Symmetric Systems Limited 03822846 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is the provision of Claims Management Services (this ceased on 13 April 2023). The principal activity following the Company’s exit from the Claims Management industry is research and development in respect of the Company’s next software-based project. Digita Accounts Production Advanced 6.30.9574.0 true true 03822846 2022-09-01 2023-08-31 03822846 2023-08-31 03822846 bus:OrdinaryShareClass1 2023-08-31 03822846 core:RetainedEarningsAccumulatedLosses 2023-08-31 03822846 core:ShareCapital 2023-08-31 03822846 core:CurrentFinancialInstruments 2023-08-31 03822846 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 03822846 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 03822846 core:WithinOneYear 2023-08-31 03822846 core:FurnitureFittingsToolsEquipment 2023-08-31 03822846 bus:SmallEntities 2022-09-01 2023-08-31 03822846 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 03822846 bus:FullAccounts 2022-09-01 2023-08-31 03822846 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 03822846 bus:RegisteredOffice 2022-09-01 2023-08-31 03822846 bus:CompanySecretary1 2022-09-01 2023-08-31 03822846 bus:Director2 2022-09-01 2023-08-31 03822846 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 03822846 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 03822846 core:FurnitureFittings 2022-09-01 2023-08-31 03822846 core:FurnitureFittingsToolsEquipment 2022-09-01 2023-08-31 03822846 countries:EnglandWales 2022-09-01 2023-08-31 03822846 core:FurnitureFittingsToolsEquipment 2022-08-31 03822846 2021-09-01 2022-08-31 03822846 2022-08-31 03822846 bus:OrdinaryShareClass1 2022-08-31 03822846 core:RetainedEarningsAccumulatedLosses 2022-08-31 03822846 core:ShareCapital 2022-08-31 03822846 core:CurrentFinancialInstruments 2022-08-31 03822846 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 03822846 core:Non-currentFinancialInstruments core:AfterOneYear 2022-08-31 03822846 core:WithinOneYear 2022-08-31 03822846 core:FurnitureFittingsToolsEquipment 2022-08-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03822846

Symmetric Systems Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

Pages for filing with Registrar

 

Symmetric Systems Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Symmetric Systems Limited

Company Information

Director

A L Piper

Company secretary

P F Costelloe

Registered office

7 Bell Yard
London
WC2A 2JR

Registered number

03822846

Accountant

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

Symmetric Systems Limited

(Registration number: 03822846)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

6,540

7,816

Current assets

 

Debtors

6

390,361

183,945

Cash at bank and in hand

 

36

60

 

390,397

184,005

Creditors: Amounts falling due within one year

7

(221,729)

(309,949)

Net current assets/(liabilities)

 

168,668

(125,944)

Total assets less current liabilities

 

175,208

(118,128)

Creditors: Amounts falling due after more than one year

7

(98,087)

(167,525)

Provisions for liabilities

-

(1,677)

Net assets/(liabilities)

 

77,121

(287,330)

Capital and reserves

 

Called up share capital

8

2,621,000

2,621,000

Profit and loss account

(2,543,879)

(2,908,330)

Total equity

 

77,121

(287,330)

 

Symmetric Systems Limited

(Registration number: 03822846)
Balance Sheet as at 31 August 2023

For the financial year ending 31 August 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 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the director on 29 February 2024
 

.........................................

A L Piper
Director

 

Symmetric Systems Limited

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

1

Statutory information

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

The address of its registered office is:
7 Bell Yard
London
WC2A 2JR
United Kingdom

2

Accounting policies

Summary of significant accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The requirements imposed on the Company by way of the FCA’s First and Second Supervisory Notices and the Company’s reference dated 28 April 2022 to the Upper Tribunal (Tax and Chancery Chamber) in London continued to incur considerable costs for the Company at the beginning of the period and weighed heavily on the Company’s resources. The Director (Mr S Smart) instructed the Company’s legal advisers to withdraw the reference made to the Upper Tribunal with no order as to costs, thereby removing any remaining uncertainty for the Company. The Director was satisfied that this course of action was in the best interests of the Company. The Company agreed to the imposition of voluntary requirements with the FCA on 15 March 2023 and ceased trading as a claims management company on 13 April 2023.

 

Symmetric Systems Limited

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

Following the Company’s exit from the Claims Management industry on 13 April 2023, income increased as expected from historic success fee invoices and other recoverable invoices, and the Company has been able to clear or reduce several creditors and liabilities. Following the end of the relevant period, the Company’s income has continued to increase as a result of the success of the collections campaign. Income is expected to remain at a consistently high level for several months and may then lower in the second half of 2024, with income from regular payment plans due to continue for at least the next 12-24 months. Operating costs have been substantially lowered over the last 12 months and are under continuous review. Further reductions may be made towards the end of 2024 as income from the former trade of claims management services reduces. The Company is expected to clear all external creditors and liabilities with surplus funds available for investment in the Company’s next project.

As a result of the above, the Director continues to adopt the going concern basis in preparing these financial statements.

Revenue recognition

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

The company recognises income when it can be reliably measured and it is probable that future economic benefits will flow to the entity.

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 corporation 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.

Tangible fixed assets

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

Fixtures, fittings and equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

 

Symmetric Systems Limited

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

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost 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.

Trade creditors

Trade creditors are recognised initially at the transaction price and subsequently measured at cost.

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.

Share capital

Ordinary shares are classified as equity.

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 3 (2022 - 3).

4 Revenue

Revenue recognised of £719,411 during the year relates to the company's former trade of claims management services. It represents an adjustment to the estimated revenue for services up to cessation of this trade.

 

Symmetric Systems Limited

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

5

Tangible fixed assets

Furniture, fittings and equipment
 £

Cost

At 1 September 2022

51,162

Additions

904

At 31 August 2023

52,066

Depreciation

At 1 September 2022

43,346

Charge for the year

2,180

At 31 August 2023

45,526

Carrying amount

At 31 August 2023

6,540

At 31 August 2022

7,816

6

Debtors: amounts falling due within one year

2023
£

2022
£

Trade debtors

284,089

59,378

Prepayments

561

638

Other debtors

105,711

123,929

390,361

183,945

 

Symmetric Systems Limited

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

7

Creditors

2023
£

2022
£

Amounts falling due within one year

Bank borrowings

7,082

9,766

Bank overdrafts

49,984

49,900

Trade creditors

3,633

31,189

Taxation and social security

13,910

-

Other creditors

72,286

191,828

Accruals

3,154

7,266

Other loan

71,680

-

Director's loan account

-

20,000

221,729

309,949

2023
£

2022
£

Due after one year

Bank borrowings

26,407

-

Other loan

71,680

29,923

Trade creditors

-

6,834

Director's loan account

-

130,768

98,087

167,525

The bank loan is the government backed Business Bounce Back Loan, an unsecured loan with a flexible repayment term, interest charged at 2.5%.

Other loan relates to a loan from the shareholder Mr Smart, who was a director of the company until 9 June 2023. The loan is interest free and as agreed with Mr Smart this amount will not be repaid in full until at least the end of 2025, by which time all other creditors will have been repaid in full. 50% of the loan has therefore been classified as a non-current liability.

 

Symmetric Systems Limited

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

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2,621,000

2,621,000

2,621,000

2,621,000

         

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

675

675

The amount of non-cancellable operating lease payments recognised as an expense during the year was £2,025 (2022 - £8,100).