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REGISTERED NUMBER: 03522646 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

SYSTEM X SOFTWARE LIMITED

SYSTEM X SOFTWARE LIMITED (REGISTERED NUMBER: 03522646)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SYSTEM X SOFTWARE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTOR: Mr J Reynolds





SECRETARY: Mrs C Reynolds





REGISTERED OFFICE: 18 Mayfair Terrace
London
N14 6HJ





REGISTERED NUMBER: 03522646 (England and Wales)





ACCOUNTANTS: MGR SD Limited
Chartered Accountants
55 Loudoun Road
London
NW8 0DL

SYSTEM X SOFTWARE LIMITED (REGISTERED NUMBER: 03522646)

BALANCE SHEET
31 MAY 2023

31.5.23 31.5.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 37,722 44,122

CURRENT ASSETS
Debtors 5 3,987 5,236
Cash at bank 29,270 8,591
33,257 13,827
CREDITORS
Amounts falling due within one year 6 (35,170 ) (20,911 )
NET CURRENT LIABILITIES (1,913 ) (7,084 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

35,809

37,038

PROVISIONS FOR LIABILITIES 7 (7,167 ) (8,383 )
NET ASSETS 28,642 28,655

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 28,542 28,555
SHAREHOLDERS' FUNDS 28,642 28,655

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 February 2024 and were signed by:



Mr J Reynolds - Director


SYSTEM X SOFTWARE LIMITED (REGISTERED NUMBER: 03522646)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023


1. STATUTORY INFORMATION

System X Software Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The director reports net current liabilities of £1,913 (2022: £7,084) at the balance sheet date.

The director has given assurances that he will support the company to meet its day to day liabilities as and when they fall due.

In view of this, it is the opinion of the director that the company's financial statements should be prepared on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - at variable rates on reducing balance
Computer equipment - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

SYSTEM X SOFTWARE LIMITED (REGISTERED NUMBER: 03522646)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 June 2022 55,258 22,118 77,376
Additions - 853 853
At 31 May 2023 55,258 22,971 78,229
DEPRECIATION
At 1 June 2022 16,273 16,981 33,254
Charge for year 5,933 1,320 7,253
At 31 May 2023 22,206 18,301 40,507
NET BOOK VALUE
At 31 May 2023 33,052 4,670 37,722
At 31 May 2022 38,985 5,137 44,122

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 1,531 5,236
Other debtors 2,456 -
3,987 5,236

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade creditors 2 28
Taxation and social security 24,469 20,422
Other creditors 10,699 461
35,170 20,911

7. PROVISIONS FOR LIABILITIES
31.5.23 31.5.22
£    £   
Deferred tax
Accelerated capital allowances 7,167 8,383

Deferred
tax
£   
Balance at 1 June 2022 8,383
Credit to Income Statement during year (1,216 )
Balance at 31 May 2023 7,167

SYSTEM X SOFTWARE LIMITED (REGISTERED NUMBER: 03522646)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.23 31.5.22
value: £    £   
50 Ordinary- A £1 50 50
50 Ordinary- B £1 50 50
100 100