Caseware UK (AP4) 2018.0.196 2018.0.196 2018-12-31 2019-05-08 The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102 ("FRS 102"), the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. The pension cost charge represents contributions payable by the Company to its defined contribution pension scheme and the personal pension plans of certain employees, and amounted to £40,603 (2017 - £29,607) during the year. Contributions totalling £24,000 (2017 - £20,000) were payable at 31 December 2018 and are included in creditors. Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. true true Supply og software, hardware and related consulting services false 2018-01-01 02446995 2018-12-31 02446995 2018-01-01 2018-12-31 02446995 2017-01-01 2017-12-31 02446995 2018-12-31 02446995 2017-12-31 02446995 c:Director1 2018-01-01 2018-12-31 02446995 d:FurnitureFittings 2018-01-01 2018-12-31 02446995 d:FurnitureFittings 2018-12-31 02446995 d:FurnitureFittings 2017-12-31 02446995 d:FurnitureFittings d:OwnedOrFreeholdAssets 2018-01-01 2018-12-31 02446995 d:OfficeEquipment 2018-01-01 2018-12-31 02446995 d:OfficeEquipment 2018-12-31 02446995 d:OfficeEquipment 2017-12-31 02446995 d:OfficeEquipment d:OwnedOrFreeholdAssets 2018-01-01 2018-12-31 02446995 d:OwnedOrFreeholdAssets 2018-01-01 2018-12-31 02446995 d:CurrentFinancialInstruments 2018-12-31 02446995 d:CurrentFinancialInstruments 2017-12-31 02446995 d:CurrentFinancialInstruments d:WithinOneYear 2018-12-31 02446995 d:CurrentFinancialInstruments d:WithinOneYear 2017-12-31 02446995 d:ShareCapital 2018-12-31 02446995 d:ShareCapital 2017-12-31 02446995 d:SharePremium 2018-12-31 02446995 d:SharePremium 2017-12-31 02446995 d:RetainedEarningsAccumulatedLosses 2018-12-31 02446995 d:RetainedEarningsAccumulatedLosses 2017-12-31 02446995 c:FRS102 2018-01-01 2018-12-31 02446995 c:AuditExempt-NoAccountantsReport 2018-01-01 2018-12-31 02446995 c:FullAccounts 2018-01-01 2018-12-31 02446995 c:PrivateLimitedCompanyLtd 2018-01-01 2018-12-31 iso4217:GBP xbrli:pure

















Registered number: 02446995
Information for filing with the registrar

For the year ended 31 December 2018

 
OPTION SYSTEMS LIMITED
Registered number: 02446995

BALANCE SHEET
AS AT  31 DECEMBER 2018

2018
2017
Note
£
£
   

Tangible assets
 4 
17,494
10,823

Current assets
   

Stocks
   
-
6,048

Debtors
 5 
1,062,782
938,849

Cash at bank and in hand
   
483,157
539,804

   
1,545,939
1,484,701

Creditors: amounts falling due within one year

 6 

(828,968 )
(788,841 )

   

Net assets
   
734,465
706,683

Capital and reserves
   

Called up share capital 
   
17,000
17,000

Share premium account
   
12,314
12,314

Profit and loss account
   
705,151
677,369

   
734,465
706,683


The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The  financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 May 2019 .




A G Parkinson
Director

The notes on pages 2 to 6 form part of these financial statements.

- 1 -

 
OPTION SYSTEMS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018

General information

Option Systems Limited presents its financial statements for the year ended 31 December 2018. The presentational currency for the financial statements is Pounds Sterling (£). The Company is a private company, limited by shares and is registered in England. 
The Company's registered office address is Standards House, Meridian East, Meridian Business Park, Leicester, LE19 1WZ. The principal activity of the company during the year continued to be the supply of software, hardware and related consulting services specific to the clothing, footwear and home textile industries,

2. Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102 ("FRS 102"), the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Pounds Sterling (£).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

- 2 -

 
OPTION SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018

2. Accounting policies (continued)

2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Operating leases

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the lease term.

2.5

Interest income

Interest income is recognised in the profit and loss account using the effective interest method.

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.7

Taxation

Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.8

Research and development

Research and development expenditure is written off to the profit and loss account in the year in which it is incurred.

- 3 -

 
OPTION SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018

2. Accounting policies (continued)

2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following annual basis:

Office fixtures, fittings and equipment
-
straight line per annum
Computer equipment and software
-
25 %
straight line per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.

2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

2.11

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.13

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

- 4 -

 
OPTION SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018

2. Accounting policies (continued)

2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

The average monthly number of employees, including directors, during the year was  23  (2017 -  24 ) .





Computer equipment and software
Total

£
£
£



Cost


At 1 January 2018
42,925
53,750
96,675


Additions
11,300
1,341
12,641


Disposals
(7,536 )
-
(7,536 )



At 31 December 2018

46,689
55,091
101,780



Depreciation


At 1 January 2018
42,456
43,396
85,852


Charge for the year 
1,323
4,647
5,970


Disposals
(7,536 )
-
(7,536 )



At 31 December 2018

36,243
48,043
84,286



Net book value



At 31 December 2018
10,446
7,048
17,494



At 31 December 2017
469
10,354
10,823

2018
2017
- 5 -

 
OPTION SYSTEMS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018

5. Debtors (continued)

£
£


Trade debtors
545,941
434,770

Amounts owed by group undertakings
371,344
367,344

Other debtors
113,416
113,636

Prepayments
32,081
23,099

1,062,782
938,849


2018
2017
£
£

Trade creditors
37,677
61,840

Corporation tax
1,963
-

Other taxation and social security
153,198
148,075

Other creditors
43,711
32,376

Accruals and deferred income
592,419
546,550

828,968
788,841



Pension commitments

The pension cost charge represents contributions payable by the Company to its defined contribution pension scheme and the personal pension plans of certain employees, and amounted to £40,603 (2017 - £29,607) during the year. Contributions totalling £24,000 (2017 - £20,000) were payable at 31 December 2018 and are included in creditors.

OSL Holdings Limited, a company registered in England and Wales, is the immediate and ultimate parent undertaking. 

 
- 6 -