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COMPANY REGISTRATION NUMBER: 03421593
System Design Controls Limited
Filleted Unaudited Abridged Financial Statements
28 February 2023
System Design Controls Limited
Abridged Statement of Financial Position
28 February 2023
28 Feb 23
31 Aug 21
Note
£
£
£
Fixed assets
Tangible assets
5
3,348
Current assets
Stocks
2,360
Debtors
1,876
51,856
Cash at bank and in hand
15,122
123,331
--------
---------
16,998
177,547
Creditors: amounts falling due within one year
5,176
109,988
--------
---------
Net current assets
11,822
67,559
--------
--------
Total assets less current liabilities
11,822
70,907
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
11,820
70,905
--------
--------
Shareholders funds
11,822
70,907
--------
--------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the period in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of financial position for the period ending 28 February 2023 in accordance with Section 444(2A) of the Companies Act 2006.
System Design Controls Limited
Abridged Statement of Financial Position (continued)
28 February 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 22 November 2023 , and are signed on behalf of the board by:
P J Ernstsons
Director
Company registration number: 03421593
System Design Controls Limited
Notes to the Abridged Financial Statements
Period from 1 September 2021 to 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3rd Floor Regent House, Bath Avenue, Wolverhampton, WV1 4EG, England.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
During the period ended 28 February 2023 the company ceased to trade. The company is now in the process of winding up its affairs.
(c) Revenue recognition
The turnover shown in the profit and loss account represents goods and services supplied during the year, exclusive of VAT.
(d) Deferred tax
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, or a right to pay less or to receive more tax, with the following exceptions: Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(f) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
25% reducing balance
(g) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
(h) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(i) Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 1 (2021: 2 ).
5. Tangible assets
£
Cost
At 1 September 2021
6,796
Disposals
( 6,796)
-------
At 28 February 2023
-------
Depreciation
At 1 September 2021
3,448
Other movements
( 3,448)
-------
At 28 February 2023
-------
Carrying amount
At 28 February 2023
-------
At 31 August 2021
3,348
-------