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REGISTERED NUMBER: 08352339 (England and Wales)
















AMSYS TECHNOLOGY HOLDINGS LTD

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021






AMSYS TECHNOLOGY HOLDINGS LTD (REGISTERED NUMBER: 08352339)



CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2021












Page




Company information  

1




Group strategic report  

2




Report of the directors  

3


to


4



Report of the independent auditors  

5


to


8



Consolidated statement of comprehensive income

9


to


10



Consolidated statement of financial position  

11




Company statement of financial position  

12




Consolidated statement of changes in equity  

13




Company statement of changes in equity  

14




Consolidated statement of cash flows  

15




Notes to the consolidated statement of cash flows

16


to


17



Notes to the consolidated financial statements

18


to


29




AMSYS TECHNOLOGY HOLDINGS LTD



COMPANY INFORMATION

FOR THE YEAR ENDED 31ST DECEMBER 2021









Directors:

A D Hawes


D K Parlour


A Hussain


R C Peck







Registered office:

Byron House


Lower Road


Kenley


Surrey


CR8 5NB







Registered number:

08352339 (England and Wales)







Auditors:

Wags LLP t/a Wagstaffs


Chartered Accountants and Statutory Auditors


Richmond House


Walkern Road


Stevenage


Hertfordshire


SG1 3QP


AMSYS TECHNOLOGY HOLDINGS LTD (REGISTERED NUMBER: 08352339)



GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31ST DECEMBER 2021



The directors present their strategic report of the company and the group for the year ended 31st December 2021.


Review of business

Despite the backdrop of a continued uncertain economic climate the Group has made stable progress. Long term the overall Group turnover has decreased by 8% in the year compared to 2020, reporting at £10m for the year. This is against a backdrop of Brexit uncertainty and the COVID-19 pandemic.


The ongoing Group turnover has been achieved by concentrating on the core Apple repair business and an increased volume through the B2B channels.


During the COVID-19 pandemic we have signed up more customers to broaden the base, reduce reliance on larger customers and set the business up for growth. These are significant contracts with major organisations that strengthen the business and offer natural growth when the customers business activity increases.


The loss-making Samsung business has been discontinued and the business is well positioned to take advantage of an upturn in the market trading conditions and to continue to develop the product offering.


Principal risks and uncertainties

The main risk facing the business would be a continuation of the COVID-19 related restrictions. Lockdown impacts the business in both the B2C and B2B market. The recent refocusing of the business has mitigated many of the risks and uncertainties but external events such as the pandemic still remain as risks.


Future development

The directors aim to maintain the management policies which have resulted in the group's success in recent years together with an increased emphasis on sales.


Research and development

Amsys continues to invest in developing systems to improve efficiency and customer service.


On behalf of the board:






A D Hawes - Director



1st June 2022


AMSYS TECHNOLOGY HOLDINGS LTD (REGISTERED NUMBER: 08352339)



REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31ST DECEMBER 2021



The directors present their report with the financial statements of the company and the group for the year ended 31st December 2021.


Principal activity

The principal activity of the group in the year under review was that of the repair and servicing of micro computers and related peripheral products.

Dividends

No dividends will be distributed for the year ended 31st December 2021.


Directors

The directors shown below have held office during the whole of the period from 1st January 2021 to the date of this report.


A D Hawes

D K Parlour

A Hussain

R C Peck


Disclosure in the strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.


Statement of directors' responsibilities

The directors are responsible for preparing the Group strategic report, the Report of the directors and the financial statements in accordance with applicable law and regulations.


Company law requires the directors to prepare financial statements for each financial year.  Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period.  In preparing these financial statements, the directors are required to:


-

select suitable accounting policies and then apply them consistently;

-

make judgements and accounting estimates that are reasonable and prudent;

-

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


AMSYS TECHNOLOGY HOLDINGS LTD (REGISTERED NUMBER: 08352339)



REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31ST DECEMBER 2021



Statement as to disclosure of information to auditors

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.


Auditors

The auditors,  Wags LLP t/a Wagstaffs, are deemed to be reappointed in accordance with Section 487(2) of the Companies Act 2006.


