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 |
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: |
Registered office: |
Registered number: |
Auditors: |
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: |
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. |
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: |
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. |
for and on behalf of |
Chartered Accountants and Statutory Auditors |
Richmond House |
Walkern Road |
Stevenage |
Hertfordshire |
SG1 3QP |
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 | ) | - | ( | ) |
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 | ) | ( | ) |
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 |
CREDITORS |
Amounts falling due within one year | 18 | ( | ) | ( | ) |
NET CURRENT LIABILITIES | ( | ) | ( | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 19 | ( | ) | ( | ) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Share premium | 24 |
Capital redemption reserve | 24 |
Retained earnings | 24 | ( | ) | ( | ) |
SHAREHOLDERS' FUNDS |
Company's loss for the financial year | (84,037 | ) | (12,434 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 | ( | ) |
Changes in equity |
Total comprehensive income | - | ( | ) | - | ( | ) |
Balance at 31st December 2020 | ( | ) |
Changes in equity |
Total comprehensive income | - | ( | ) | - | ( | ) |
Balance at 31st December 2021 | ( | ) |
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 |
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 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 |
Short leasehold | - |
Fixtures and fittings | - |
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 |
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 |
Net book value |
At 31st December 2021 |
At 31st December 2020 |
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 | - | - |
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 |
2,425,247 | 2,230,747 |
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 |
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 |
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: | £ | £ |
Ordinary | £1 | 100 | 100 |
Preference shares | 55p | 6,302 | 6,302 |
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 | ( | ) | 608,371 |
Deficit for the year | ( | ) | ( | ) |
At 31st December 2021 | ( | ) | 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. |