Premier Systems Ltd 02558800 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of computer and software remarketeer and software developer Digita Accounts Production Advanced 6.30.9574.0 true true 02558800 2023-01-01 2023-12-31 02558800 2023-12-31 02558800 core:CapitalRedemptionReserve 2023-12-31 02558800 core:RetainedEarningsAccumulatedLosses 2023-12-31 02558800 core:ShareCapital 2023-12-31 02558800 core:SharePremium 2023-12-31 02558800 core:CurrentFinancialInstruments 2023-12-31 02558800 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 02558800 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 02558800 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 02558800 core:FurnitureFittingsToolsEquipment 2023-12-31 02558800 core:MotorVehicles 2023-12-31 02558800 bus:SmallEntities 2023-01-01 2023-12-31 02558800 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 02558800 bus:FullAccounts 2023-01-01 2023-12-31 02558800 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02558800 bus:RegisteredOffice 2023-01-01 2023-12-31 02558800 bus:Director3 2023-01-01 2023-12-31 02558800 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02558800 core:CapitalRedemptionReserve 2023-01-01 2023-12-31 02558800 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02558800 core:ShareCapital 2023-01-01 2023-12-31 02558800 core:SharePremium 2023-01-01 2023-12-31 02558800 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 02558800 core:FurnitureFittings 2023-01-01 2023-12-31 02558800 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 02558800 core:LandBuildings 2023-01-01 2023-12-31 02558800 core:MotorVehicles 2023-01-01 2023-12-31 02558800 core:OfficeEquipment 2023-01-01 2023-12-31 02558800 countries:EnglandWales 2023-01-01 2023-12-31 02558800 2022-12-31 02558800 core:CapitalRedemptionReserve 2022-12-31 02558800 core:RetainedEarningsAccumulatedLosses 2022-12-31 02558800 core:ShareCapital 2022-12-31 02558800 core:SharePremium 2022-12-31 02558800 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 02558800 core:FurnitureFittingsToolsEquipment 2022-12-31 02558800 core:MotorVehicles 2022-12-31 02558800 2022-01-01 2022-12-31 02558800 2022-12-31 02558800 core:CurrentFinancialInstruments 2022-12-31 02558800 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 02558800 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 02558800 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 02558800 core:FurnitureFittingsToolsEquipment 2022-12-31 02558800 core:MotorVehicles 2022-12-31 02558800 core:CapitalRedemptionReserve 2022-01-01 2022-12-31 02558800 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 02558800 core:ShareCapital 2022-01-01 2022-12-31 02558800 core:SharePremium 2022-01-01 2022-12-31 02558800 2021-12-31 02558800 core:CapitalRedemptionReserve 2021-12-31 02558800 core:RetainedEarningsAccumulatedLosses 2021-12-31 02558800 core:ShareCapital 2021-12-31 02558800 core:SharePremium 2021-12-31 iso4217:GBP xbrli:pure

Registration number: 02558800

Premier Systems Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Premier Systems Ltd

Contents

Balance Sheet

1 to 2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 9

 

Premier Systems Ltd

(Registration number: 02558800)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

£695,078

£635,548

Tangible assets

5

£8,931

£19,957

 

£704,009

£655,505

Current assets

 

Stocks

6

£11,033

£12,400

Debtors

7

£103,964

£129,853

Cash at bank and in hand

 

£122,292

£290,592

 

£237,289

£432,845

Creditors: Amounts falling due within one year

8

150,119)

162,142)

Net current assets

 

£87,170

£270,703

Total assets less current liabilities

 

£791,179

£926,208

Creditors: Amounts falling due after more than one year

8

118,225)

151,297)

Provisions for liabilities

133,762)

121,101)

Net assets

 

£539,192

£653,810

Capital and reserves

 

Called up share capital

£10

£10

Share premium reserve

£328,993

£328,993

Capital redemption reserve

£1,000

£1,000

Retained earnings

£209,189

£323,807

Shareholders' funds

 

£539,192

£653,810

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Premier Systems Ltd

(Registration number: 02558800)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 8 April 2024 and signed on its behalf by:
 

.........................................
James Gardner
Director

 

Premier Systems Ltd

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Share premium
£

Capital redemption reserve
£

Retained earnings
£

At 1 January 2023

£10

£328,993

£1,000

£323,807

Loss for the year

-

-

-

114,618)

At 31 December 2023

£10

£328,993

£1,000

£209,189

Total
£

At 1 January 2023

£653,810

Loss for the year

114,618)

At 31 December 2023

£539,192

Share capital
£

Share premium
£

Capital redemption reserve
£

Retained earnings
£

At 1 January 2022

£1,003

£29,000

-

£557,556

Loss for the year

-

-

-

18,749)

New share capital subscribed

£7

£299,999

-

-

Purchase of own share capital

(£1,000)

-

-

(£215,000)

Other share premium reserve movements

-

6)

-

-

Other capital redemption reserve movements

-

-

£1,000

-

At 31 December 2022

£10

£328,993

£1,000

£323,807

Total
£

At 1 January 2022

£587,559

Loss for the year

18,749)

New share capital subscribed

£300,006

Purchase of own share capital

(£216,000)

Other share premium reserve movements

6)

Other capital redemption reserve movements

£1,000

At 31 December 2022

£653,810

 

Premier Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Partnership House
84 Lodge Road
Southampton
Hampshire
SO14 6RG
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Premier Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current and deferred 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 income 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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:

Asset class

Depreciation method and rate

Land and buildings

Lease period

Office equipment

Various straight line

Motor vehicles

Various straight line

Fixtures and fittings

Various straight line

Intangible assets

Deferred research and development costs represents the cost of programming and development staff and associated costs incurred in updating the company's product software platform from a desktop application to a cloud based product, which can be marketed internationally. This is a multi-year project and the annual cost of development is being amortised on a straight line basis over five years from the date the new software platform becomes operational.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Premier Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

 

Premier Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2022 - 20).

 

Premier Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2023

£895,878

£895,878

Additions acquired separately

£265,228

£265,228

At 31 December 2023

£1,161,106

£1,161,106

Amortisation

At 1 January 2023

£260,330

£260,330

Amortisation charge

£205,698

£205,698

At 31 December 2023

£466,028

£466,028

Carrying amount

At 31 December 2023

£695,078

£695,078

At 31 December 2022

£635,548

£635,548

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

£126,715

£31,775

£158,490

Additions

£3,251

-

£3,251

At 31 December 2023

£129,966

£31,775

£161,741

Depreciation

At 1 January 2023

£106,759

£31,775

£138,534

Charge for the year

£14,276

-

£14,276

At 31 December 2023

£121,035

£31,775

£152,810

Carrying amount

At 31 December 2023

£8,931

-

£8,931

At 31 December 2022

£19,957

-

£19,957

 

Premier Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Stocks

2023
£

2022
£

Other inventories

£11,033

£12,400

7

Debtors

Current

2023
£

2022
£

Trade debtors

£33,473

£40,840

Prepayments

£19,026

£18,375

Other debtors

£51,465

£70,638

 

£103,964

£129,853

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

£32,262

£32,262

Trade creditors

 

£18,325

£4,644

Taxation and social security

 

£22,824

£28,219

Accruals and deferred income

 

£9,999

£9,998

Other creditors

 

£66,709

£87,019

 

£150,119

£162,142

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

£118,225

£151,297