On behalf of the board:






A D Hawes - Director



1st June 2022


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

AMSYS TECHNOLOGY HOLDINGS LTD



Opinion

We have audited the financial statements of Amsys Technology Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2021 which comprise the Consolidated statement of comprehensive income, Consolidated statement of financial position, Company statement of financial position, Consolidated statement of changes in equity, Company statement of changes in equity, Consolidated statement of cash flows and Notes to the consolidated statement of cash flows, Notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31st December 2021 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Material uncertainty relating to going concern

We draw attention to note 3 to the financial statements, which indicate that the group incurred a net comprehensive loss amounting to £426,048 during the year ended 31 December 2021 and as of that date, the group's current liabilities exceeded current assets by £1,228,990. As stated in note 3 to the financial statements, these events or conditions, along with other matters as set forth in note 3 indicate that a material uncertainty exists in future trading given the current economic uncertainty as the group emerges from the impact of the COVID-19 pandemic.


Our opinion is not modified in respect of this matter.


In auditing the consolidated financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements appropriate.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

AMSYS TECHNOLOGY HOLDINGS LTD



Other information

The directors are responsible for the other information. The other information comprises the information in the Group strategic report and the Report of the directors, but does not include the financial statements and our Report of the auditors thereon.


Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-

the information given in the Group strategic report and the Report of the directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Group strategic report and the Report of the directors have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Report of the directors.


We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-

the parent company financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of directors' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit.


Responsibilities of directors

As explained more fully in the Statement of directors' responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

AMSYS TECHNOLOGY HOLDINGS LTD



Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the auditors that includes our opinion.  Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


- We obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006 and UK corporate taxation laws.


- We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of board minutes and papers provided by those charged with governance.


- We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team include:


- identifying and assessing the design effectiveness of controls management has in place to

prevent and detect fraud;



- understanding how those charged with governance considered and addressed the potential

for override of controls or other inappropriate influence over the financial reporting process;



- challenging assumptions and judgments made by management in its significant accounting

estimates;



- identifying and testing journal entries, in particular any journal entries posted with unusual

account combinations; and



- assessing the extent of compliance with the relevant laws and regulations.



- We have reviewed the financial statements and considered whether they are consistent with our understanding of the entity or indicate a previously unrecognised risk of material misstatement that could be due to fraud.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the auditors.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

AMSYS TECHNOLOGY HOLDINGS LTD



Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.





M R Hubbocks FCA (Senior Statutory Auditor)

for and on behalf of Wags LLP t/a Wagstaffs

Chartered Accountants and Statutory Auditors

Richmond House

Walkern Road

Stevenage

Hertfordshire

SG1 3QP


1st June 2022


AMSYS TECHNOLOGY HOLDINGS LTD (REGISTERED NUMBER: 08352339)



CONSOLIDATED

STATEMENT OF COMPREHENSIVE

INCOME

FOR THE YEAR ENDED 31ST DECEMBER 2021



2021


2021


2021


Continuing


Discontinued


Total



Notes

£   

£   

£   



REVENUE

4

10,023,403


-


10,023,403



Cost of sales

(8,053,414

)

-


(8,053,414

)


GROSS PROFIT

1,969,989


-


1,969,989




Administrative expenses

(2,478,480

)

-


(2,478,480

)


(508,491

)

-


(508,491

)



Other operating income

48,649


-


48,649





OPERATING LOSS

(459,842

)

-


(459,842

)



Interest receivable and similar income

25


-


25



Interest payable and similar expenses

8

(91,324

)

-


(91,324

)


LOSS BEFORE TAXATION

9

(551,141

)

-


(551,141

)


Tax on loss

11

125,093


-


125,093



LOSS FOR THE FINANCIAL YEAR

(426,048

)

-


(426,048

)



OTHER COMPREHENSIVE INCOME

-



TOTAL COMPREHENSIVE LOSS FOR THE

YEAR

(426,048

)



Loss attributable to:

Owners of the parent

(426,048

)



Total comprehensive income attributable to:

Owners of the parent

(426,048

)



AMSYS TECHNOLOGY HOLDINGS LTD (REGISTERED NUMBER: 08352339)



CONSOLIDATED

STATEMENT OF COMPREHENSIVE

INCOME

FOR THE YEAR ENDED 31ST DECEMBER 2021



2020


2020


2020


Continuing


Discontinued


Total



Notes

£   

£   

£   



REVENUE

4

11,955,274


249,919


12,205,193



Cost of sales

(9,890,609

)

(208,105

)

(10,098,714

)


