Silverfin false false 30/06/2023 01/07/2022 30/06/2023 C T Craven 17/12/1990 D W Pike 17/12/1990 31 October 2023 The principal activity of the Company during the financial year was computer consultancy. 02320138 2023-06-30 02320138 bus:Director1 2023-06-30 02320138 bus:Director2 2023-06-30 02320138 2022-06-30 02320138 core:CurrentFinancialInstruments 2023-06-30 02320138 core:CurrentFinancialInstruments 2022-06-30 02320138 core:Non-currentFinancialInstruments 2023-06-30 02320138 core:Non-currentFinancialInstruments 2022-06-30 02320138 core:ShareCapital 2023-06-30 02320138 core:ShareCapital 2022-06-30 02320138 core:FurtherSpecificReserve1ComponentTotalEquity 2023-06-30 02320138 core:FurtherSpecificReserve1ComponentTotalEquity 2022-06-30 02320138 core:CapitalRedemptionReserve 2023-06-30 02320138 core:CapitalRedemptionReserve 2022-06-30 02320138 core:RetainedEarningsAccumulatedLosses 2023-06-30 02320138 core:RetainedEarningsAccumulatedLosses 2022-06-30 02320138 core:CostValuation 2022-06-30 02320138 core:CostValuation 2023-06-30 02320138 core:RevaluationsIncreaseDecreaseInInvestments 2023-06-30 02320138 core:ProvisionsForImpairmentInvestments 2022-06-30 02320138 core:ProvisionsForImpairmentInvestments 2023-06-30 02320138 2022-07-01 2023-06-30 02320138 bus:FilletedAccounts 2022-07-01 2023-06-30 02320138 bus:SmallEntities 2022-07-01 2023-06-30 02320138 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 02320138 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 02320138 bus:Director1 2022-07-01 2023-06-30 02320138 bus:Director2 2022-07-01 2023-06-30 02320138 2021-07-01 2022-06-30 02320138 core:Non-currentFinancialInstruments 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure

Company No: 02320138 (England and Wales)

SYSTEMS AXIS TECHNOLOGIES LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

SYSTEMS AXIS TECHNOLOGIES LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

SYSTEMS AXIS TECHNOLOGIES LIMITED

BALANCE SHEET

As at 30 June 2023
SYSTEMS AXIS TECHNOLOGIES LIMITED

BALANCE SHEET (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 1 1
Investment property 3 300,000 300,000
Investments 4 499,432 498,029
799,433 798,030
Current assets
Debtors 5 10,000 0
Cash at bank and in hand 347,694 371,705
357,694 371,705
Creditors: amounts falling due within one year 6 ( 52,016) ( 63,128)
Net current assets 305,678 308,577
Total assets less current liabilities 1,105,111 1,106,607
Creditors: amounts falling due after more than one year 7 ( 25,100) ( 25,100)
Provision for liabilities ( 13,940) ( 13,940)
Net assets 1,066,071 1,067,567
Capital and reserves
Called-up share capital 84 84
Fair value reserve 137,933 136,530
Capital redemption reserve 16 16
Profit and loss account 928,038 930,937
Total shareholders' funds 1,066,071 1,067,567

For the financial year ending 30 June 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 Systems Axis Technologies Limited (registered number: 02320138) were approved and authorised for issue by the Director on 31 October 2023. They were signed on its behalf by:

C T Craven
Director
D W Pike
Director
SYSTEMS AXIS TECHNOLOGIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
SYSTEMS AXIS TECHNOLOGIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 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

Systems Axis Technologies Limited (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 53/55 St Mary Street, Bridgwater, Somerset, TA6 3EQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time
Value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

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 payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 July 2022 300,000
As at 30 June 2023 300,000

Valuation

The investment properties class of fixed assets was valued at £300,000 by the directors. The basis of this valuation was current market value.

There has been no valuation of investment property by an independent valuer.

4. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 July 2022 452,738
At 30 June 2023 452,738
Carrying value at 30 June 2023 452,738
Carrying value at 30 June 2022 452,738
Other investments Total
£ £
Carrying value before impairment
At 01 July 2022 45,291 45,291
Movement in fair value 1,403 1,403
At 30 June 2023 46,694 46,694
Provisions for impairment
At 01 July 2022 0 0
At 30 June 2023 0 0
Carrying value at 30 June 2023 46,694 46,694
Carrying value at 30 June 2022 45,291 45,291

5. Debtors

2023 2022
£ £
Other debtors 10,000 0

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 0 20
Taxation and social security 47,916 59,108
Other creditors 4,100 4,000
52,016 63,128

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Amounts owed to Group undertakings 25,100 25,100

There are no amounts included above in respect of which any security has been given by the small entity.

8. Related party transactions

Transactions with the entity's directors

Advances

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 July 2022, the balance owed by C T Craven was £nil. During the year, £10,000 was advanced to the director, and £nil was repaid by the director. At 30 June 2023, the balance owed by the director was £10,000.

At 1 July 2021, the balance owed by C T Craven was £10,000. During the year, £nil was advanced to the director, and £10,000 was repaid by the director. At 30 June 2022, the balance owed by the director was £nil.