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REGISTERED NUMBER: 06756544 (England and Wales)






























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

CREDIBLESYSTEMS LTD

CREDIBLESYSTEMS LTD (REGISTERED NUMBER: 06756544)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CREDIBLESYSTEMS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: Mr M D Thurman
Ms S J Treanor





REGISTERED OFFICE: Granville Hall
Granville Road
Leicester
Leicestershire
LE1 7RU





REGISTERED NUMBER: 06756544 (England and Wales)

CREDIBLESYSTEMS LTD (REGISTERED NUMBER: 06756544)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 5 12,178 43,926
Cash at bank 14,531 53,080
26,709 97,006
CREDITORS
Amounts falling due within one year 6 34,068 63,737
NET CURRENT (LIABILITIES)/ASSETS (7,359 ) 33,269
TOTAL ASSETS LESS CURRENT
LIABILITIES

(7,359

)

33,269

CREDITORS
Amounts falling due after more than one
year

7

36,588

41,670
NET LIABILITIES (43,947 ) (8,401 )

CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings (43,951 ) (8,405 )
SHAREHOLDERS' FUNDS (43,947 ) (8,401 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CREDIBLESYSTEMS LTD (REGISTERED NUMBER: 06756544)

BALANCE SHEET - continued
28 FEBRUARY 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2023 and were signed on its behalf by:




Ms S J Treanor - Director



Mr M D Thurman - Director


CREDIBLESYSTEMS LTD (REGISTERED NUMBER: 06756544)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023


1. STATUTORY INFORMATION

Crediblesystems Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax, adjusted in accordance with the policy on long term contracts as described below.

Long term contracts
Turnover on uncompleted contracts is determined according to the stage of completion of these contracts.

Operating profit includes attributable profit on contracts completed and amounts recoverable on contracts uncompleted, the latter also being included under debtors due within one year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 50% on cost
Office equipment - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

CREDIBLESYSTEMS LTD (REGISTERED NUMBER: 06756544)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured
initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Going concern
The financial statements have been prepared on the going concern basis. As at 28 February 2023 the liabilities exceed the assets by £43,947. Continuation to trade depends on the continual support of the company's directors. Should the company be unable to continue to trade, adjustment would have to be made to reduce the value of the assets to their recoverable amounts and to provide for any further liabilities which may arise.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Plant and Office
machinery equipment Totals
£    £    £   
COST
At 1 March 2022
and 28 February 2023 552 19,617 20,169
DEPRECIATION
At 1 March 2022
and 28 February 2023 552 19,617 20,169
NET BOOK VALUE
At 28 February 2023 - - -
At 28 February 2022 - - -

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 6,566 39,121
Amounts recoverable on contract 90 4,500
Other debtors 5,522 305
12,178 43,926

CREDIBLESYSTEMS LTD (REGISTERED NUMBER: 06756544)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,216 5,216
Trade creditors 134 2,400
Taxation and social security 21,309 46,445
Other creditors 7,409 9,676
34,068 63,737

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 36,588 41,670

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years
by instalment 15,725 20,807
15,725 20,807

8. PENSION COMMITMENTS

The company operates a pension scheme. The assets of the scheme are held separately from those of the company within independently administered funds. The charge for the year was £3,224 (2022: £2,741). Contributions of £667 (2022: £811) were unpaid at the year end.

9. RELATED PARTY DISCLOSURES

At the year end the company owed £1,874 (2022: £2,412) to Ms S J Treanor and £1,874 (2022: £1,577) to Mr M D Thurman on their director's loan accounts.

The loans are interest free and re-payable on demand.