Approved and authorised by the director on 27 February 2018
 

.........................................

C J Sewell BSC (HONS) MIET

Director

 

Active Information Systems Ltd

Notes to the Abridged Financial Statements for the Period from 1 December 2015 to 31 May 2017

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
40 Ann Street
Worthing
West Sussex
BN11 1NX

These financial statements were authorised for issue by the director on 27 February 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Disclosure of long or short period

These accounts have been prepared using a longer (18 month) period due to the company going into a compulsory voluntary arrangement. Due to the lengthened period the comparative figures are not entirely comparable.

Going concern

The Director considers the company to be a going concern on the basis that the shareholders will continue their financial support to the company and not demand repayment of loans they have made until such time as the company is in a position to do so.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance basis

Office equipment

25% reducing balance basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangible assets

Written off against future revenue

 

Active Information Systems Ltd

Notes to the Abridged Financial Statements for the Period from 1 December 2015 to 31 May 2017

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 3 (2015 - 4).

 

Active Information Systems Ltd

Notes to the Abridged Financial Statements for the Period from 1 December 2015 to 31 May 2017

4

Intangible assets

Total
£

Cost or valuation

At 1 December 2015

51,908

At 31 May 2017

51,908

Amortisation

Impairment

51,908

At 31 May 2017

51,908

Carrying amount

At 31 May 2017

-

At 30 November 2015

51,908

The aggregate amount of research and development expenditure recognised as an expense during the period is £51,908 (2015 - £Nil).
 

5

Tangible assets

Total
£

Cost or valuation

At 1 December 2015

48,552

At 31 May 2017

48,552

Depreciation

At 1 December 2015

44,329

At 31 May 2017

44,329

Carrying amount

At 31 May 2017

4,223

At 30 November 2015

4,223

6

Stocks

2017
£

2015
£

Finished goods and goods for resale

6,000

6,000

7

Share capital

Allotted, called up and fully paid shares

 

Active Information Systems Ltd

Notes to the Abridged Financial Statements for the Period from 1 December 2015 to 31 May 2017

 

2017

2015

 

No.

£

No.

£

Ordinary A of £1 each

1,263

1,263

1,263

1,263

Ordinary B of £1 each

50

50

50

50

Preference of £1 each

50,000

50,000

50,000

50,000

 

51,313

51,313

51,313

51,313

8

Related party transactions

Transactions with directors

2017

At 1 December 2015
£

Advances to directors
£

At 31 May 2017
£

C J Sewell BSC (HONS) MIET

Amounts owed to director

12,700

(9,800)

2,900

       
     

 

2015

At 1 December 2014
£

Advances to directors
£

At 30 November 2015
£

C J Sewell BSC (HONS) MIET

Amounts owed to director

15,000

(2,300)

12,700

       
     

 

Directors' remuneration

The director's remuneration for the period was as follows:

2017
£

2015
£

Remuneration

56,250

45,000


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