Company registration number 04090970 (England and Wales)
SYSTECH INTERNATIONAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SYSTECH INTERNATIONAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
SYSTECH INTERNATIONAL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
7,956
7,904
Current assets
Debtors
6
38,853
6,738,914
Cash at bank and in hand
14
5
38,867
6,738,919
Creditors: amounts falling due within one year
7
(5,780)
(5,780)
Net current assets
33,087
6,733,139
Net assets
41,043
6,741,043
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
41,042
6,741,042
Total equity
41,043
6,741,043
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 04090970 (England and Wales)
SYSTECH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Systech International 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 group.
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.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
1.4
Fixed asset investments
Interests in subsidiaries, 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.
1.5
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 includes: 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.
SYSTECH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
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 loans from fellow group companies 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 payments 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.
1.6
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.
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 any impairment provisions against assets and mark-up percentages in relation to transfer pricing.
SYSTECH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
4
Fixed asset investments
2024
2023
£
£
Investments
7,956
7,904
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2023
7,904
Additions
52
At 31 March 2024
7,956
Carrying amount
At 31 March 2024
7,956
At 31 March 2023
7,904
SYSTECH INTERNATIONAL 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
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Systech International (M) Sdn Bhd
Malaysia
Dormant
Ordinary
100.00
-
Systech International Consultoria Ltda
Brazil
Provision of consultancy services
Ordinary
100.00
-
Systech International FZ LLC
UAE
Provision of consultancy services and Group Service Centre
Ordinary
100.00
-
Systech International Inc
Canada
Provision of consultancy services and Group Service Centre
Ordinary
100.00
-
Systech International Inc
USA
Provision of consultancy services
Ordinary
100.00
-
Systech International Limited
Hong Kong
Provision of consultancy services
Ordinary
100.00
-
Systech International LLC
Qatar
Dormant
Ordinary
49.00
-
Systech International Pte Limited
Singapore
Group services company
Ordinary
100.00
-
Systech International Pty Limited
Australia
Provision of consultancy services
Ordinary
100.00
-
Systech Regional Services (APAC) Limited
Hong Kong
Group services company
Ordinary
100.00
-
Systech Infrastructure Inc.
Canada
Provision of consultancy services
Ordinary
100.00
-
Systech Technical Resources Pty Limited
Australia
Dormant
Ordinary
100.00
-
Systech International Newco Pty
Australia
Provision of consultancy services
Ordinary
100.00
-
Although the company only owns 49% of the share capital in Systech International LLC, the remaining 51% is held by a local company in accordance with local statute. The company maintains control through the agreements in place with the 51% shareholder.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by parent company
38,853
6,738,914
7
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
5,780
5,780
SYSTECH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
8
Called up share capital
2024
2023
£
£
Issued and fully paid
1 ordinary share of £1
1
1
9
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
10
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.
11
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 £38,853 (2023: £6,738,914) was owed by the parent company.
12
Parent company
The company's ultimate parent undertaking is Systech Group Limited, 150 Minories, London, England, EC3N 1LS. The company has not prepared consolidated financial statements as it is a wholly owned subsidiary of a UK company (Systech Group Limited) that is preparing consolidated financial statements. These can be obtained from Companies House.
The ultimate controlling party of the group is S P Rayment.