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COMPANY REGISTRATION NUMBER: 02889369
UK SYSTEMS INC LIMITED
Filleted Unaudited Financial Statements
31 March 2023
UK SYSTEMS INC LIMITED
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
56,384
62,539
Fixed Asset Investments
6
255,946
322,515
---------
---------
312,330
385,054
Current assets
Stocks
41,280
48,944
Debtors
7
52,017
32,159
Cash at bank and in hand
60,315
32,805
---------
---------
153,612
113,908
Creditors: amounts falling due within one year
8
87,224
104,729
---------
---------
Net current assets
66,388
9,179
---------
---------
Total assets less current liabilities
378,718
394,233
---------
---------
Net assets
378,718
394,233
---------
---------
Capital and reserves
Called up share capital
4
4
Revaluation reserve
173,623
219,082
Profit and loss account
205,091
175,147
---------
---------
Shareholders funds
378,718
394,233
---------
---------
These 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 comprehensive income has not been delivered.
For the year ending 31 March 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 financial statements for the year 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 financial statements .
UK SYSTEMS INC LIMITED
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 24 November 2023 , and are signed on behalf of the board by:
Mrs R E Houseley
Director
Company registration number: 02889369
UK SYSTEMS INC LIMITED
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The principal activity of the company in the year under review was that of the supply and installation of computer and electrical equipment.
2. Statement of compliance
These 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
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and fixed asset investments measured at fair value through the revaluation reserve. The financial statements are prepared in GBP sterling, which is the functional currency of the entity.
Research and development costs
Expenditure on research and development is written off against profits in the year in which it is incurred.
Turnover
Turnover represents net invoiced sales of pipeline inspection systems equipment and related goods, excluding value added tax, and turnover is recognised when the goods are despatched to the customer.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible fixed assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Freehold property
-
2% straight line
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at their fair value.
Stocks
Stocks are measured at the lower of cost and net realisable value, after making allowance for obsolete and slow moving items.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
The company operates a defined contribution pension scheme. Contributions are recognised as an expense in the period to which they relate.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 April 2022
75,750
8,051
5,634
21,261
110,696
Additions
997
997
--------
-------
-------
--------
---------
At 31 March 2023
75,750
9,048
5,634
21,261
111,693
--------
-------
-------
--------
---------
Depreciation
At 1 April 2022
33,330
7,875
4,066
2,886
48,157
Charge for the year
1,515
152
236
5,249
7,152
--------
-------
-------
--------
---------
At 31 March 2023
34,845
8,027
4,302
8,135
55,309
--------
-------
-------
--------
---------
Carrying amount
At 31 March 2023
40,905
1,021
1,332
13,126
56,384
--------
-------
-------
--------
---------
At 31 March 2022
42,420
176
1,568
18,375
62,539
--------
-------
-------
--------
---------
6. Fixed asset investments
Other investments
£
Valuation
At 1 April 2022
322,515
Additions
7,784
Disposals
( 50,000)
Revaluations
( 24,353)
---------
At 31 March 2023
255,946
---------
Impairment
At 1 April 2022 and 31 March 2023
---------
Carrying amount
At 31 March 2023
255,946
---------
At 31 March 2022
322,515
---------
7. Debtors
2023
2022
£
£
Trade debtors
49,232
29,748
Other debtors
2,785
2,411
--------
--------
52,017
32,159
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
20,083
44,273
Social security and other taxes
13,411
7,359
Other creditors
53,730
53,097
--------
---------
87,224
104,729
--------
---------