GROSS PROFIT

2,064,665


41,814


2,106,479




Administrative expenses

(2,668,234

)

(314,461

)

(2,982,695

)


(603,569

)

(272,647

)

(876,216

)



Other operating income

125,838


265,641


391,479





OPERATING LOSS

(477,731

)

(7,006

)

(484,737

)



Professional fees

7

(49,113

)

-


(49,113

)


(526,844

)

(7,006

)

(533,850

)



Interest payable and similar expenses

8

(150,027

)

-


(150,027

)


LOSS BEFORE TAXATION

9

(676,871

)

(7,006

)

(683,877

)


Tax on loss

11

99,663


(204,708

)

(105,045

)


LOSS FOR THE FINANCIAL YEAR

(577,208

)

(211,714

)

(788,922

)



OTHER COMPREHENSIVE INCOME

-



TOTAL COMPREHENSIVE LOSS FOR THE

YEAR

(788,922

)



Loss attributable to:

Owners of the parent

(788,922

)



Total comprehensive income attributable to:

Owners of the parent

(788,922

)



AMSYS TECHNOLOGY HOLDINGS LTD (REGISTERED NUMBER: 08352339)



CONSOLIDATED STATEMENT OF FINANCIAL POSITION

31ST DECEMBER 2021



2021


2020


Notes

£   

£   


FIXED ASSETS

Intangible assets

13

1,512,268


1,647,528



Property, plant and equipment

14

9,997


2,007



Investments

15

-


-



1,522,265


1,649,535




CURRENT ASSETS

Inventories

16

57,211


51,824



Debtors

17

1,015,786


1,120,090



Cash at bank and in hand

123,260


6,121



1,196,257


1,178,035



CREDITORS

Amounts falling due within one year

18

(2,425,247

)

(2,230,747

)


NET CURRENT LIABILITIES

(1,228,990

)

(1,052,712

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

293,275


596,823




CREDITORS

Amounts falling due after more than

one year

19

(1,375,677

)

(1,253,177

)


NET LIABILITIES

(1,082,402

)

(656,354

)



CAPITAL AND RESERVES

Called up share capital

23

6,484


6,484



Share premium

24

1,100,782


1,100,782



Capital redemption reserve

24

5


5



Retained earnings

24

(2,189,673

)

(1,763,625

)


SHAREHOLDERS' FUNDS

(1,082,402

)

(656,354

)



The financial statements were approved by the Board of Directors and authorised for issue on 1st June 2022 and were signed on its behalf by:




A D Hawes - Director



AMSYS TECHNOLOGY HOLDINGS LTD (REGISTERED NUMBER: 08352339)



COMPANY STATEMENT OF FINANCIAL POSITION

31ST DECEMBER 2021



2021


2020


Notes

£   

£   


FIXED ASSETS

Intangible assets

13

-


-



Property, plant and equipment

14

-


-



Investments

15

3,253,865


3,253,865



3,253,865


3,253,865




CREDITORS

Amounts falling due within one year

18

(1,515,703

)

(1,431,666

)


NET CURRENT LIABILITIES

(1,515,703

)

(1,431,666

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

1,738,162


1,822,199




CREDITORS

Amounts falling due after more than

one year

19

(1,207,344

)

(1,207,344

)


NET ASSETS

530,818


614,855




CAPITAL AND RESERVES

Called up share capital

23

6,484


6,484



Share premium

24

1,100,782


1,100,782



Capital redemption reserve

24

5


5



Retained earnings

24

(576,453

)

(492,416

)


SHAREHOLDERS' FUNDS

530,818


614,855




Company's loss for the financial year

(84,037

)

(12,434

)



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


The financial statements were approved by the Board of Directors and authorised for issue on 1st June 2022 and were signed on its behalf by:




A D Hawes - Director



AMSYS TECHNOLOGY HOLDINGS LTD (REGISTERED NUMBER: 08352339)



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31ST DECEMBER 2021



Called up


Capital



share


Retained


Share


redemption


Total


capital


earnings


premium


reserve


equity

£   

£   

£   

£   

£   



Balance at 1st January 2020

6,484


(974,703

)

1,100,782


5


132,568




Changes in equity

Total comprehensive loss

-


(788,922

)

-


-


(788,922

)


Balance at 31st December 2020

6,484


(1,763,625

)

1,100,782


5


(656,354

)



