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COMPANY REGISTRATION NUMBER: 02447522
ACS-APT Computer Systems Limited
Filleted Unaudited Financial Statements
31 March 2024
ACS-APT Computer Systems Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
401,859
403,760
Current assets
Debtors
8
410,993
701,164
Cash at bank and in hand
313,512
240,512
---------
---------
724,505
941,676
Creditors: amounts falling due within one year
9
118,710
305,533
---------
---------
Net current assets
605,795
636,143
------------
------------
Total assets less current liabilities
1,007,654
1,039,903
Creditors: amounts falling due after more than one year
10
7,500
7,500
Provisions
Taxation including deferred tax
30,680
31,145
------------
------------
Net assets
969,474
1,001,258
------------
------------
Capital and reserves
Called up share capital
2
2
Profit and loss account
969,472
1,001,256
---------
------------
Shareholder funds
969,474
1,001,258
---------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
ACS-APT Computer Systems Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 16 October 2024 , and are signed on behalf of the board by:
Mr S Devlukia
Director
Company registration number: 02447522
ACS-APT Computer Systems Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 22, Empire Centre, Imperial Way, Watford, Hertfordshire, WD24 4YH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably measured.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% to 33% straight line
Investment property
Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 9 ).
5. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
250,000
700,000
---------
---------
6. Tangible assets
Land and buildings
Equipment
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
400,000
18,666
418,666
---------
--------
---------
Depreciation
At 1 April 2023
14,906
14,906
Charge for the year
1,901
1,901
---------
--------
---------
At 31 March 2024
16,807
16,807
---------
--------
---------
Carrying amount
At 31 March 2024
400,000
1,859
401,859
---------
--------
---------
At 31 March 2023
400,000
3,760
403,760
---------
--------
---------
The fair value of the Company's investment property has been determined on the basis of valuation carried out at the yearend date by a director having recent experience in the location and category of the property being valued. The fair value was determined based on the market comparable approach that reflects recent yield.
7. Cash at bank
Included within cash at bank is a balance amounting to £7,500, which is a rental deposit that is not available for the company's trading activities.
8. Debtors
2024
2023
£
£
Trade debtors
345,503
416,068
Amounts owed by group undertakings and undertakings in which the company has a participating interest
54,465
256,527
Other debtors
11,025
28,569
---------
---------
410,993
701,164
---------
---------
The amounts due from group undertakings are unsecured, interest free and recoverable on demand.
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
8,456
11,853
Corporation tax
23,217
188,481
Social security and other taxes
62,626
83,005
Defined contribution plan
1,009
1,126
Other creditors
23,402
21,068
---------
---------
118,710
305,533
---------
---------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
7,500
7,500
-------
-------
11. Operating leases
As lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
5,865
5,100
-------
-------
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
30,000
30,000
Later than 1 year and not later than 5 years
27,500
57,500
--------
--------
57,500
87,500
--------
--------
12. Reserves
Retained earnings includes £204,795 relating to non-distributable reserves.
13. Related party transactions
Sales amounting to £5,420 (2022: £12,873) were charged to entities controlled by the directors. At the balance sheet date the amount outstanding was £Nil (2022: £5,051). The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with wholly owned subsidiaries within the group.
14. Controlling party
The company is wholly owned subsidiary of Pedoria Group Limited. There is no single controlling party throughout the current and previous period.