Clocking Systems Limited 06243455 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is the sale and installation of clocking systems. Digita Accounts Production Advanced 6.30.9574.0 true 06243455 2022-04-01 2023-03-31 06243455 2023-03-31 06243455 bus:OrdinaryShareClass1 2023-03-31 06243455 core:RetainedEarningsAccumulatedLosses 2023-03-31 06243455 core:ShareCapital 2023-03-31 06243455 core:CurrentFinancialInstruments 2023-03-31 06243455 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06243455 core:FurnitureFittingsToolsEquipment 2023-03-31 06243455 core:LandBuildings 2023-03-31 06243455 core:MotorVehicles 2023-03-31 06243455 bus:SmallEntities 2022-04-01 2023-03-31 06243455 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 06243455 bus:FullAccounts 2022-04-01 2023-03-31 06243455 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 06243455 bus:RegisteredOffice 2022-04-01 2023-03-31 06243455 bus:Director1 2022-04-01 2023-03-31 06243455 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 06243455 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06243455 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 06243455 core:LandBuildings 2022-04-01 2023-03-31 06243455 core:MotorVehicles 2022-04-01 2023-03-31 06243455 core:OfficeEquipment 2022-04-01 2023-03-31 06243455 countries:EnglandWales 2022-04-01 2023-03-31 06243455 2022-03-31 06243455 core:FurnitureFittingsToolsEquipment 2022-03-31 06243455 core:LandBuildings 2022-03-31 06243455 core:MotorVehicles 2022-03-31 06243455 2021-04-01 2022-03-31 06243455 2022-03-31 06243455 bus:OrdinaryShareClass1 2022-03-31 06243455 core:RetainedEarningsAccumulatedLosses 2022-03-31 06243455 core:ShareCapital 2022-03-31 06243455 core:CurrentFinancialInstruments 2022-03-31 06243455 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 06243455 core:FurnitureFittingsToolsEquipment 2022-03-31 06243455 core:LandBuildings 2022-03-31 06243455 core:MotorVehicles 2022-03-31 06243455 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06243455

Clocking Systems Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Clocking Systems Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Clocking Systems Limited

Company Information

Director

Mr William McGann

Registered office

Pelican House
119c Eastbank Street
Southport
Merseyside
PR8 1DQ

Accountants

Williams & Co Accountants
Pelican House
119c Eastbank Street
Southport
Merseyside
PR8 1DQ

 

Clocking Systems Limited

(Registration number: 06243455)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

92,815

82,940

Current assets

 

Stocks

163,381

136,077

Debtors

5

140,843

158,177

Cash at bank and in hand

 

499,540

741,107

 

803,764

1,035,361

Creditors: Amounts falling due within one year

6

(819,432)

(828,143)

Net current (liabilities)/assets

 

(15,668)

207,218

Net assets

 

77,147

290,158

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

77,146

290,157

Shareholders' funds

 

77,147

290,158

 

Clocking Systems Limited

(Registration number: 06243455)
Balance Sheet as at 31 March 2023

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

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 October 2023
 

.........................................
Mr William McGann
Director

 

Clocking Systems Limited

Notes to the Financial Statements for the Year Ended 31 March 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:
Pelican House
119c Eastbank Street
Southport
Merseyside
PR8 1DQ
United Kingdom

These financial statements were authorised for issue by the director on 26 October 2023.

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.

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.

Tax

The tax expense for the period comprises current 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.

 

Clocking Systems Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

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

Freehold property

Not depreciated

Motor vehicles

25% reducing balance

Office equipment

20% reducing balance

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.

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.

 

Clocking Systems Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 24 (2022 - 23).

 

Clocking Systems Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

66,619

19,986

48,413

135,018

Additions

-

5,650

9,975

15,625

At 31 March 2023

66,619

25,636

58,388

150,643

Depreciation

At 1 April 2022

-

14,133

37,945

52,078

Charge for the year

-

2,301

3,449

5,750

At 31 March 2023

-

16,434

41,394

57,828

Carrying amount

At 31 March 2023

66,619

9,202

16,994

92,815

At 31 March 2022

66,619

5,853

10,468

82,940

Included within the net book value of land and buildings above is £66,619 (2022 - £66,619) in respect of freehold land and buildings.
 

 

Clocking Systems Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

5

Debtors

Current

2023
£

2022
£

Trade debtors

117,066

145,260

Prepayments

4,733

3,328

Other debtors

19,044

9,589

 

140,843

158,177

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

trade creditors

310,105

274,879

Amount owed to directors

335

502

Taxation and social security

104,531

142,837

Other creditors

404,461

409,925

819,432

828,143

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

8

Dividends

Final dividends paid

   

2023
£

 

2022
£

Final dividend of £301,000.00 (2022 - £260,000.00) per each Ordinary

 

301,000

 

260,000