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Company No: 04245291 (England and Wales)

POUNDBURY SYSTEMS LTD

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

POUNDBURY SYSTEMS LTD

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

POUNDBURY SYSTEMS LTD

BALANCE SHEET

As at 31 July 2023
POUNDBURY SYSTEMS LTD

BALANCE SHEET (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 100,007 76,911
100,007 76,911
Current assets
Debtors 4 43,154 64,109
Cash at bank and in hand 338,618 222,462
381,772 286,571
Creditors: amounts falling due within one year 5 ( 151,906) ( 115,723)
Net current assets 229,866 170,848
Total assets less current liabilities 329,873 247,759
Provision for liabilities ( 18,919) ( 14,613)
Net assets 310,954 233,146
Capital and reserves
Called-up share capital 200 200
Revaluation reserve 65,000 65,000
Profit and loss account 245,754 167,946
Total shareholders' funds 310,954 233,146

For the financial year ending 31 July 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Poundbury Systems Ltd (registered number: 04245291) were approved and authorised for issue by the Board of Directors on 03 November 2023. They were signed on its behalf by:

C L Jenkins
Director
POUNDBURY SYSTEMS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
POUNDBURY SYSTEMS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Poundbury Systems Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Emeria House, 71-73 Middlemarsh Street, Dorchester, DT1 3FD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer and revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 2 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Vehicles 4 years straight line
Fixtures and fittings 4 years straight line
Office equipment 4 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 7

3. Tangible assets

Vehicles Fixtures and fittings Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 01 August 2022 77,645 8,997 28,354 174,989 289,985
Additions 0 1,607 0 30,141 31,748
At 31 July 2023 77,645 10,604 28,354 205,130 321,733
Accumulated depreciation
At 01 August 2022 77,645 8,997 26,490 99,942 213,074
Charge for the financial year 0 94 476 8,082 8,652
At 31 July 2023 77,645 9,091 26,966 108,024 221,726
Net book value
At 31 July 2023 0 1,513 1,388 97,106 100,007
At 31 July 2022 0 0 1,864 75,047 76,911

4. Debtors

2023 2022
£ £
Trade debtors 31,064 52,490
Other debtors 12,090 11,619
43,154 64,109

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 29,331 26,415
Taxation and social security 59,023 62,084
Other creditors 63,552 27,224
151,906 115,723