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Registered Number: 04601991
England and Wales

 

 

 


Abridged Accounts

for the year ended 30 November 2023

for

ASGUK (SYSTEMS) LIMITED

 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 4 178,748    224,575 
178,748    224,575 
Current assets      
Stocks 38,500    17,878 
Debtors 251,110    194,363 
Cash at bank and in hand 338,019    561,155 
627,629    773,396 
Creditors: amount falling due within one year (379,447)   (480,244)
Net current assets 248,182    293,152 
 
Total assets less current liabilities 426,930    517,727 
Creditors: amount falling due after more than one year (142,652)   (185,413)
Net assets 284,278    332,314 
 

Capital and reserves
     
Called up share capital 5 (104,894)   100 
Profit and loss account 389,172    332,214 
Shareholders' funds 284,278    332,314 
 


For the year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 14 August 2024 and were signed on its behalf by:


-------------------------------
S Roberts
Director
1
General Information
ASGUK (SYSTEMS) LIMITED is a private company, limited by shares, registered in England and Wales, registration number 04601991, registration address Vernon House Brunel Court, Waterwells Buisness Park, Gloucester, Gloucestershire, GL2 2AL.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Website cost
Planning and operating costs for the company's website are charged to the income statement as incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 10 years.
Computer software development costs
Development costs of computer software are capitalised once a detailed program design has been established and are amortised on a straight line basis over 10 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 25% Reducing Balance
Plant and machinery 25% Reducing Balance
Computer Equipment 25% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 15 (2022 : 8).
3.

Intangible fixed assets

Cost Goodwill   Website   Total
  £   £   £
At 01 December 2022 7,700    2,959    10,659 
Additions    
Disposals    
At 30 November 2023 7,700    2,959    10,659 
Amortisation
At 01 December 2022 7,700    2,959    10,659 
Charge for year    
On disposals    
At 30 November 2023 7,700    2,959    10,659 
Net book values
At 30 November 2023    
At 30 November 2022    


4.

Tangible fixed assets

Cost or valuation Plant and machinery   Computer Equipment   Motor Vehicles   Total
  £   £   £   £
At 01 December 2022 70,973    30,861    324,158    425,992 
Additions 9,750    4,004      13,754 
Disposals      
At 30 November 2023 80,723    34,865    324,158    439,746 
Depreciation
At 01 December 2022 44,524    18,856    138,037    201,417 
Charge for year 9,049    4,002    46,530    59,581 
On disposals      
At 30 November 2023 53,573    22,858    184,567    260,998 
Net book values
Closing balance as at 30 November 2023 27,150    12,007    139,591    178,748 
Opening balance as at 01 December 2022 26,449    12,005    186,121    224,575 

The net book value of Motor Vehicles includes £ 139,591 (2022 £186,121) in respect of assets leased under finance leases or hire purchase contracts.

5.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
52 Class A shares of £1.00 each 52    100 
6 Class B shares of £1.00 each  
58    100 

2