USYSTEMS LIMITED |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31ST DECEMBER 2022 |
USYSTEMS LIMITED |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31ST DECEMBER 2022 |
USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Statement of Comprehensive Income | 7 |
Balance Sheet | 8 |
Statement of Changes in Equity | 10 |
Cash Flow Statement | 11 |
Notes to the Cash Flow Statement | 12 |
Notes to the Financial Statements | 14 |
USYSTEMS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
First Floor, Woburn Court |
2 Railton Road |
Woburn Rd Ind Est |
Kempston |
Bedfordshire |
MK42 7PN |
USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
The directors present their strategic report for the year ended 31st December 2022. |
REVIEW OF BUSINESS |
During the financial year ending 31st December 2022 turnover increased by 1.5% compared to the prior year. |
The forecast for year ending 31st December 2023 is very positive in terms of sales and profitability, so long as there are no issues with supply chains and staffing levels. |
The directors are pleased with the trading performance of the company, which reports an operating profit of 1,026,545 compared to £581,915 in 2021. The trading activity is well diversified and considered by the directors to be low risk. Administrative costs were kept under control and this resulted in a higher profit for the year. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Uncertainties within the UK and world economy are the main variable factor with regards to the ongoing operation of the group. |
We do very little trade directly with Europe so believe the impact of Brexit should be minimal. |
Financial risks |
- changes in the economic environment; and impact of any future covid restrictions |
- interest rate risks; |
Supply |
- Materials are imported from around the world so there is a risk to supply time delays if the situation deteriorates. |
KEY PERFORMANCE INDICATORS |
Given the nature of the business, the directors consider that the key performance indicators relevant to understand the development, performance and position of the group are debt and the yield from investments and loans. These are detailed above |
FUTURE OUTLOOK |
The directors expect the external environment to remain competitive in 2023 with a threat of variations in market potentially caused by Brexit, but remain confident that they can continue to achieve good returns on all loans and investments. |
ON BEHALF OF THE BOARD: |
USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
The directors present their report with the financial statements of the company for the year ended 31st December 2022. |
DIVIDENDS |
No A share dividends will be distributed for the year ended 31st December 2022 (2021 £Nil). |
DIRECTORS |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, HW Bedford Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
USYSTEMS LIMITED |
Opinion |
We have audited the financial statements of USystems Limited (the 'company') for the year ended 31st December 2022 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31st December 2022 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
USYSTEMS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- Identifying and assessing the controls management has in place to prevent and detect fraud; |
- Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
- Challenging assumptions and judgments made by management in its significant accounting estimates and judgments. |
- Identifying and testing journal entries, in particular journal entries posted with unusual account combinations; and |
- Assessing the extent of compliance with the relevant laws and regulations. |
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusions. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
USYSTEMS LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
First Floor, Woburn Court |
2 Railton Road |
Woburn Rd Ind Est |
Kempston |
Bedfordshire |
MK42 7PN |
USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
2,312,264 | 2,657,894 |
1,023,005 | 406,771 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
1,026,545 | 518,977 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Prior year adjustment | (23,606 | ) |
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |
BALANCE SHEET |
31ST DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 12 | ( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Share premium | 19 | ( |
) | ( |
) |
Retained earnings | 19 | 1,623,233 | 685,982 |
SHAREHOLDERS' FUNDS |
USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |
BALANCE SHEET - continued |
31ST DECEMBER 2022 |
The financial statements were approved by the Board of Directors and authorised for issue on |
USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1st January 2021 | ( |
) |
Prior year adjustment | - | (23,606 | ) | - | (23,606 | ) |
As restated | ( |
) |
Changes in equity |
Total comprehensive income | - | 340,059 | - | 340,059 |
Balance at 31st December 2021 | 834,185 | 685,982 | (852 | ) | 1,519,315 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31st December 2022 | ( |
) |
USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
Tax paid |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loans with group entities |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year | ( |
) | ( |
) |
Amount introduced by directors | - | 50,000 |
Amount withdrawn by directors | (96,167 | ) | - |
Government grants |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
418,060 |
Cash and cash equivalents at end of year | 2 | 255,884 | 81,316 |
USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2022 | 2021 |
£ | £ |
Profit before taxation |
Depreciation charges |
Government grants | ( |
) |
Finance costs | 23,785 | 62,782 |
Finance income | - | (6 | ) |
1,077,991 | 500,271 |
Increase in stocks | ( |
) | ( |
) |
(Increase)/decrease in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31st December 2022 |
31/12/22 | 1/1/22 |
£ | £ |
Cash and cash equivalents | 255,884 | 81,316 |
Year ended 31st December 2021 |
31/12/21 | 1/1/21 |
£ | £ |
Cash and cash equivalents | 81,316 | 418,127 |
Bank overdrafts | ( |
) |
81,316 | 418,060 |
USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
3. | ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS |
At 1/1/22 | Cash flow | At 31/12/22 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 81,316 | 174,568 | 255,884 |
81,316 | 255,884 |
Debt |
Finance leases | (11,595 | ) | 9,216 | (2,379 | ) |
