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Company registration number: 01702660







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023


STABLE MICRO SYSTEMS LIMITED






































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STABLE MICRO SYSTEMS LIMITED
 


 
COMPANY INFORMATION


Directors
I D Bateson 
M Proto 
T N Raven 
J Smewing 
J A Walker 




Company secretary
S Johnson



Registered number
01702660



Registered office
Vienna Court
Lammas Road

Godalming

Surrey

GU7 1YL




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


STABLE MICRO SYSTEMS LIMITED
 



CONTENTS



Page
Statement of Financial Position
 
1
Notes to the Financial Statements
 
2 - 7


 


STABLE MICRO SYSTEMS LIMITED
REGISTERED NUMBER:01702660



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
500,605
388,172

  
500,605
388,172

Current assets
  

Stocks
  
1,602,637
1,322,999

Debtors: amounts falling due within one year
 6 
2,136,222
2,371,660

Cash at bank and in hand
  
1,781,560
1,611,092

  
5,520,419
5,305,751

Creditors: amounts falling due within one year
 7 
(898,473)
(1,122,476)

Net current assets
  
 
 
4,621,946
 
 
4,183,275

Total assets less current liabilities
  
5,122,551
4,571,447

Provisions for liabilities
  

Deferred tax
  
(55,513)
-

  
 
 
(55,513)
 
 
-

Net assets
  
5,067,038
4,571,447


Capital and reserves
  

Allotted, called up and fully paid share capital
  
300
300

Profit and loss account
  
5,066,738
4,571,147

  
5,067,038
4,571,447


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.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




I D Bateson
Director

Date: 16 November 2023

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 


STABLE MICRO SYSTEMS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Stable Micro Systems Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office and the Company's registered number is disclosed on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Consolidation

The Company, its parent and subsidiary undertakings comprise a small group. The Company has therefore taken advantage of the exemption provided by Section 399(2A) of the Companies Act 2006 not to prepare group accounts.

 
2.3

Revenue

Revenue from the sale of specialist measurement equipment is recognised to the extent that it is probable that
the economic benefits will flow to the Company and the revenue can be reliably measured, which is usually
when the goods are despatched to the customer and the significant risks and rewards of ownership have
transferred. Revenue is measured as the fair value of the consideration received or receivable, excluding
discounts, rebates, value added tax and other sales taxes.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as stated below.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
reducing balance
Motor vehicles
-
25%
reducing balance
Office equipment
-
20%
reducing balance
Computer equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 2

 


STABLE MICRO SYSTEMS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

 
2.7

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP and have been rounded to the nearest £.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.8

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 


STABLE MICRO SYSTEMS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.11

Research and development

All expenditure on research and development is recognised as an expense when it is incurred.


3.


Employees

The average monthly number of employees, including directors, during the year was 27 (2022 - 28).

Page 4

 


STABLE MICRO SYSTEMS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost


At 1 April 2022
50,167
583,932
151,770
394,145
1,180,014


Additions
37,833
200,362
-
31,882
270,077


Disposals
-
(111,970)
-
-
(111,970)



At 31 March 2023

88,000
672,324
151,770
426,027
1,338,121



Depreciation


At 1 April 2022
45,685
308,335
136,093
301,729
791,842


Charge for the year
1,527
90,848
3,135
28,577
124,087


Disposals
-
(78,413)
-
-
(78,413)



At 31 March 2023

47,212
320,770
139,228
330,306
837,516



Net book value



At 31 March 2023
40,788
351,554
12,542
95,721
500,605



At 31 March 2022
4,482
275,597
15,677
92,416
388,172

Page 5

 


STABLE MICRO SYSTEMS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2022
14,000



At 31 March 2023

14,000



Impairment


At 1 April 2022
14,000



At 31 March 2023

14,000



Net book value



At 31 March 2023
-



At 31 March 2022
-


6.


Debtors

2023
2022
£
£


Trade debtors
952,358
1,157,623

Amounts owed by group undertakings
1,017,896
1,017,896

Other debtors
51,767
23,165

Prepayments and accrued income
114,201
161,639

Deferred taxation
-
11,337

2,136,222
2,371,660


Page 6

 


STABLE MICRO SYSTEMS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
338,685
399,505

Corporation tax
238,056
382,286

Other taxation and social security
45,503
44,507

Other creditors
-
66

Accruals and deferred income
276,229
296,112

898,473
1,122,476



8.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 16 November 2023 by Caroline Milton FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

Page 7