Registered number
03259227
System Express Limited
Filleted Accounts
31 October 2023
System Express Limited
Registered number: 03259227
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 101,057 105,150
Current assets
Investments held as current assets 4 234,945 209,959
Cash at bank and in hand 2,302 19,159
237,247 229,118
Creditors: amounts falling due within one year 5 (362,939) (346,445)
Net current liabilities (125,692) (117,327)
Net liabilities (24,635) (12,177)
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account (25,635) (13,177)
Shareholders' funds (24,635) (12,177)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R Hunter
Director
Approved by the board on 20 March 2024
System Express Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 2.0% straight line
Fixtures & fittings 20.0% reducing balance
Office furniture 20.0% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 November 2022 108,583 28,781 137,364
At 31 October 2023 108,583 28,781 137,364
Depreciation
At 1 November 2022 13,032 19,182 32,214
Charge for the year 2,172 1,921 4,093
At 31 October 2023 15,204 21,103 36,307
Net book value
At 31 October 2023 93,379 7,678 101,057
At 31 October 2022 95,551 9,599 105,150
4 Investments held as current assets 2023 2022
£ £
Fair value
Listed investments 234,945 209,959
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Listed investments (6,786) (22,621)
The current asset investments consist entirely of quoted shares and fair value is based on closing quoted prices.
5 Creditors: amounts falling due within one year 2023 2022
£ £
Directors loans 361,739 345,444
Accruals 1,200 1,001
362,939 346,445
6 Controlling party
The Company is controlled by R & S Hunter
7 Other information
System Express Limited is a private company limited by shares and incorporated in England. Its registered office is:
"Sandpipers"
Crookwheel
Cark in Cartmel
Grange over Sands
LA11 7PS
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