Debts falling due within 1 year | (1,009,361 | ) | 1,009,361 | - |
Debts falling due after 1 year | (528,237 | ) | 528,237 | - |
(1,549,193 | ) | 1,546,814 | (2,379 | ) |
Total | (1,467,877 | ) | 1,721,382 | 253,505 |
USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
1. | STATUTORY INFORMATION |
USystems Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
The financial statements have been prepared on a going concern basis. The Director has reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Director has concluded that the company can continue to adopt the going concern basis in preparing the annual report and accounts. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgement, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Revenue |
Revenue is recognised when it is probable that future economic benefit will flow to the company and the revenue can be measured reliably. Revenue is measured at fair value of consideration received or receivable, excluding any discounts, rebates and value added tax. Listed below is the revenue recognition policy which must be met before revenue can be recognised: |
Sale of equipment |
Revenue from sale of equipment is recognised when risk and rewards have been transferred to the customer, this occurs upon dispatch of equipment. The company considers the effect of variable consideration where certain contracts require an upfront deposit which are treated as deferred income initially and recognised when risk and rewards have transferred to customer. |
USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Fixed assets are stated at cost less accumulated depreciation. |
Stocks |
Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. The provision for slow moving and obsolete items within the financial year is £134,000 (2021: £102,115). |
Fixed and Variable production overheads have been allocated to the costs of conversion. For Fixed overheads this has been included on the basis of actual production expected, and for Variable overheads it has effectively been allocated to each unit of production on the basis of actual use of the production facilities. |
Work in Progress and Finished goods values are evaluated using a method of absorption costing. An uplift is applied to the hourly labour time to account for general overheads. |
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs. |
2022 | 2021 |
Raw materials | 1,247,175 | 1,203,599 |
WIP | 55.876 | 41,013 |
Finished Goods | 684,231 | 454,709 |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
2022 | 2021 |
£ | £ |
United Kingdom |
Europe |
United States of America |
USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
4. | EMPLOYEES AND DIRECTORS |
2022 | 2021 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2022 | 2021 |
Directors | 1 | 3 |
Management | 2 | 2 |
Other | 58 | 69 |
2022 | 2021 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2022 | 2021 |
£ | £ |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2022 | 2021 |
£ | £ |
Barclays sales financing interest |
Other interest |
Other loan interest |
Interest on late tax payment |
Hire purchase interest |
USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2022 | 2021 |
£ | £ |
Current tax: |
UK corporation tax |
Prior period under/(over) provisions | (93,876 | ) | 76,863 |
Research & development tax credit | (35,946 | ) | - |
Total current tax |
Deferred tax | ( |
) |
Tax on profit |
8. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st January 2022 |
Additions |
At 31st December 2022 |
DEPRECIATION |
At 1st January 2022 |
Charge for year |
At 31st December 2022 |
NET BOOK VALUE |
At 31st December 2022 |
At 31st December 2021 |
The net book value of tangible fixed assets includes £ 33,620 (2021 - £ 47,125 ) in respect of assets held under hire purchase contracts. |
9. | STOCKS |
2022 | 2021 |
£ | £ |
Stocks |
The write down of stocks to net realisable value amounted to £134,000 (2021 - £102,115). |
USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Tax |
VAT |
Prepayments and accrued income |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts (see note 13) |
Other loans (see note 13) |
Hire purchase contracts (see note 14) |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
Other creditors |
Company credit card | 14,878 | 26,434 |
Directors' current accounts | - | 96,167 |
Accruals and deferred income |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans (see note 13) |
Other loans (see note 13) | - | 158,219 |
Hire purchase contracts (see note 14) |
USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
13. | LOANS |
An analysis of the maturity of loans is given below: |
2022 | 2021 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Barclays sales finance | - | 836,159 |
Other loans | - | 74,857 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Other loans - 1-2 years | - | 77,657 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Other loans - 2-5 years | - | 80,562 |
14. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2022 | 2021 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
15. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank loans |
Barclays sales finance | - | 836,159 |
Hire purchase contracts | 2,379 | 11,595 |
Hire purchase agreements are secured against the assets to which they relate. |
16. | FINANCIAL INSTRUMENTS |
Basic financial liabilities, including trade and other payables, bank loans, loans from group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measures at the present value of the future payments discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
17. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax | 52,317 | 48,144 |
Deferred |
tax |
£ |
Balance at 1st January 2022 |
Charge to Statement of Comprehensive Income during year |
Movement during the year |
Balance at 31st December 2022 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
ORDINARY A | £1 | 18,518 | 18,518 |
ORDINARY B | £1 | 815,667 | 815,667 |
834,185 | 834,185 |
USYSTEMS LIMITED (REGISTERED NUMBER: 04616025) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
19. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1st January 2022 | ( |
) | 685,130 |
Profit for the year |
At 31st December 2022 | ( |
) | 1,622,381 |
20. | PENSION COMMITMENTS |
Employers pension contributions for the year were £40,973 (2021: £39,793). |
21. | CONTROLLING PARTY |
The ultimate controlling party is |
The immediate parent company is 18MC Global Limited, a company incorporated in England & Wales. |