Registration number:
Symmetric Systems Limited
for the Year Ended 31 August 2023
Pages for filing with Registrar
Symmetric Systems Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Symmetric Systems Limited
Company Information
Director |
A L Piper |
Company secretary |
P F Costelloe |
Registered office |
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Registered number |
03822846 |
Accountant |
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Symmetric Systems Limited
(Registration number: 03822846)
Balance Sheet as at 31 August 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
- |
( |
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Net assets/(liabilities) |
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( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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( |
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Total equity |
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( |
Symmetric Systems Limited
(Registration number: 03822846)
Balance Sheet as at 31 August 2023
For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised for issue by the
.........................................
Director
Symmetric Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
Accounting policies |
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The requirements imposed on the Company by way of the FCA’s First and Second Supervisory Notices and the Company’s reference dated 28 April 2022 to the Upper Tribunal (Tax and Chancery Chamber) in London continued to incur considerable costs for the Company at the beginning of the period and weighed heavily on the Company’s resources. The Director (Mr S Smart) instructed the Company’s legal advisers to withdraw the reference made to the Upper Tribunal with no order as to costs, thereby removing any remaining uncertainty for the Company. The Director was satisfied that this course of action was in the best interests of the Company. The Company agreed to the imposition of voluntary requirements with the FCA on 15 March 2023 and ceased trading as a claims management company on 13 April 2023.
Symmetric Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Following the Company’s exit from the Claims Management industry on 13 April 2023, income increased as expected from historic success fee invoices and other recoverable invoices, and the Company has been able to clear or reduce several creditors and liabilities. Following the end of the relevant period, the Company’s income has continued to increase as a result of the success of the collections campaign. Income is expected to remain at a consistently high level for several months and may then lower in the second half of 2024, with income from regular payment plans due to continue for at least the next 12-24 months. Operating costs have been substantially lowered over the last 12 months and are under continuous review. Further reductions may be made towards the end of 2024 as income from the former trade of claims management services reduces. The Company is expected to clear all external creditors and liabilities with surplus funds available for investment in the Company’s next project.
As a result of the above, the Director continues to adopt the going concern basis in preparing these financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises income when it can be reliably measured and it is probable that future economic benefits will flow to the entity.
Tax
Tax is recognised in profit or loss, 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.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible fixed assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Fixtures, fittings and equipment |
25% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
Symmetric Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are recognised initially at the transaction price and subsequently measured at cost.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
4 Revenue
Revenue recognised of £719,411 during the year relates to the company's former trade of claims management services. It represents an adjustment to the estimated revenue for services up to cessation of this trade.
Symmetric Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Tangible fixed assets |
Furniture, fittings and equipment |
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Cost |
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At 1 September 2022 |
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Additions |
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At 31 August 2023 |
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Depreciation |
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At 1 September 2022 |
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Charge for the year |
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At 31 August 2023 |
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Carrying amount |
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At 31 August 2023 |
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At 31 August 2022 |
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Debtors: amounts falling due within one year |
2023 |
2022 |
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Trade debtors |
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Prepayments |
561 |
638 |
Other debtors |
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Symmetric Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Creditors |
2023 |
2022 |
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Amounts falling due within one year |
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Bank borrowings |
7,082 |
9,766 |
Bank overdrafts |
49,984 |
49,900 |
Trade creditors |
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Taxation and social security |
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- |
Other creditors |
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Accruals |
3,154 |
7,266 |
Other loan |
71,680 |
- |
Director's loan account |
- |
20,000 |
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2023 |
2022 |
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Due after one year |
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Bank borrowings |
26,407 |
- |
Other loan |
71,680 |
29,923 |
Trade creditors |
- |
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Director's loan account |
- |
130,768 |
98,087 |
167,525 |
The bank loan is the government backed Business Bounce Back Loan, an unsecured loan with a flexible repayment term, interest charged at 2.5%.
Other loan relates to a loan from the shareholder Mr Smart, who was a director of the company until 9 June 2023. The loan is interest free and as agreed with Mr Smart this amount will not be repaid in full until at least the end of 2025, by which time all other creditors will have been repaid in full. 50% of the loan has therefore been classified as a non-current liability.
Symmetric Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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2,621,000 |
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2,621,000 |
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £