Silverfin false false 30/04/2024 01/05/2023 30/04/2024 Neil Macintyre 02/04/2001 08 November 2024 The principal activity of the company during the financial year continued to be computer software consultancy. SC217729 2024-04-30 SC217729 bus:Director1 2024-04-30 SC217729 2023-04-30 SC217729 core:CurrentFinancialInstruments 2024-04-30 SC217729 core:CurrentFinancialInstruments 2023-04-30 SC217729 core:ShareCapital 2024-04-30 SC217729 core:ShareCapital 2023-04-30 SC217729 core:RetainedEarningsAccumulatedLosses 2024-04-30 SC217729 core:RetainedEarningsAccumulatedLosses 2023-04-30 SC217729 core:OtherPropertyPlantEquipment 2023-04-30 SC217729 core:OtherPropertyPlantEquipment 2024-04-30 SC217729 bus:OrdinaryShareClass1 2024-04-30 SC217729 2023-05-01 2024-04-30 SC217729 bus:FilletedAccounts 2023-05-01 2024-04-30 SC217729 bus:SmallEntities 2023-05-01 2024-04-30 SC217729 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 SC217729 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 SC217729 bus:Director1 2023-05-01 2024-04-30 SC217729 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-05-01 2024-04-30 SC217729 2022-05-01 2023-04-30 SC217729 core:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 SC217729 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 SC217729 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC217729 (Scotland)

EQUAL SYSTEMS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH THE REGISTRAR

EQUAL SYSTEMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024

Contents

EQUAL SYSTEMS LIMITED

BALANCE SHEET

AS AT 30 APRIL 2024
EQUAL SYSTEMS LIMITED

BALANCE SHEET (continued)

AS AT 30 APRIL 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 120 217
120 217
Current assets
Stocks 2,350 2,350
Debtors 4 3,146 8,027
Cash at bank and in hand 31,360 33,316
36,856 43,693
Creditors: amounts falling due within one year 5 ( 36,645) ( 43,707)
Net current assets/(liabilities) 211 (14)
Total assets less current liabilities 331 203
Provision for liabilities ( 23) ( 41)
Net assets 308 162
Capital and reserves
Called-up share capital 6 1 1
Profit and loss account 307 161
Total shareholder's funds 308 162

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Equal Systems Limited (registered number: SC217729) were approved and authorised for issue by the Director on 08 November 2024. They were signed on its behalf by:

Neil Macintyre
Director
EQUAL SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
EQUAL SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 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

Equal 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 Scotland. The address of the Company's registered office is 10 Bellfield Park, Inverness, IV2 4SZ, United Kingdom.

The financial statements have been prepared under the historical cost convention 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 £.

Going concern

The company has net assets of £308 and net current assets of £211. Accordingly, the financial statements have been prepared on a going concern basis, which the director believes to be appropriate. In reaching this conclusion, the director has committed to providing ongoing financial support to the company, ensuring that all liabilities are met as they fall due.

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 Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts from UK and non-UK customers.

Turnover from consultancy is recognised when services are provided to the customer.

Turnover from licencing is recognised straight line over the period in which the licence is valid for.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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 current 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.

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:

Plant and machinery etc. 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, an assessment is made for impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 May 2023 4,053 4,053
At 30 April 2024 4,053 4,053
Accumulated depreciation
At 01 May 2023 3,836 3,836
Charge for the financial year 97 97
At 30 April 2024 3,933 3,933
Net book value
At 30 April 2024 120 120
At 30 April 2023 217 217

4. Debtors

2024 2023
£ £
Trade debtors 0 7,901
Other debtors 3,146 126
3,146 8,027

5. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 12,368 9,257
Other creditors 24,277 34,450
36,645 43,707

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

7. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Directors Loan Account - Opening Balance 1,223 1,118
Amounts advanced (4,418) (495)
Amounts withdrawn 1,257 600
Directors Loan Account - Closing Balance (1,938) 1,223

During the year, related party transactions have caused the directors loan account to become overdrawn. It is considered appropriate to ensure that the entire overdrawn amount is repaid within nine months of year-end; consequently, no S455 tax will be payable.