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Company registration number: 02391386
CSY Retail Systems Ltd
Trading as CSY Retail Systems Ltd
Unaudited abridged financial statements
31 March 2024
CSY Retail Systems Ltd
Contents
Directors and other information
Directors report
Statement of comprehensive income
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
CSY Retail Systems Ltd
Directors and other information
Directors Mr Ross Pierrepont
Mr Neil Pickles
Company number 02391386
Registered office CSY House
9 & 10 Chase Park
Nottingham
NG2 4GT
Business address CSY House
9 & 10 Chase Park
Nottingham
NG2 4GT
CSY Retail Systems Ltd
Directors report
Year ended 31 March 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2024.
Directors
The directors who served the company during the year were as follows:
Mr Ross Pierrepont
Mr Neil Pickles
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 06 August 2024 and signed on behalf of the board by:
Mr Ross Pierrepont
Director
CSY Retail Systems Ltd
Statement of comprehensive income
Year ended 31 March 2024
2024 2023
Note £ £
Turnover 3,489,946 3,351,141
Change in stocks of finished goods and in work in progress ( 556,194) ( 637,282)
Other operating income 657 514
_______ _______
2,934,409 2,714,373
Other external charges ( 37,212) ( 37,532)
Staff costs ( 1,227,759) ( 1,248,338)
Depreciation and other amounts written off tangible and intangible fixed assets ( 12,121) ( 17,018)
Other operating expenses ( 631,675) ( 632,371)
_______ _______
Operating profit 1,025,642 779,114
Other interest receivable and similar income 1,685 904
Interest payable and similar expenses - ( 3)
_______ _______
Profit before taxation 1,027,327 780,015
Tax on profit ( 215,481) ( 95,100)
_______ _______
Profit for the financial year and total comprehensive income 811,846 684,915
_______ _______
All the activities of the company are from continuing operations.
Company registration number: 02391386
CSY Retail Systems Ltd
Abridged statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 48,484 60,606
Investments 7 2,133,112 1,633,112
_______ _______
2,181,596 1,693,718
Current assets
Stocks 104,381 109,261
Debtors 317,657 320,883
Cash at bank and in hand 2,387,826 1,972,183
_______ _______
2,809,864 2,402,327
Creditors: amounts falling due
within one year ( 1,196,603) ( 1,073,452)
_______ _______
Net current assets 1,613,261 1,328,875
_______ _______
Total assets less current liabilities 3,794,857 3,022,593
Provisions for liabilities ( 229,791) ( 269,373)
_______ _______
Net assets 3,565,066 2,753,220
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 3,564,066 2,752,220
_______ _______
Shareholders funds 3,565,066 2,753,220
_______ _______
For the 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
All of the members have consented to the preparation of the abridged statement of financial position for the current year ending 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 07 August 2024 , and are signed on behalf of the board by:
Mr Ross Pierrepont
Director
CSY Retail Systems Ltd
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2022 1,000 2,067,305 2,068,305
Profit for the year 684,915 684,915
_______ _______ _______
Total comprehensive income for the year - 684,915 684,915
_______ _______ _______
At 31 March 2023 and 1 April 2023 1,000 2,752,220 2,753,220
Profit for the year 811,846 811,846
_______ _______ _______
Total comprehensive income for the year - 811,846 811,846
_______ _______ _______
At 31 March 2024 1,000 3,564,066 3,565,066
_______ _______ _______
CSY Retail Systems Ltd
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in UK. The address of the registered office is CSY Retail Systems Ltd, CSY House, 9 & 10 Chase Park, Nottingham, NG2 4GT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A
review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 30 (2023: 30 ).
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 1,038,365 1,055,548
Social security costs 103,022 108,372
Other pension costs 86,372 84,418
_______ _______
1,227,759 1,248,338
_______ _______
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible assets 12,121 17,018
_______ _______
6. Tangible assets
£
Cost
At 1 April 2023 and 31 March 2024 285,119
_______
Depreciation
At 1 April 2023 224,514
Charge for the year 12,121
_______
At 31 March 2024 236,635
_______
Carrying amount
At 31 March 2024 48,484
_______
At 31 March 2023 60,605
_______
7. Investments
£
Cost
At 1 April 2023 1,633,112
Additions 500,000
_______
At 31 March 2024 2,133,112
_______
Impairment
At 1 April 2023 and 31 March 2024 -
_______
Carrying amount
At 31 March 2024 2,133,112
_______
At 31 March 2023 1,633,112
_______
8. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Bulbmaster Ltd 337 439 440 777
_______ _______ _______ _______
During the year the company's controlling shareholder received a payment of £200,000 (2023 £150,000) for consultancy fees