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Registrar

Registration number: 05895234

Accesspoint Technologies Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Accesspoint Technologies Limited

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 8

 

Accesspoint Technologies Limited

Company Information

Directors

R M Roebuck

V J Van Der Poel

G Shaw

Registered office

Unit 7 Ashton Gate
Ashton Road
Harold Hill
RM3 8UF

Bankers

National Westminster Bank plc
PO Box 2027 Parklands
De Havilland Way
Horwich
BL6 4YU

Accountants

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Accesspoint Technologies Limited

(Registration number: 05895234)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

466,205

465,323

Current assets

 

Stocks

1,638

1,638

Debtors

5

533,835

397,151

Cash at bank and in hand

 

171,575

152,426

 

707,048

551,215

Creditors: Amounts falling due within one year

6

(687,500)

(510,951)

Net current assets

 

19,548

40,264

Total assets less current liabilities

 

485,753

505,587

Creditors: Amounts falling due after more than one year

6

(207,015)

(348,077)

Provisions for liabilities

(76,287)

(55,385)

Net assets

 

202,451

102,125

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

23,895

23,895

Retained earnings

178,456

78,130

Shareholders' funds

 

202,451

102,125

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.

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.

Approved and authorised by the Board on 28 November 2023 and signed on its behalf by:
 

R M Roebuck
Director

 

Accesspoint Technologies Limited

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

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 September 2022

100

23,895

78,130

102,125

Profit for the year

-

-

591,495

591,495

Dividends

-

-

(491,169)

(491,169)

At 31 August 2023

100

23,895

178,456

202,451


 

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 September 2021

100

23,895

151,647

175,642

Profit for the year

-

-

579,495

579,495

Dividends

-

-

(653,012)

(653,012)

At 31 August 2022

100

23,895

78,130

102,125


 

 

Accesspoint Technologies Limited

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

1

General information

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

The address of its registered office is: Unit 7 Ashton Gate, Ashton Road, Harold Hill, RM3 8UF, 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.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

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

Government grants

Government grants have been recognised within the profit and loss account for the accounting period they relate to.

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.

Tax

Current Tax is recognised in the profit and loss account, 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 on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

 

Accesspoint Technologies Limited

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

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% reducing balance method

Plant and machinery

15% and 33% reducing balance method

Improvements to property

10% straight line method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

Trade debtors

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Accesspoint Technologies Limited

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

Share capital

Ordinary shares are classified as equity.

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 directors) during the year, was 19 (2022 - 16).

4

Tangible assets

Improvements to property
£

Office equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 September 2022

76,631

124,276

899,748

1,100,655

Additions

-

16,364

144,849

161,213

Disposals

-

(99,140)

(237,248)

(336,388)

At 31 August 2023

76,631

41,500

807,349

925,480

Depreciation

At 1 September 2022

58,206

99,153

477,973

635,332

Charge for the year

7,663

12,065

108,888

128,616

Eliminated on disposal

-

(89,115)

(215,558)

(304,673)

At 31 August 2023

65,869

22,103

371,303

459,275

Carrying amount

At 31 August 2023

10,762

19,397

436,046

466,205

At 31 August 2022

18,425

25,123

421,775

465,323

 

Accesspoint Technologies Limited

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

5

Debtors

2023
£

2022
£

Trade debtors

189,963

224,275

Amounts owed by group undertakings

303,593

128,911

Other debtors

4,939

4,875

Prepayments and accrued income

35,340

39,090

533,835

397,151

6

Creditors

Creditors: amounts falling due within one year

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowing

7

141,063

138,757

Trade creditors

 

207,591

235,752

Amounts owed to group undertakings

-

90

Social security and other taxes

 

83,387

68,986

Other creditors

 

34,603

26,770

Corporation tax

 

151,156

33,179

Accruals and deferred income

 

69,700

7,417

 

687,500

510,951

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £141,063 (2022 - £138,757).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

207,015

348,077

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £207,015 (2022 - £348,077).

 

Accesspoint Technologies Limited

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

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

141,063

127,468

Hire purchase contracts

-

11,289

141,063

138,757

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

207,015

348,077