Company registration number 01941071 (England and Wales)
TERENCE JAMES SYSTEMS LIMITED
TRADING AS T J SYSTEMS
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
TERENCE JAMES SYSTEMS LIMITED
TRADING AS T J SYSTEMS
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
TERENCE JAMES SYSTEMS LIMITED
TRADING AS T J SYSTEMS
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
104,330
130,530
Current assets
Debtors
4
53,441
96,389
Cash at bank and in hand
176,446
412,956
229,887
509,345
Creditors: amounts falling due within one year
5
(161,196)
(132,637)
Net current assets
68,691
376,708
Total assets less current liabilities
173,021
507,238
Provisions for liabilities
(14,979)
(18,305)
Net assets
158,042
488,933
Capital and reserves
Called up share capital
6
80
120
Capital redemption reserve
40
Profit and loss reserves
157,922
488,813
Total equity
158,042
488,933
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 26 March 2024 and are signed on its behalf by:
Mr J Harrington
Director
Company registration number 01941071 (England and Wales)
TERENCE JAMES SYSTEMS LIMITED
TRADING AS T J SYSTEMS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
1
Accounting policies
Company information
Terence James Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Three Pines, Church Road, Penn, HIGH WYCOMBE, Bucks, HP10 8EG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of services in the normal course of business, and is shown net of discounts and VAT.
Turnover arises from the sale of computer software and supply of support services. Turnover is recognised by reference to the period in which the fees relate.
Operating lease income from property is recognised in profit and loss on a straight-line basis over the lease term.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
4% per annum on cost.
Plant and machinery
20% per annum on cost.
Fixtures, fittings & equipment
20% per annum on cost.
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.
Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
TERENCE JAMES SYSTEMS LIMITED
TRADING AS T J SYSTEMS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.9
Deferred income
Licence fees received are included in turnover in the period to which the licence relates. Initial licence fees are credited to turnover over a period of five years, with 30% recognised in the first year and 17.5% in each of the following four years. Annual licence fees are credited to turnover over a period of twelve months.
1.10
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.
TERENCE JAMES SYSTEMS LIMITED
TRADING AS T J SYSTEMS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
10
9
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2022
240,799
210,057
450,856
Disposals
(3,175)
(3,175)
At 31 August 2023
240,799
206,882
447,681
Depreciation and impairment
At 1 September 2022
206,612
113,714
320,326
Depreciation charged in the year
744
25,456
26,200
Eliminated in respect of disposals
(3,175)
(3,175)
At 31 August 2023
207,356
135,995
343,351
Carrying amount
At 31 August 2023
33,443
70,887
104,330
At 31 August 2022
34,187
96,343
130,530
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
51,817
94,721
Other debtors
1,624
1,668
53,441
96,389
TERENCE JAMES SYSTEMS LIMITED
TRADING AS T J SYSTEMS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
24
6,417
Taxation and social security
39,480
17,818
Other creditors
121,692
108,402
161,196
132,637
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
80
120
80
120
During the year the company purchased 40 Ordinary shares for a total consideration of £344,667 and the shares were cancelled.
7
Directors' transactions
At the balance sheet date, the company owed the directors £5,523 (2022 - £3,057) in respect of interest free loans made to the company.