Surf AccountsProduction v1.0.0 v1.0.0 2022-02-01 The company was not dormant during the period The company was trading for the entire period The principal activity of the company was the resale of hardware and software data management solutions. 11 October 2023 2 1 NI625171 2023-01-31 NI625171 2022-01-31 NI625171 2021-01-31 NI625171 2022-02-01 2023-01-31 NI625171 2021-02-01 2022-01-31 NI625171 uk-bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 NI625171 uk-curr:PoundSterling 2022-02-01 2023-01-31 NI625171 uk-bus:AbridgedAccounts 2022-02-01 2023-01-31 NI625171 uk-core:ShareCapital 2023-01-31 NI625171 uk-core:ShareCapital 2022-01-31 NI625171 uk-core:RetainedEarningsAccumulatedLosses 2023-01-31 NI625171 uk-core:RetainedEarningsAccumulatedLosses 2022-01-31 NI625171 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-01-31 NI625171 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-01-31 NI625171 uk-bus:FRS102 2022-02-01 2023-01-31 NI625171 uk-core:FurnitureFittingsToolsEquipment 2022-02-01 2023-01-31 NI625171 uk-bus:Audited 2022-02-01 2023-01-31 NI625171 uk-core:ParentEntities 2022-02-01 2023-01-31 NI625171 uk-core:UltimateParent 2022-02-01 2023-01-31 NI625171 2022-02-01 2023-01-31 NI625171 uk-bus:Director1 2022-02-01 2023-01-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
 
 
 
 
 
Asystec NI Limited
 
Abridged Financial Statements
 
for the financial year ended 31 January 2023



Asystec NI Limited
Company Registration Number: NI625171
ABRIDGED BALANCE SHEET
as at 31 January 2023

2023 2022
Notes £ £
 
Fixed Assets
Tangible assets 6 854 449
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Current Assets
Debtors 2,816,478 192,099
Cash and cash equivalents 737,792 3,653,043
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3,554,270 3,845,142
───────── ─────────
Creditors: amounts falling due within one year (3,408,234) (3,805,638)
───────── ─────────
Net Current Assets 146,036 39,504
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Total Assets less Current Liabilities 146,890 39,953
═════════ ═════════
 
Capital and Reserves
Called up share capital 100 100
Retained earnings 146,790 39,853
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Equity attributable to owners of the company 146,890 39,953
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account and Directors' Report.
           
Approved by the Board and authorised for issue on 11 October 2023 and signed on its behalf by
           
           
________________________________          
Aonghus O'Neill          
Director          
           



Asystec NI Limited
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 31 January 2023

   
1. General Information
 
Asystec NI Limited (Company Number NI625171) is a company limited by shares incorporated in Northern Ireland. The registered office of the company is Unit D3, Omagh Enterprise Company, Great Northern Road, Omagh, Co. Tyrone, Ireland which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 January 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover is recognised at the fair value of consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash flows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
 
Government Grant
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Fixtures, fittings and equipment - 33.33% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. In the Abridged Balance Sheet bank overdrafts are shown within Creditors.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Financial Instruments
 
Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments‘ and Section 12 ‘Other Financial Instruments Issues‘ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company‘s balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Period of financial statements
 
The comparative figures relate to the 12 month period ended 31 January 2022.
   
4. INFORMATION RELATING TO THE AUDITOR'S REPORT
 
The Audit Report was unqualified. There were no matters to which the auditor was required to refer by way of emphasis.
 
The financial statements were audited by Fitzpatrick Donnellan Limited.
The Auditor's Report was signed by Bryan Donnellan (Senior Statutory Auditor) for and on behalf of Fitzpatrick Donnellan Limited on 11th October 2023.
 
       
5. Employees
 
The average monthly number of employees, including directors, during the financial year was 2 (2022 - 1).
 
  2023 2022
  Number Number
 
Manager 2 1
  ═════════ ═════════
       
6. Tangible assets
  Fixtures, Total
  fittings and  
  equipment  
  £ £
Cost
At 1 February 2022 2,418 2,418
Additions 915 915
  ───────── ─────────
At 31 January 2023 3,333 3,333
  ───────── ─────────
Depreciation
At 1 February 2022 1,969 1,969
Charge for the financial year 510 510
  ───────── ─────────
At 31 January 2023 2,479 2,479
  ───────── ─────────
Net book value
At 31 January 2023 854 854
  ═════════ ═════════
At 31 January 2022 449 449
  ═════════ ═════════
       
7. Capital commitments
 
The company had no material capital commitments at 31 January 2023.
   
8. Parent and ultimate parent company
 
The company regards Asystec Limited as its parent company. Aonghus O‘Neill, John Purdy, Frazer Furlong, and Conal O‘Donnell are the Directors of Asystec Limited.
 
The company‘s ultimate parent undertaking is Burlawn Limited.
   
9. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.