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REGISTERED NUMBER: 08077295 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Advanced Systems Understanding Ltd

Advanced Systems Understanding Ltd (Registered number: 08077295)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Advanced Systems Understanding Ltd

Company Information
for the Year Ended 31 March 2024







Directors: C J Anderson
M Harris
A C R Torrington





Registered office: F11 Business Cyber Centre
Unit 7
Greenways Business Park
Corsham
Chippenham
SN15 1BN





Registered number: 08077295 (England and Wales)





Accountants: Crowthers Chartered Accountants
15 St Georges Road
Cheltenham
Gloucestershire
GL50 3DT

Advanced Systems Understanding Ltd (Registered number: 08077295)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,859 3,650
Investments 5 1 1
5,860 3,651

CURRENT ASSETS
Debtors 6 616,561 503,529
Cash at bank 187,489 572,567
804,050 1,076,096
CREDITORS
Amounts falling due within one year 7 381,705 467,471
NET CURRENT ASSETS 422,345 608,625
TOTAL ASSETS LESS CURRENT
LIABILITIES

428,205

612,276

PROVISIONS FOR LIABILITIES 983 459
NET ASSETS 427,222 611,817

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 427,122 611,717
SHAREHOLDERS' FUNDS 427,222 611,817

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Advanced Systems Understanding Ltd (Registered number: 08077295)

Balance Sheet - continued
31 March 2024


The 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 July 2024 and were signed on its behalf by:





C J Anderson - Director


Advanced Systems Understanding Ltd (Registered number: 08077295)

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

1. STATUTORY INFORMATION

Advanced Systems Understanding Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes . The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered..

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment 33% per annum - reducing balance basis
Computer equipment 33% per annum - reducing balance basis
Motor vehicles 25% per annum - reducing balance basis

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.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Advanced Systems Understanding Ltd (Registered number: 08077295)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised in the company's balance sheet 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 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.

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, 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 payment ts 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Advanced Systems Understanding Ltd (Registered number: 08077295)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 13 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
Cost
At 1 April 2023 5,940
Additions 5,153
Disposals (2,303 )
At 31 March 2024 8,790
Depreciation
At 1 April 2023 2,290
Charge for year 1,987
Eliminated on disposal (1,346 )
At 31 March 2024 2,931
Net book value
At 31 March 2024 5,859
At 31 March 2023 3,650

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
Cost
At 1 April 2023
and 31 March 2024 1
Net book value
At 31 March 2024 1
At 31 March 2023 1

Advanced Systems Understanding Ltd (Registered number: 08077295)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 554,792 369,041
Amounts owed by group undertakings 4,500 42,583
Other debtors 57,269 91,905
616,561 503,529

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 158,688 239,223
Taxation and social security 180,354 162,214
Other creditors 42,663 66,034
381,705 467,471

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
5,200 Ordinary £0.01 48 35
4,800 Founder Ordinary £0.01 52 50
NIL Ordinary C £0.01 - 15
100 100

9. OTHER FINANCIAL COMMITMENTS

The total value of financial commitments, guarantees and contingencies that are not included in the balance sheet amounts to £78,189 (2023: £41,652).

10. EMPLOYEE OWNERSHIP TRUST COMMITMENTS

During the year ended 31 March 2023 an Employee Ownership Trust was set up which acquired 52% of the share capital of the company from existing shareholders. A subsidiary (Advanced Systems Understanding Trustee Limited) was set up to act as trustee.

The total consideration to be paid for the shares is £907,200, which is due in 4 annual instalments of £226,800 commencing October 2023. The company has committed to making capital contribution to the trust to cover these payments as they fall due, provided that it has sufficient reserves to make a lawful distribution.

On 17 November 2023 a new trustee company was incorporated called Asystsu Trustee Limited. The company became the trustee of the Employee Ownership Trust from 1 January 2024. Asystsu Trustee Limited is limited by guarantee. C J Anderson is a director of both Asystsu Trustee Limited and Advanced Systems Understanding Limited. The intention is to strike off the former trustee company, Advanced Systems Understanding Trustee Limited, within the next 12 months.