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Company No: 01941071 (England and Wales)

TERENCE JAMES SYSTEMS LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

TERENCE JAMES SYSTEMS LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

TERENCE JAMES SYSTEMS LIMITED

COMPANY INFORMATION

For the financial year ended 31 August 2024
TERENCE JAMES SYSTEMS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 August 2024
DIRECTORS Mr C Baxter
Mr J Harrington
REGISTERED OFFICE The Three Pines
Church Road
Penn
Buckinghamshire
HP10 8EG
United Kingdom
COMPANY NUMBER 01941071 (England and Wales)
ACCOUNTANT Evelyn Partners (Thames Valley) Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
TERENCE JAMES SYSTEMS LIMITED

BALANCE SHEET

As at 31 August 2024
TERENCE JAMES SYSTEMS LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 86,867 104,330
86,867 104,330
Current assets
Debtors 4 27,639 53,441
Cash at bank and in hand 290,888 176,446
318,527 229,887
Creditors: amounts falling due within one year 5 ( 143,596) ( 161,196)
Net current assets 174,931 68,691
Total assets less current liabilities 261,798 173,021
Provision for liabilities ( 13,183) ( 14,979)
Net assets 248,615 158,042
Capital and reserves
Called-up share capital 6 80 80
Capital redemption reserve 40 40
Profit and loss account 248,495 157,922
Total shareholders' funds 248,615 158,042

For the financial year ending 31 August 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 Terence James Systems Limited (registered number: 01941071) were approved and authorised for issue by the Board of Directors on 07 November 2024. They were signed on its behalf by:

Mr C Baxter
Director
TERENCE JAMES SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
TERENCE JAMES SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 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

Terence James Systems 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 The Three Pines, Church Road, Penn, Buckinghamshire, HP10 8EG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Terence James Systems Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise on monetary items.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of services in the normal course of business, and is shown net of discounts and VAT.

Turnover arises from the sale of computer software and supply of support services. Turnover is recognised by reference to the period in which the fees relate.

Operating lease income from property is recognised in profit and loss on a straight-line basis over the lease term.

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.

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 average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 25 years straight line
Plant and machinery 5 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 5 years straight line
Leases


The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

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

Deferred income

Licence fees received are included in turnover in the period to which the licence relates. Initial licence fees are credited to turnover over a period of five years, with 30% recognised in the first year and 17.5% in each of the following four years. Annual licence fees are credited to turnover over a period of twelve months.

Research and Development

Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 10 10

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 September 2023 240,799 2,873 116,800 87,209 447,681
Additions 0 0 0 3,698 3,698
At 31 August 2024 240,799 2,873 116,800 90,907 451,379
Accumulated depreciation
At 01 September 2023 207,356 1,496 51,100 83,399 343,351
Charge for the financial year 744 718 16,425 3,274 21,161
At 31 August 2024 208,100 2,214 67,525 86,673 364,512
Net book value
At 31 August 2024 32,699 659 49,275 4,234 86,867
At 31 August 2023 33,443 1,377 65,700 3,810 104,330

4. Debtors

2024 2023
£ £
Trade debtors 24,623 51,817
Other debtors 3,016 1,624
27,639 53,441

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 227 24
Taxation and social security 56,109 39,480
Other creditors 87,260 121,692
143,596 161,196

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
80 Ordinary shares of £ 1.00 each 80 80

7. Related party transactions

Transactions with the entity's directors

At the balance sheet date, the company owed the directors £1,560 (2023 - £5,523) in respect of interest free loans made to the company.