Company registration number 02366219 (England and Wales)
COMPUTER SYSTEMS FOR DISTRIBUTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
COMPUTER SYSTEMS FOR DISTRIBUTION LIMITED
COMPANY INFORMATION
Directors
Mr P J Van Der Merwe
Mr I M Hampson
Mrs H E Henshaw
Secretary
Mrs H E Henshaw
Company number
02366219
Registered office
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
Accountants
Ellacotts LLP
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
COMPUTER SYSTEMS FOR DISTRIBUTION LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
COMPUTER SYSTEMS FOR DISTRIBUTION LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF COMPUTER SYSTEMS FOR DISTRIBUTION LIMITED FOR THE YEAR ENDED 31 JULY 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Computer Systems for Distribution Limited for the year ended 31 July 2024 set out on pages 2 to 8 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Computer Systems for Distribution Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Computer Systems for Distribution Limited and state those matters that we have agreed to state to the Board of Directors of Computer Systems for Distribution Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Computer Systems for Distribution Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Computer Systems for Distribution Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Computer Systems for Distribution Limited. You consider that Computer Systems for Distribution Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Computer Systems for Distribution Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ellacotts LLP
Chartered Accountants
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
Date:
7 October 2024
COMPUTER SYSTEMS FOR DISTRIBUTION LIMITED
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
198,674
264,100
Tangible assets
6
21,531
23,717
Current assets
Debtors
7
2,423,116
2,314,225
Cash at bank and in hand
734,289
626,651
3,157,405
2,940,876
Creditors: amounts falling due within one year
8
(730,444)
(696,203)
Net current assets
2,426,961
2,244,673
Total assets less current liabilities
2,647,166
2,532,490
Creditors: amounts falling due after more than one year
9
(185,695)
(326,703)
Provisions for liabilities
4
(5,383)
(5,929)
Net assets
2,456,088
2,199,858
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
2,456,087
2,199,857
Total equity
2,456,088
2,199,858
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
COMPUTER SYSTEMS FOR DISTRIBUTION LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024
31 July 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 7 October 2024 and are signed on its behalf by:
Mr P J Van Der Merwe
Director
Company Registration No. 02366219
COMPUTER SYSTEMS FOR DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
1
Accounting policies
Company information
Computer Systems for Distribution Limited is a private company limited by shares incorporated in England and Wales. The registered office is Countrywide House, 23 West Bar, Banbury, Oxfordshire, England, OX16 9SA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Intellectual Property
5 years straight line
1.4
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:
Property improvements
- 5 year straight line
Fixtures & Fittings
- 25% and 33% on reducing balance
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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.
COMPUTER SYSTEMS FOR DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
Where a reasonable and consistent basis of allocation can be identified, assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.6
Cash at bank and in hand
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 current liabilities.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
COMPUTER SYSTEMS FOR DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
16
14
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
222,177
91,995
Adjustments in respect of prior periods
361
Total current tax
222,538
91,995
Deferred tax
Origination and reversal of timing differences
(546)
5,929
Total tax charge
221,992
97,924
4
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
5,383
5,929
2024
Movements in the year:
£
Liability at 1 August 2023
5,929
Credit to profit or loss
(546)
Liability at 31 July 2024
5,383
The deferred tax liability relates to corporation tax which would arise on the future disposal of fixed assets.
COMPUTER SYSTEMS FOR DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
5
Intangible fixed assets
Intellectual Property
£
Cost
At 1 August 2023 and 31 July 2024
327,131
Amortisation and impairment
At 1 August 2023
63,031
Amortisation charged for the year
65,426
At 31 July 2024
128,457
Carrying amount
At 31 July 2024
198,674
At 31 July 2023
264,100
6
Tangible fixed assets
Property improvement
Fixtures & Fittings
Total
£
£
£
Cost
At 1 August 2023
1,348
52,340
53,688
Additions
4,984
4,984
At 31 July 2024
6,332
52,340
58,672
Depreciation and impairment
At 1 August 2023
34
29,937
29,971
Depreciation charged in the year
1,183
5,987
7,170
At 31 July 2024
1,217
35,924
37,141
Carrying amount
At 31 July 2024
5,115
16,416
21,531
At 31 July 2023
1,314
22,403
23,717
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
415,057
310,099
Amounts owed by group undertakings
1,973,301
1,973,298
Prepayments and accrued income
34,758
30,828
2,423,116
2,314,225
COMPUTER SYSTEMS FOR DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,350
183,766
Corporation tax
222,177
91,995
Other taxation and social security
198,743
167,964
Other creditors
1,524
1,896
Accruals and deferred income
303,650
250,582
730,444
696,203
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other borrowings
185,695
326,703