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Company No: 02320138 (England and Wales)

SYSTEMS AXIS TECHNOLOGIES LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

SYSTEMS AXIS TECHNOLOGIES LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

SYSTEMS AXIS TECHNOLOGIES LIMITED

BALANCE SHEET

As at 30 June 2024
SYSTEMS AXIS TECHNOLOGIES LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 1 1
Investment property 4 300,000 300,000
Investments 5 506,398 499,432
806,399 799,433
Current assets
Debtors 6 10,000 10,000
Cash at bank and in hand 320,840 347,694
330,840 357,694
Creditors: amounts falling due within one year 7 ( 58,642) ( 52,016)
Net current assets 272,198 305,678
Total assets less current liabilities 1,078,597 1,105,111
Creditors: amounts falling due after more than one year 8 ( 25,100) ( 25,100)
Provision for liabilities ( 19,983) ( 13,940)
Net assets 1,033,514 1,066,071
Capital and reserves
Called-up share capital 84 84
Fair value reserve 138,156 137,933
Capital redemption reserve 16 16
Profit and loss account 895,258 928,038
Total shareholders' funds 1,033,514 1,066,071

For the financial year ending 30 June 2024 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 Systems Axis Technologies Limited (registered number: 02320138) were approved and authorised for issue by the Board of Directors on 01 October 2024. They were signed on its behalf by:

C Craven
Director
D W Pike
Director
SYSTEMS AXIS TECHNOLOGIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
SYSTEMS AXIS TECHNOLOGIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
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

Systems Axis Technologies 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 53/55 St Mary Street, Bridgwater, Somerset, TA6 3EQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account 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. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

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:

Trademarks, patents and licences not amortised
Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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 at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 July 2023 1 1
At 30 June 2024 1 1
Accumulated amortisation
At 01 July 2023 0 0
At 30 June 2024 0 0
Net book value
At 30 June 2024 1 1
At 30 June 2023 1 1

4. Investment property

Investment property
£
Valuation
As at 01 July 2023 300,000
As at 30 June 2024 300,000

Valuation

The investment properties class of fixed assets was valued at £300,000 by the directors. The basis of this valuation was current market value.

There has been no valuation of investment property by an independent valuer.

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 July 2023 452,738
At 30 June 2024 452,738
Carrying value at 30 June 2024 452,738
Carrying value at 30 June 2023 452,738

Other investments Total
£ £
Cost or valuation before impairment
At 01 July 2023 46,694 46,694
Movement in fair value 6,966 6,966
At 30 June 2024 53,660 53,660
Carrying value at 30 June 2024 53,660 53,660
Carrying value at 30 June 2023 46,694 46,694

6. Debtors

2024 2023
£ £
Other debtors 10,000 10,000

7. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 54,221 47,916
Other creditors 4,421 4,100
58,642 52,016

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

2024 2023
£ £
Amounts owed to Group undertakings 25,100 25,100

There are no amounts included above in respect of which any security has been given by the small entity.

9. Related party transactions

Transactions with the entity's directors

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 July 2023, the balance owed by C T Craven was £10,000. During the year, £nil was advanced to the director, and £nil was repaid by the director. At 30 June 2024, the balance owed by the director was £10,000.

At 1 July 2022, the balance owed by C T Craven was £nil. During the year, £10,000 was advanced to the director, and £nil was repaid by the director. At 30 June 2023, the balance owed by the director was £10,000.