Registered number
08342855
SYSTEM INNOVATORS (GB) LTD
Filleted Accounts
31 December 2022
SYSTEM INNOVATORS (GB) LTD
Registered number: 08342855
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Current assets
Stocks 105,000 106,625
Debtors 4 - 20,000
Cash at bank and in hand 56 250
105,056 126,875
Creditors: amounts falling due within one year 5 (180,848) (154,404)
Net current liabilities (75,792) (27,529)
Total assets less current liabilities (75,792) (27,529)
Creditors: amounts falling due after more than one year 6 (25,650) (40,265)
Net liabilities (101,442) (67,794)
Capital and reserves
Called up share capital 1 1
Profit and loss account (101,443) (67,795)
Shareholder's funds (101,442) (67,794)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
MR P SYPHERION
Director
Approved by the board on 19 September 2023
SYSTEM INNOVATORS (GB) LTD
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022 27,235
At 31 December 2022 27,235
Depreciation
At 1 January 2022 27,235
At 31 December 2022 27,235
Net book value
At 31 December 2022 -
4 Debtors 2022 2021
£ £
Trade debtors - 20,000
5 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 175,938 126,902
Taxation and social security costs 4,910 12,865
Other creditors - 14,637
180,848 154,404
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 25,283 32,683
Obligations under finance lease and hire purchase contracts 367 7,582
25,650 40,265
7 Other information
SYSTEM INNOVATORS (GB) LTD is a private company limited by shares and incorporated in England. Its registered office is:
160 Regus
London Road
Barking
Essex
IG11 8BB
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