Company registration number 04350853 (England and Wales)
HSB SYSTEMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
HSB SYSTEMS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
HSB SYSTEMS LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
6,118
7,188
Current assets
Debtors
-
0
405
Cash at bank and in hand
69,196
15,659
69,196
16,064
Creditors: amounts falling due within one year
5
(25,646)
(8,738)
Net current assets
43,550
7,326
Net assets
49,668
14,514
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
6
49,468
14,314
Total equity
49,668
14,514

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered 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 25 October 2023 and are signed on its behalf by:
Mrs S Birdi
Director
Company Registration No. 04350853
HSB SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 2 -
1
Accounting policies
Company information

HSB Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is 134 Buckingham Palace Road, London, SW1W 9SA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for and services net of VAT and trade discounts.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

 

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
20% Reducing balance method
Computer equipment
25% Straight line method
1.4
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

HSB SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 3 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Government grants

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.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
HSB SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 4 -
4
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 February 2022
8,602
10,588
19,190
Additions
-
0
1,986
1,986
At 31 January 2023
8,602
12,574
21,176
Depreciation and impairment
At 1 February 2022
5,497
6,505
12,002
Depreciation charged in the year
621
2,435
3,056
At 31 January 2023
6,118
8,940
15,058
Carrying amount
At 31 January 2023
2,484
3,634
6,118
At 31 January 2022
3,105
4,083
7,188
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
0
2,449
Corporation tax
13,175
2,323
Other taxation and social security
4,856
76
Other creditors
7,615
3,890
25,646
8,738
6
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
14,314
27,536
Profit for the year
55,154
10,778
Dividends declared and paid in the year
(20,000)
(24,000)
At the end of the year
49,468
14,314
2023-01-312022-02-01falseCCH SoftwareCCH Accounts Production 2023.100No description of principal activityMrs S BirdiH BirdiMagus Secretaries Limited043508532022-02-012023-01-31043508532023-01-31043508532022-01-3104350853core:FurnitureFittings2023-01-3104350853core:ComputerEquipment2023-01-3104350853core:FurnitureFittings2022-01-3104350853core:ComputerEquipment2022-01-3104350853core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-3104350853core:CurrentFinancialInstrumentscore:WithinOneYear2022-01-3104350853core:CurrentFinancialInstruments2023-01-3104350853core:CurrentFinancialInstruments2022-01-3104350853core:ShareCapital2023-01-3104350853core:ShareCapital2022-01-3104350853core:RetainedEarningsAccumulatedLosses2023-01-3104350853core:RetainedEarningsAccumulatedLosses2022-01-3104350853core:RetainedEarningsAccumulatedLosses2022-01-3104350853core:RetainedEarningsAccumulatedLosses2021-01-3104350853bus:Director12022-02-012023-01-3104350853core:FurnitureFittings2022-02-012023-01-3104350853core:ComputerEquipment2022-02-012023-01-31043508532021-02-012022-01-3104350853core:FurnitureFittings2022-01-3104350853core:ComputerEquipment2022-01-31043508532022-01-3104350853bus:PrivateLimitedCompanyLtd2022-02-012023-01-3104350853bus:SmallCompaniesRegimeForAccounts2022-02-012023-01-3104350853bus:FRS1022022-02-012023-01-3104350853bus:AuditExempt-NoAccountantsReport2022-02-012023-01-3104350853bus:Director22022-02-012023-01-3104350853bus:CompanySecretary12022-02-012023-01-3104350853bus:FullAccounts2022-02-012023-01-31xbrli:purexbrli:sharesiso4217:GBP