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Company No: 03683744 (England and Wales)

COMPUTEAM LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

COMPUTEAM LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

COMPUTEAM LIMITED

BALANCE SHEET

As at 31 December 2023
COMPUTEAM LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 13,524 5,963
Tangible assets 4 159,659 75,064
173,183 81,027
Current assets
Stocks 304,393 373,594
Debtors 5 5,094,805 2,149,451
Cash at bank and in hand 710,765 566,222
6,109,963 3,089,267
Creditors: amounts falling due within one year 6 ( 4,433,705) ( 2,128,324)
Net current assets 1,676,258 960,943
Total assets less current liabilities 1,849,441 1,041,970
Creditors: amounts falling due after more than one year 7 ( 479,483) ( 120,834)
Provision for liabilities 8 ( 28,643) ( 9,971)
Net assets 1,341,315 911,165
Capital and reserves
Called-up share capital 9 1,000 1,000
Profit and loss account 1,340,315 910,165
Total shareholder's funds 1,341,315 911,165

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Computeam Limited (registered number: 03683744) were approved and authorised for issue by the Board of Directors on 04 September 2024. They were signed on its behalf by:

O E Napier
Director
COMPUTEAM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
COMPUTEAM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Computeam Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Suite 443 Broadstone Mill, Broadstone Road, Stockport, SK5 7DL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover


Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
* the Company has transferred the significant risks and rewards of ownership to the buyer;
* the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
* the amount of revenue can be measured reliably;
* it is probable that the Company will receive the consideration due under the transaction; and
* the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
* the amount of revenue can be measured reliably;
* it is probable that the Company will receive the consideration due under the contract;
* the stage of completion of the contract at the end of the reporting period can be measured reliably; and
* the costs incurred and the costs to complete the contract can be measured reliably.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 4 years straight line
Other intangible assets 3 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 4 years.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 4 years straight line
Office equipment 2 - 10 years straight line
Computer equipment 2 - 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 and 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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 79 64

3. Intangible assets

Goodwill Other intangible assets Total
£ £ £
Cost
At 01 January 2023 16,010 5,963 21,973
Additions 0 8,527 8,527
At 31 December 2023 16,010 14,490 30,500
Accumulated amortisation
At 01 January 2023 16,010 0 16,010
Charge for the financial year 0 966 966
At 31 December 2023 16,010 966 16,976
Net book value
At 31 December 2023 0 13,524 13,524
At 31 December 2022 0 5,963 5,963

4. Tangible assets

Vehicles Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 January 2023 100,179 28,162 223,859 352,200
Additions 72,216 23,763 33,448 129,427
At 31 December 2023 172,395 51,925 257,307 481,627
Accumulated depreciation
At 01 January 2023 45,413 16,999 214,724 277,136
Charge for the financial year 27,684 9,134 8,014 44,832
At 31 December 2023 73,097 26,133 222,738 321,968
Net book value
At 31 December 2023 99,298 25,792 34,569 159,659
At 31 December 2022 54,766 11,163 9,135 75,064

5. Debtors

2023 2022
£ £
Trade debtors 2,762,419 845,200
Amounts owed by Group undertakings 1,114,386 815,748
Corporation tax 19,666 4,904
Other debtors 1,198,334 483,599
5,094,805 2,149,451

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 50,000 50,000
Trade creditors 1,349,862 587,335
Other loans (secured) 91,351 0
Accruals and deferred income 2,121,423 1,100,146
Taxation and social security 790,289 382,889
Other creditors 30,780 7,954
4,433,705 2,128,324

Bank loans represent a government backed bank loan. The loan attracts interest at 3.125% over Bank of England Base Rate per annum, is repayable over a 5.5 years term after an initial 6 month period of no repayments required. This is secured over the assets of the company.

Other loans attracts interest at 6% and is repayable over a 5 years term. This includes an initial 6 month period of interest only repayments required. Other loans are secured over a debenture from Computeam Holdings Limited and Computeam Group Limited.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 70,834 120,834
Other loans (secured) 408,649 0
479,483 120,834

Bank loans represent a government backed bank loan. The loan attracts interest at 3.125% over Bank of England Base Rate per annum, is repayable over a 5.5 years term after an initial 6 month period of no repayments required. This is secured over the assets of the company.

Other loans attracts interest at 6% and is repayable over a 5 years term. This includes an initial 6 month period of interest only repayments required. Other loans are secured over a debenture from Computeam Holdings Limited and Computeam Group Limited.

8. Provision for liabilities

2023 2022
£ £
Deferred tax 28,643 9,971

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
500 A Ordinary shares of £ 1.00 each 500 500
200 B Ordinary shares of £ 1.00 each 200 200
200 C Ordinary shares of £ 1.00 each 200 200
100 D Ordinary shares of £ 1.00 each 100 100
1,000 1,000

10. Financial commitments

Commitments

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
The pension cost charge represents contributions payable by the company to the funds and amounted to £52,280 (2022: £43,337). At the year end, there was an outstanding pension creditor amounted to £14,710 (2022: £Nil).

11. Related party transactions

Transactions with the entity's directors

At the year end a director owed the company £24,884 (2022: £175,303). Amounts advanced in the year totalled £2,674 (2022 : £183,403) and £153,093 (2022: £8,100) was repaid. Interest is being charged at 2.5% which totalled £2,674 (2022: £3,403). The loan is repayable on demand.

12. Ultimate controlling party

The ultimate parent company is Computeam Holdings Limited, a company registered in England and Wales, company number 08008470, which owns 100% of the called up share capital.

There is no overall controlling party of the group.