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dpl-frs:Item6 2022-01-01 2022-12-31 01176749 dpl-frs:AdministrativeExpenses dpl-frs:Item6 2022-01-01 2022-12-31 01176749 dpl-frs:Item7 2022-01-01 2022-12-31 01176749 dpl-frs:Item7 2021-12-31 01176749 dpl-frs:Item7 2022-12-31 01176749 dpl-frs:CostSales dpl-frs:Item7 2022-01-01 2022-12-31 01176749 dpl-frs:CostSales dpl-frs:Item7 2021-12-31 01176749 dpl-frs:CostSales dpl-frs:Item7 2022-12-31 01176749 dpl-frs:DistributionCosts dpl-frs:Item7 2022-01-01 2022-12-31 01176749 dpl-frs:AdministrativeExpenses dpl-frs:Item7 2022-01-01 2022-12-31 01176749 dpl-frs:Item8 2022-01-01 2022-12-31 01176749 dpl-frs:Item8 2021-12-31 01176749 dpl-frs:Item8 2022-12-31 01176749 dpl-frs:CostSales dpl-frs:Item8 2022-01-01 2022-12-31 01176749 dpl-frs:CostSales dpl-frs:Item8 2021-12-31 01176749 dpl-frs:CostSales dpl-frs:Item8 2022-12-31 01176749 dpl-frs:DistributionCosts dpl-frs:Item8 2022-01-01 2022-12-31 01176749 dpl-frs:AdministrativeExpenses dpl-frs:Item8 2022-01-01 2022-12-31 01176749 dpl-frs:Item9 2022-01-01 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2022-12-31 01176749 dpl-frs:CostSales dpl-frs:Item11 2021-12-31 01176749 dpl-frs:CostSales dpl-frs:Item11 2022-12-31 01176749 dpl-frs:DistributionCosts dpl-frs:Item11 2022-01-01 2022-12-31 01176749 dpl-frs:AdministrativeExpenses dpl-frs:Item11 2022-01-01 2022-12-31 01176749 dpl-frs:Item12 2022-01-01 2022-12-31 01176749 dpl-frs:Item12 2021-12-31 01176749 dpl-frs:Item12 2022-12-31 01176749 dpl-frs:CostSales dpl-frs:Item12 2022-01-01 2022-12-31 01176749 dpl-frs:CostSales dpl-frs:Item12 2021-12-31 01176749 dpl-frs:CostSales dpl-frs:Item12 2022-12-31 01176749 dpl-frs:DistributionCosts dpl-frs:Item12 2022-01-01 2022-12-31 01176749 dpl-frs:AdministrativeExpenses dpl-frs:Item12 2022-01-01 2022-12-31 01176749 1 2022-01-01 2022-12-31 01176749 frs-countries:EnglandWales 2022-01-01 2022-12-31
Registered number: 01176749
System Printed Circuits Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Steve Pye & Co.
Chartered Certified Accountants
Unit 8 Home Farm
Norwich Road
Marsham, Norwich
Norfolk
NR10 5PQ
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 01176749
2023 2022
Notes £ £ £ £
FIXED ASSETS
Investments 4 47,000 47,000
47,000 47,000
CURRENT ASSETS
Debtors 5 55,330 11,132
Cash at bank and in hand 4,369,140 4,261,875
4,424,470 4,273,007
Creditors: Amounts Falling Due Within One Year 6 (39,251 ) (14,076 )
NET CURRENT ASSETS (LIABILITIES) 4,385,219 4,258,931
TOTAL ASSETS LESS CURRENT LIABILITIES 4,432,219 4,305,931
NET ASSETS 4,432,219 4,305,931
CAPITAL AND RESERVES
Called up share capital 7 85 85
Share premium account (286,882 ) (286,882 )
Capital redemption reserve 6 6
Income Statement 4,719,010 4,592,722
SHAREHOLDERS' FUNDS 4,432,219 4,305,931
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Anthony Robson
Director
4 March 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
System Printed Circuits Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01176749 . The registered office is 1 Francis Stone Court, St. Andrews Park, Norwich, NR7 0GW.  The presentation currency of the financial statements is the Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Significant judgements and estimations
In the application of the copmany's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources.  The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant.  Actual results may differ from these estimates.  The estimates and underliyng assumptions are reviewed on an ongoing basis.  Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of revision and future periods if the revision affects both current and future periods.  The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets.
2.3. Financial Instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.
a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.
b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Page 3
Page 4
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 4)
4 4
4. Investments
Unlisted
£
Cost
As at 1 January 2023 47,000
As at 31 December 2023 47,000
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 47,000
As at 1 January 2023 47,000
5. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 55,330 11,132
55,330 11,132
Page 4
Page 5
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Other creditors 1,675 2,516
Taxation and social security 37,576 11,560
39,251 14,076
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 85 85
Page 5