Changes in equity

Total comprehensive loss

-


(426,048

)

-


-


(426,048

)


Balance at 31st December 2021

6,484


(2,189,673

)

1,100,782


5


(1,082,402

)



AMSYS TECHNOLOGY HOLDINGS LTD (REGISTERED NUMBER: 08352339)



COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31ST DECEMBER 2021



Called up


Capital



share


Retained


Share


redemption


Total


capital


earnings


premium


reserve


equity

£   

£   

£   

£   

£   



Balance at 1st January 2020

6,484


(479,982

)

1,100,782


5


627,289




Changes in equity

Total comprehensive income

-


(12,434

)

-


-


(12,434

)


Balance at 31st December 2020

6,484


(492,416

)

1,100,782


5


614,855




Changes in equity

Total comprehensive income

-


(84,037

)

-


-


(84,037

)


Balance at 31st December 2021

6,484


(576,453

)

1,100,782


5


530,818




AMSYS TECHNOLOGY HOLDINGS LTD (REGISTERED NUMBER: 08352339)



CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31ST DECEMBER 2021



2021


2020


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

(46,543

)

426,884



Interest paid

(91,324

)

(150,027

)


Taxation refund

71,975


23,298



Net cash from operating activities

(65,892

)

300,155




Cash flows from investing activities

Purchase of tangible fixed assets

(11,994

)

-



Interest received

25


-



Net cash from investing activities

(11,969

)

-




Cash flows from financing activities

New loans in year

200,000


50,000



Loan repayments in year

(5,000

)

(409,515

)


Amount introduced by directors

-


25,000



Net cash from financing activities

195,000


(334,515

)



Increase/(decrease) in cash and cash equivalents

117,139


(34,360

)


Cash and cash equivalents at beginning

of year

2

6,121


40,481




Cash and cash equivalents at end of

year

2

123,260


6,121




AMSYS TECHNOLOGY HOLDINGS LTD (REGISTERED NUMBER: 08352339)



NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31ST DECEMBER 2021



1.

RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS


2021


2020

£   

£   



Loss before taxation

(551,141

)

(683,877

)



Depreciation charges

139,264


162,405




Loss on disposal of fixed assets

-


2,875




Finance costs

91,324


150,027




Finance income

(25

)

-



(320,578

)

(368,570

)



(Increase)/decrease in inventories

(5,387

)

108,364




Decrease in trade and other debtors

133,481


317,998




Increase in trade and other creditors

145,941


369,092




Cash generated from operations

(46,543

)

426,884




2.

CASH AND CASH EQUIVALENTS



The amounts disclosed on the Statement of cash flows in respect of cash and cash equivalents are in respect of these Statement of financial position amounts:



Year ended 31st December 2021


31.12.21


1.1.21

£   

£   



Cash and cash equivalents

123,260


6,121




Year ended 31st December 2020


31.12.20


1.1.20

£   

£   



Cash and cash equivalents

6,121


40,481





AMSYS TECHNOLOGY HOLDINGS LTD (REGISTERED NUMBER: 08352339)



NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31ST DECEMBER 2021



3.

ANALYSIS OF CHANGES IN NET DEBT



At 1.1.21

Cash flow

At 31.12.21

£   

£   

£   



Net cash



Cash at bank and in hand

6,121


117,139


123,260



6,121


117,139


123,260




Debt


Debts falling due within 1 year

(827,981

)

9,749


(818,232

)



Debts falling due after 1 year

(45,833

)

(122,500

)

(168,333

)


(873,814

)

(112,751

)

(986,565

)



Total

(867,693

)

4,388


(863,305

)



AMSYS TECHNOLOGY HOLDINGS LTD (REGISTERED NUMBER: 08352339)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2021



1.

STATUTORY INFORMATION



Amsys Technology Holdings 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 General Information page.


The presentation currency of the financial statements is the Pound Sterling (£).


2.

STATEMENT OF COMPLIANCE



These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.


3.

ACCOUNTING POLICIES



Basis of preparing the financial statements


The financial statements have been prepared under the historical cost convention.



The group incurred a net comprehensive loss of £426,048 during the year ended 31 December 2021 (2020: £788,922). The loss in the year arises mainly due to the difficult trading conditions following the government's response to the ongoing COVID-19 pandemic, which resulted in continued lockdowns. Those lockdowns meant that customers could not visit our repair centres and when restrictions were lifted, there was lower footfall across the high street. This has continued to impact the group's overall efficiency and has resulted in ongoing suppressed revenue and profits.



