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Registered number: 01778540










Advantage Business Systems Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2023

 
Advantage Business Systems Limited
Registered number: 01778540

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
14,138
13,221

  
14,138
13,221

Current assets
  

Debtors: amounts falling due within one year
 6 
1,874,935
1,687,084

Cash at bank and in hand
 7 
2,612,951
2,433,436

  
4,487,886
4,120,520

Creditors: amounts falling due within one year
  
(3,474,277)
(3,486,926)

Net current assets
  
 
 
1,013,609
 
 
633,594

Total assets less current liabilities
  
1,027,747
646,815

  

Net assets
  
1,027,747
646,815


Capital and reserves
  

Called up share capital 
 9 
51,000
51,000

Profit and loss account
 10 
976,747
595,815

  
1,027,747
646,815


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 September 2024.



................................................
M Howe
Director

Page 1

 
Advantage Business Systems Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

1.


General information

Advantage Business Systems Limited (the Company) is a limited company incorporated and domiciled in the United Kingdom. The address of its registered office and principal place of business are disclosed on the company information page. The company sells and implements accounting software and provides related IT consultancy services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.6

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.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 2

 
Advantage Business Systems Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures & fittings
-
25-33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Pounds Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
Advantage Business Systems Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.


3.


Employees

The average monthly number of employees, including directors, during the year was 35 (2022 - 32).


4.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
507,413



At 31 December 2023

507,413



Amortisation


At 1 January 2023
507,413



At 31 December 2023

507,413



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 4

 
Advantage Business Systems Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

5.


Tangible fixed assets





Fixtures & fittings

£



Cost


At 1 January 2023
355,349


Additions
8,276



At 31 December 2023

363,625



Depreciation


At 1 January 2023
342,128


Charge for the year on owned assets
7,359



At 31 December 2023

349,487



Net book value



At 31 December 2023
14,138



At 31 December 2022
13,221


6.


Debtors

2023
2022
£
£


Trade debtors
1,360,869
1,145,944

Other debtors
118
3,478

Prepayments and accrued income
513,948
537,662

1,874,935
1,687,084



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,612,951
2,433,436

2,612,951
2,433,436


Page 5

 
Advantage Business Systems Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
-
46,875


-
46,875




-
46,875



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



51,000 (2022 - 51,000) Ordinary shares of £1.00 each
51,000
51,000



10.


Reserves

Profit & loss account

This reserve comprises all current and prior period retained profits and losses after deducting any distributions.
Share capital
This represents the nominal value for shares that have been issued by the company.


11.


Pension commitments

The company operates a defined contribution pension scheme. 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 fund and amounted to £58,110 (2022: £48,061). Contributions totalling £Nil (2022: £11,956) were payable to the fund at the year end and are included within Creditors.


12.


Ultimate parent undertaking and controlling party

The company's ultimate parent undertaking is Advantage Business Technologies Limited, a company incorporated in the United Kingdom. The ultimate controlling party is Netcon Inc., a company incorporated in the USA and which owns 100% of the issued share capital of Advantage Business Technologies Limited.


Page 6