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Registered number: 03292855









TROIKA SYSTEMS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
TROIKA SYSTEMS LIMITED
 
 
COMPANY INFORMATION


Directors
Richard Smuts-Steyn (appointed 1 July 2023)
Jonathan Jordan (resigned 19 May 2024)
Bruce Anthony Naylor (resigned 30 April 2024)
Simon Ralph Hughes 
Laurie James Geldenhuys (resigned 31 March 2023)




Registered number
03292855



Registered office
1 Blackworth Court
Blackworth Industrial Estate, Highworth

Highworth Swindon

Swindon

Wiltshire

SN6 7NS




Accountants
Wayside Accountancy Limited

5 Willow Close

Fradley

Lichfield

Staffordshire

WS13 8RW





 
TROIKA SYSTEMS LIMITED
REGISTERED NUMBER: 03292855

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
10,872
5,074

Tangible assets
 5 
45,270
44,582

  
56,142
49,656

Current assets
  

Stocks
  
152,451
164,107

Debtors: amounts falling due within one year
 6 
2,075,010
2,029,365

Cash at bank and in hand
 7 
210,846
437,942

  
2,438,307
2,631,414

Creditors: amounts falling due within one year
 8 
(434,096)
(330,343)

Net current assets
  
 
 
2,004,211
 
 
2,301,071

Total assets less current liabilities
  
2,060,353
2,350,727

Creditors: amounts falling due after more than one year
 9 
(354,000)
(531,000)

Provisions for liabilities
  

Deferred tax
 11 
(11,318)
(11,146)

Net assets
  
1,695,035
1,808,581


Capital and reserves
  

Called up share capital 
  
250
250

Capital redemption reserve
  
33
33

Profit and loss account
  
1,694,752
1,808,298

  
1,695,035
1,808,581


Page 1

 
TROIKA SYSTEMS LIMITED
REGISTERED NUMBER: 03292855
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

The directors consider 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 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 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 income and retained earnings 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 18 October 2024.





Simon Ralph Hughes
Director

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
TROIKA SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Troika Systems Limited is a private company, limited by shares, incorporated and domiciled in the United Kingdom.  The address of its registered office and registration number is shown on the company information page.  

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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

 
TROIKA SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.3

Revenue

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.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 4

 
TROIKA SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.7

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.

 
2.8

Borrowing costs

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

 
2.9

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.

Page 5

 
TROIKA SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

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.

 
2.12

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 6

 
TROIKA SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
15%
Plant and machinery
-
15%
Fixtures and fittings
-
15%

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.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

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.

 
2.15

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.

 
2.16

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.

Page 7

 
TROIKA SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 20 (2023 - 21).

Page 8

 
TROIKA SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Intangible assets




Patents

£



Cost


At 1 February 2023
8,721


Additions
24,010



At 31 January 2024

32,731



Amortisation


At 1 February 2023
3,647


Charge for the year on owned assets
18,212



At 31 January 2024

21,859



Net book value



At 31 January 2024
10,872



At 31 January 2023
5,074



Page 9

 
TROIKA SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Tangible fixed assets





Freehold property
Short-term leasehold property
Plant and machinery
Total

£
£
£
£



Cost or valuation


At 1 February 2023
15,229
6,382
153,856
175,467


Additions
-
-
7,647
7,647



At 31 January 2024

15,229
6,382
161,503
183,114



Depreciation


At 1 February 2023
15,229
2,097
113,559
130,885


Charge for the year on owned assets
-
643
6,316
6,959



At 31 January 2024

15,229
2,740
119,875
137,844



Net book value



At 31 January 2024
-
3,642
41,628
45,270



At 31 January 2023
-
4,285
40,297
44,582

Page 10

 
TROIKA SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

6.


Debtors

2024
2023
£
£


Trade debtors
178,830
165,814

Amounts owed by group undertakings
1,813,361
1,783,323

Other debtors
40,275
49,713

Prepayments and accrued income
42,544
30,515

2,075,010
2,029,365



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
210,846
437,942



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
177,000
177,000

Trade creditors
164,222
80,396

Other taxation and social security
21,374
21,541

Other creditors
2,602
2,166

Accruals and deferred income
68,898
49,240

434,096
330,343



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
354,000
531,000


Page 11

 
TROIKA SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
177,000
177,000

Amounts falling due 1-2 years

Bank loans
177,000
177,000

Amounts falling due 2-5 years

Bank loans
177,000
354,000


531,000
708,000


The bank loan is a Covid 19 business recovery loan and is unsecured.


11.


Deferred taxation




2024


£






At beginning of year
(11,146)


Charged to profit or loss
(172)



At end of year
(11,318)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
11,318
11,146


12.


Pension commitments

The company operates a defined contribution pension scheme.  Contributions payable to the scheme are charged to the profit and loss account in the period to which they relate.

Page 12

 
TROIKA SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

13.


Controlling party

The ultimate parent undertaking is Ensco 1281 Limited, registered office 1 Blackworth Court, Blackworth Industrial Estate, Highworth, Swindon, Wiltshire, SN6 7NS.

 
Page 13