As a direct response, the directors continued with the reorganisation of the group that included discontinuing one of the business segments in the previous year together with ongoing cost reductions throughout the group. As a consequence of these measures, the loss for the period has been significantly reduced compared to the prior year.



The directors have prepared budgets and forecasts for a period of 12 months from the date of these consolidated financial statements. The forecasts indicate that the group will continue to operate with the parameters of existing facilities. Furthermore, following the group reorganisation and review of costs together with acquisition of new customer accounts, the directors expect the group to return to profitability in the coming years, consequently strengthening the statement of financial position. The directors acknowledge the risks associated with the ongoing COVID-19 pandemic in drawing their conclusions. On this assertion the consolidated financial statements have been prepared on a going concern basis.



Basis of consolidation


The consolidated financial statement incorporate the results of Amsys Technology Holdings Ltd and all of its subsidiary undertakings as at 31st December 2021, using the acquisition or merger method of accounting as required. Where the acquisition method is used, the results of subsidiary undertakings are included from the date of acquisition.


AMSYS TECHNOLOGY HOLDINGS LTD (REGISTERED NUMBER: 08352339)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2021



3.

ACCOUNTING POLICIES - continued



Significant judgements and estimates

No significant judgements or estimates have had to be made by the directors in preparing these financial statements.


Revenue


Revenue represents the total invoice value, excluding value added tax, trade discounts and all other direct taxes made during the year.



Revenue recognition


Revenue is measured at fair value of the consideration received or receivable and represents the amount receivable for services rendered, net of returns, discounts and rebates allowed by the group and value added taxes.



The group provides repair services of micro-computers and related peripheral products to corporate entities. Revenue is recognised in the accounting period in which the services are rendered when the outcome of the contract has been concluded. Contract income invoiced in advance is recognised in equal monthly instalments over the duration of the contact.



Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Goodwill is being amortised evenly over its estimated useful life of 20 years.

Investments
Fixed asset investments are stated at cost, less provision for permanent diminuation in value.


Property, plant and equipment


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


Short leasehold

-

over the life of the lease


Fixtures and fittings

-  

33% on cost and 25% on reducing balance



Inventory and work in progress


Inventory is valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items.



Contracts are assessed on a contract basis and are reflected in the income statement by recording revenue and related costs as contract activity progresses.  Where the outcome of each contract can be assessed with reasonable certainty before its conclusion, the attributable profit is recognised in the income statement  as the difference between reported revenue and the related costs for that contract.



Amounts recoverable on contracts, which are included in debtors are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.


AMSYS TECHNOLOGY HOLDINGS LTD (REGISTERED NUMBER: 08352339)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2021



3.

ACCOUNTING POLICIES - continued



Tax

Tax for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred tax 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 statement of financial position date.


Deferred tax

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position 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.


Hire purchase and leasing commitments


Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.



Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to the income statement in the period to which they relate.


Exceptional items


Exceptional items are transactions that fall within the ordinary activities of the group but are presented separately due to their size or incidence.


4.

REVENUE



The total revenue of the group has been derived from its principal activity wholly undertaken in the United Kingdom.


AMSYS TECHNOLOGY HOLDINGS LTD (REGISTERED NUMBER: 08352339)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2021



5.

EMPLOYEES AND DIRECTORS


2021


2020

£   

£   



Wages and salaries

1,525,397


1,813,973




Social security costs

134,052


142,191




Other pension costs

24,931


29,888



1,684,380


1,986,052





The average number of employees during the year was as follows:


2021


2020



Technical and administrative staff

57


65




6.

DIRECTORS' EMOLUMENTS


2021


2020

£   

£   



Directors' remuneration

232,628


226,051




Directors' pension contributions to money purchase schemes  

3,012


4,378





The number of directors to whom retirement benefits were accruing was as follows:



Money purchase schemes

2


2





Information regarding the highest paid director is as follows:


2021


2020

£   

£   



Emoluments etc

140,434


140,189




Pension contributions to money purchase schemes

1,506


2,189




7.

EXCEPTIONAL ITEMS


2021


2020

£   

£   



Professional fees

-


(49,113

)




The above exceptional item relates to ongoing professional fees in connection with group funding requirements.


