Company registration number 06087473 (England and Wales)
SYSTECH LAW LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SYSTECH LAW LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
SYSTECH LAW LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
51
51
Current assets
Debtors
6
384,804
55,636
Cash at bank and in hand
2,510
2,966
387,314
58,602
Creditors: amounts falling due within one year
7
(424,840)
(189,540)
Net current liabilities
(37,526)
(130,938)
Total assets less current liabilities
(37,475)
(130,887)
Provisions for liabilities
8
(10,000)
-
0
Net liabilities
(47,475)
(130,887)
Capital and reserves
Called up share capital
9
10,000
10,000
Profit and loss reserves
(57,475)
(140,887)
Total equity
(47,475)
(130,887)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
Mark Woodward-Smith
Director
Company registration number 06087473 (England and Wales)
SYSTECH LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Systech Law Limited is a private company limited by shares incorporated in England and Wales. The registered office is 150 Minories, London, EC3N 1LS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention.

1.2
Going concern

Ttruehe company meets its day-to-day working capital requirement through overdraft and short term secured facilities of the company.

 

The directors are in regular contact with the group's bankers and have had the group's facilities recently renewed. The next review of the facilities is due in March 2025. The directors are not aware of any factors at the date of approval of these financial statements why its facilities would not be maintained on similar terms at the next review date.

 

The directors therefore have a reasonable expectation that the company and the group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.


As at the Balance Sheet date, the company had net liabilities of £47,475 and made a profit of £83,412. Consequently, the parent company, Systech Group Limited, has confirmed their intention to provide financial support to the company for the next 12 months from the date of approving these accounts. The directors expect that the support will enable the company to meet its cash flow requirements, should there be a need for financial assistance, and on that basis, it is appropriate to prepare the accounts on a going concern basis.

1.3
Turnover

Turnover represents amounts receivable for legal services net of VAT. Turnover is recognised at the point that the service is provided to the client.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

SYSTECH LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors, cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and amounts owed to fellow group members that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

SYSTECH LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

These would be in respect of impairment provisions against asset values and mark-up percentages in relation to transfer pricing.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
5
5
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
51
51
SYSTECH LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Systech Law Pty Limited
Australia
Provision of legal services
Ordinary
100
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
374,543
45,890
Other debtors
10,261
9,746
384,804
55,636
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
28,381
25,134
Amounts owed to group undertakings
382,144
154,148
Other creditors
14,315
10,258
424,840
189,540
8
Provisions for liabilities
2024
2023
£
£
Provision for net cost of potential claims against the company
10,000
-
Movements on provisions:
£
Additional provisions in the year
10,000
9
Called up share capital
2024
2023
£
£
Issued and fully paid
10,000 Ordinary shares of £1 each
10,000
10,000
SYSTECH LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Matthew Burge
Statutory Auditor:
Beavis Morgan Audit Limited
Date of audit report:
31 July 2024
11
Financial commitments, guarantees and contingent liabilities

The group has in place arrangements where each UK member of the group guarantees the borrowing of its fellow UK group companies.

 

At 31 March 2024, bank balances across the UK group totalled £292,723 (2023: £124,841).

 

Additionally there is a cross company guarantee between Systech Group Limited and all of it's subsidiary undertakings, in respect of amounts owed by Systech Limited, Systech Europe Limited, Systech International Inc, Systech Infrastructure Inc and Systech International Pty Limited relating to short term financing facilities.

 

The amount guaranteed under this agreement at 31 March 2024 was £2,823,673 (2023: £2,430,375) which is secured by a fixed and floating charge over the assets of the group.

12
Related party transactions

The company has taken advantage of the exemption available in FRS 102 "Related party disclosures" and has not disclosed transactions with the parent company.

 

At the balance sheet date, an aggregated balance of £382,144 (2023: £154,148) was owed to the parent company. During the year the parent company waived a balance of £157,045 owed by the company.

13
Parent company

The company's ultimate parent undertaking is Systech Group Limited, 150 Minories, London, England, EC3N 1LS. Group accounts for Systech Group Limited can be obtained from Companies House.

 

The ultimate controlling party of the group is S P Rayment.

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