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Registration number: SC255743

Lithium Systems Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Lithium Systems Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

Accountants' Report

9

 

Lithium Systems Limited

Company Information

Directors

Mr George Findlay Aitkenhead

Mrs Karen June Franklyn

Mrs Gayle Aitkenhead

Mr Stephen Franklyn

Company secretary

Mr Stephen Franklyn

Registered office

Unit 3-5 Carsebridge Court
Alloa
Clacks
FK10 3LQ

Accountants

EQ Accountants (Trading name)
Yates Business Solutions Ltd
Unit 4B, Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Lithium Systems Limited

(Registration number: SC255743)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

62,668

48,262

Current assets

 

Stocks

5

16,286

17,397

Debtors

6

140,709

179,628

Cash at bank and in hand

 

132,062

120,807

 

289,057

317,832

Creditors: Amounts falling due within one year

7

(229,658)

(225,108)

Net current assets

 

59,399

92,724

Total assets less current liabilities

 

122,067

140,986

Creditors: Amounts falling due after more than one year

7

(30,096)

(9,890)

Provisions for liabilities

(13,787)

(9,170)

Net assets

 

78,184

121,926

Capital and reserves

 

Called up share capital

150

150

Retained earnings

78,034

121,776

Shareholders' funds

 

78,184

121,926

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 July 2024 and signed on its behalf by:
 

.........................................
Mr Stephen Franklyn
Company secretary and director

 

Lithium Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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 income 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Lithium Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:

Asset class

Depreciation method and rate

Fixtures and fittings

Reducing balance at 15%

Motor vehicles

Reducing balance at 25%

Computer equipment

Straight line at 50%

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Lithium Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

3

Employees and Directors

The average number of persons employed by the company (including directors) during the year, was 23 (2023 - 24).

 

Lithium Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

12,696

40,501

100,923

154,120

Additions

-

7,500

35,329

42,829

At 31 March 2024

12,696

48,001

136,252

196,949

Depreciation

At 1 April 2023

8,284

38,953

58,621

105,858

Charge for the year

1,212

5,298

21,913

28,423

At 31 March 2024

9,496

44,251

80,534

134,281

Carrying amount

At 31 March 2024

3,200

3,750

55,718

62,668

At 31 March 2023

4,412

1,548

42,302

48,262

5

Stocks

2024
£

2023
£

Other inventories

16,286

17,397

6

Debtors

Current

2024
£

2023
£

Trade debtors

38,317

25,919

Prepayments

7,313

4,772

Other debtors

95,079

148,937

 

140,709

179,628

 

Lithium Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

2,826

9,890

Trade creditors

 

61,220

59,009

Taxation and social security

 

90,847

88,614

Other creditors

 

74,765

67,595

 

229,658

225,108

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

30,096

9,890

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

30,096

9,890

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

2,826

9,890

9

Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
 

2024
 £

2023
 £

Within one year

9,105

11,610

Between one and five years

-

8,445

9,105

20,055

 

Lithium Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Related party transactions

Transactions with directors

Debtors include the following amounts which are owed from individuals who were directors of the company during the year:

2024

At 1 April 2023
£

Repayments by director
£

At 31 March 2024
£

Mr Stephen Franklyn

Loan

68,872

(68,872)

-

2023

At 1 April 2022
£

Advances to director
£

At 31 March 2023
£

Mr Stephen Franklyn

Loan

-

68,872

68,872

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2024
 £

2023
 £

Mr Stephen Franklyn

2,263

-

Mr George Findlay Aitkenhead

1,328

932

 

3,591

932

The maximum balance outstanding during the year amounted to £3,591.

The directors current accounts are repayable on demand.

Included within other debtors is an amount owed from a related company, Cyberlock Limited, totalling £95,079 (2022: £80,066), in which Stephen Franklyn and George F Aitkenhead were also directors.

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Lithium Systems Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lithium Systems Limited for the year ended 31 March 2024 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Lithium Systems Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Lithium Systems Limited and state those matters that we have agreed to state to the Board of Directors of Lithium Systems Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lithium Systems Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Lithium Systems Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Lithium Systems Limited. You consider that Lithium Systems Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Lithium Systems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

EQ Accountants (Trading name)
Yates Business Solutions Ltd
Unit 4B, Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

9 July 2024