AMSYS TECHNOLOGY HOLDINGS LTD (REGISTERED NUMBER: 08352339)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2021



8.

INTEREST PAYABLE AND SIMILAR EXPENSES



2021


2020

£   

£   



Loan interest

57,287


129,489




Loan note interest

34,037


12,334




Other loan interest

-


8,204



91,324


150,027




9.

LOSS BEFORE TAXATION



The loss is stated after charging/(crediting):



2021


2020

£   

£   



Other operating leases

174,668


351,332




Depreciation - owned assets

4,004


27,145




Loss on disposal of fixed assets

-


2,875




Goodwill amortisation

135,260


135,260




Foreign exchange differences

(509

)

-




10.

AUDITORS' REMUNERATION


2021


2020

£   

£   



Fees payable to the company's auditors for the audit of the

company's financial statements

16,500


16,500




11.

TAXATION



Analysis of the tax (credit)/charge


The tax (credit)/charge on the loss for the year was as follows:


2021


2020

£   

£   



Current tax:


UK corporation tax

(125,093

)

(85,364

)



Prior year adjustment

-


(10,602

)



Total current tax

(125,093

)

(95,966

)




Deferred tax

-


201,011




Tax on loss

(125,093

)

105,045





UK corporation tax has been charged at 19 % (2020 - 19 %).


AMSYS TECHNOLOGY HOLDINGS LTD (REGISTERED NUMBER: 08352339)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2021



11.

TAXATION - continued



Reconciliation of total tax (credit)/charge included in profit and loss


The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:



2021


2020

£   

£   



Loss before tax

(551,141

)

(683,877

)



Loss multiplied by the standard rate of corporation tax in the UK of

19 % (2020 - 19 %)  

(104,717

)

(129,937

)




Effects of:


Expenses not deductible for tax purposes

210


8




Capital allowances in excess of depreciation

(1,924

)

-




Depreciation in excess of capital allowances

-


5,655




Utilisation of tax losses

106,431


124,274




Research and development enhanced deduction  

(125,093

)

(85,364

)



Prior year adjustment  

-


(10,602

)



Deferred tax  

-


201,011




Total tax (credit)/charge

(125,093

)

105,045




12.

INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME



As permitted by Section 408 of the Companies Act 2006, the Income statement of the parent company is not presented as part of these financial statements.



AMSYS TECHNOLOGY HOLDINGS LTD (REGISTERED NUMBER: 08352339)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2021



13.

INTANGIBLE FIXED ASSETS



Group


Goodwill

£   



Cost


At 1st January 2021


and 31st December 2021

2,705,191




Amortisation


At 1st January 2021

1,057,663




Amortisation for year

135,260




At 31st December 2021

1,192,923




Net book value


At 31st December 2021

1,512,268




At 31st December 2020

1,647,528




14.

PROPERTY, PLANT AND EQUIPMENT



Group


Fixtures



Short


and



leasehold


fittings


Totals

£   

£   

£   



Cost


At 1st January 2021

68,868


474,440


543,308




Additions

-


11,994


11,994




At 31st December 2021

68,868


486,434


555,302




Depreciation


At 1st January 2021

67,832


473,469


541,301




Charge for year

1,036


2,968


4,004




At 31st December 2021

68,868


476,437


545,305




Net book value


At 31st December 2021

-


9,997


9,997




At 31st December 2020

1,036


971


2,007




AMSYS TECHNOLOGY HOLDINGS LTD (REGISTERED NUMBER: 08352339)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2021



15.

FIXED ASSET INVESTMENTS



Company


Shares in


group


undertakings

£   



Cost


At 1st January 2021


and 31st December 2021

3,253,865




Net book value


At 31st December 2021

3,253,865




At 31st December 2020

3,253,865





The group or the company's investments at the Statement of financial position date in the share capital of companies include the following:



Subsidiaries




Amsys Limited


Registered office: Byron House, Lower Road, Kenley, Surrey, CR8 5NB


Nature of business: Servicing of micro computers


%


Class of shares:

holding



Ordinary

100.00




Amsys Aftermarket Services Limited


Registered office: Byron House, Lower Road, Kenley, Surrey, CR8 5NB


Nature of business: Servicing of micro computers


%


Class of shares:

holding



Ordinary

100.00




16.

STOCKS



Group


2021

2020


£   

£   



Finished goods and goods for resale

57,211


51,824




AMSYS TECHNOLOGY HOLDINGS LTD (REGISTERED NUMBER: 08352339)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2021



17.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


2021

2020


£   

£   



Trade debtors

700,045


786,920




Amounts recoverable on contract

45,517


37,386




Other debtors

-


89,878




Tax

125,093


95,966




Prepayments and accrued income

145,131


109,940



1,015,786


1,120,090




18.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company


2021

2020

2021

2020


£   

£   

£   

£   



Bank loans and overdrafts (see note 20)

76,667


4,167


-


-




Other loans (see note 20)

741,565


823,814


-


-




Trade creditors

130,753


110,551


-


-




Amounts owed to group undertakings

-


-


1,325,305


1,298,905




Social security and other taxes

419,611


359,110


-


-




VAT

471,099


398,819


-


-




Other creditors

58,493


45,335


-


-




Directors' current accounts

18,698


18,698


-


-




Accruals and deferred income

508,361


470,253


190,398


132,761



2,425,247


2,230,747


1,515,703


1,431,666




19.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR




Group


Company


2021

2020

2021

2020


£   

£   

£   

£   



Bank loans (see note 20)

168,333


45,833


-


-




Loan notes

1,207,344


1,207,344


1,207,344


1,207,344



1,375,677


1,253,177


1,207,344


1,207,344




AMSYS TECHNOLOGY HOLDINGS LTD (REGISTERED NUMBER: 08352339)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2021



20.

LOANS



An analysis of the maturity of loans is given below:



Group


2021

2020


£   

£   



Amounts falling due within one year or

on demand:



Bank loans

76,667


4,167




Other loans

741,565


823,814



818,232


827,981




Amounts falling due between one and

two years:



Bank loans

143,333


10,000




Amounts falling due between two and

five years:



Bank loans

25,000


30,000




Amounts falling due in more than five

years:



Repayable by instalments


Bank loans

-


5,833





Bank loans falling due in more than one year are repayable by fixed monthly instalments and carry an interest rate of 2.5% per annum.


21.

LEASING AGREEMENTS



Minimum lease payments fall due as follows:



Group


Non-cancellable

operating leases


2021

2020


£   

£   



Within one year

100,000


100,000




Between one and five years

300,000


400,000



400,000


500,000




AMSYS TECHNOLOGY HOLDINGS LTD (REGISTERED NUMBER: 08352339)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2021



22.

SECURED DEBTS



The following secured debts are included within creditors:



Group


Company


2021

2020

2021

2020


£   

£   

£   

£   



Bank loans

245,000


50,000


-


-




Loan notes

1,207,344


1,032,344


1,207,344


1,207,344




Other loans

641,565


823,814


-


-



2,093,909


1,906,158


1,207,344


1,207,344





The above liabilities are secured by way of various fixed and floating charges over the assets and property of the company and group.



All companies within the group have entered into loan agreements with their bankers and with private lenders also. These borrowings are secured by a fixed and floating charge over the assets and property of subsidiary undertaking Amsys Limited.


23.

CALLED UP SHARE CAPITAL






Allotted, issued and fully paid:


Number:

Class:

Nominal

2021

2020



value:

£   

£   



100

Ordinary

£1

100


100




11,458

Preference shares

55p

6,302


6,302




82

Ordinary A

£1

82


82



6,484


6,484




24.

RESERVES



Group


Capital



Retained


Share


redemption



earnings


premium


reserve


Totals

£   

£   

£   

£   




At 1st January 2021

(1,763,625

)

1,100,782


5


(662,838

)



Deficit for the year

(426,048

)

(426,048

)



At 31st December 2021

(2,189,673

)

1,100,782


5


(1,088,886

)



AMSYS TECHNOLOGY HOLDINGS LTD (REGISTERED NUMBER: 08352339)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2021



24.

RESERVES - continued



Company


Capital



Retained


Share


redemption



earnings


premium


reserve


Totals

£   

£   

£   

£   




At 1st January 2021

(492,416

)

1,100,782


5


608,371




Deficit for the year

(84,037

)

(84,037

)



At 31st December 2021

(576,453

)

1,100,782


5


524,334





25.

RELATED PARTY DISCLOSURES



The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.



Transactions between group entities, which have been eliminated on consolidation, are not disclosed within these consolidated financial statements.