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Company registration number: 01702660







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


STABLE MICRO SYSTEMS LIMITED






































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STABLE MICRO SYSTEMS LIMITED
 


 
COMPANY INFORMATION


Directors
I D Bateson 
M Proto 
T N Raven 
J A Walker 
J Smewing 




Company secretary
S Johnson



Registered number
01702660



Registered office
Vienna Court
Lammas Road

Godalming

Surrey

GU7 1YL




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


STABLE MICRO SYSTEMS LIMITED
 



CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 8


 


STABLE MICRO SYSTEMS LIMITED
REGISTERED NUMBER:01702660



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
473,184
500,605

  
473,184
500,605

Current assets
  

Stocks
  
1,593,517
1,602,637

Debtors: amounts falling due within one year
 6 
1,991,834
2,136,222

Cash at bank and in hand
  
2,370,289
1,781,560

  
5,955,640
5,520,419

Creditors: amounts falling due within one year
 7 
(1,023,122)
(898,473)

Net current assets
  
 
 
4,932,518
 
 
4,621,946

Total assets less current liabilities
  
5,405,702
5,122,551

Provisions for liabilities
  

Deferred tax
  
(70,215)
(55,513)

  
 
 
(70,215)
 
 
(55,513)

Net assets
  
5,335,487
5,067,038


Capital and reserves
  

Called up share capital 
  
300
300

Profit and loss account
  
5,335,187
5,066,738

  
5,335,487
5,067,038


Page 1

 


STABLE MICRO SYSTEMS LIMITED
REGISTERED NUMBER:01702660


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

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 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 by: 




I D Bateson
Director

Date: 26 November 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 


STABLE MICRO SYSTEMS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Stable Micro Systems Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office and the Company's registered number is disclosed on the company information page.

The Company's principal activity is the manufacturing of scientific instruments.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Consolidation

The Company, its parent and subsidiary undertakings comprise a small group. The Company has therefore taken advantage of the exemption provided by Section 399(2A) of the Companies Act 2006 not to prepare group accounts.

 
2.3

Revenue

Revenue from the sale of specialist measurement equipment 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, which is usually when the goods are dispatched to the customer and the significant risks and rewards of ownership have transferred. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.4

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as stated below.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
reducing balance
Motor vehicles
-
25%
reducing balance
Office equipment
-
20%
reducing balance
Computer equipment
-
25%
reducing balance

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.

Page 3

 


STABLE MICRO SYSTEMS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

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 reporting 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.

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

 
2.8

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.


 
2.9

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.

 
2.10

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 


STABLE MICRO SYSTEMS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

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 reporting 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 reporting 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 reporting date.

 
2.12

Research and development

All expenditure on research and development is recognised as an expense when it is incurred.


3.


Employees

The average monthly number of employees, including directors, during the year was 31 (2023 - 27).

Page 5

 


STABLE MICRO SYSTEMS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
88,000
672,324
151,770
426,027
1,338,121


Additions
-
105,620
2,295
30,643
138,558


Disposals
(2,922)
(155,475)
-
-
(158,397)



At 31 March 2024

85,078
622,469
154,065
456,670
1,318,282



Depreciation


At 1 April 2023
47,212
320,770
139,228
330,306
837,516


Charge for the year
8,041
89,335
3,987
29,057
130,420


Disposals
-
(122,838)
-
-
(122,838)



At 31 March 2024

55,253
287,267
143,215
359,363
845,098



Net book value



At 31 March 2024
29,825
335,202
10,850
97,307
473,184



At 31 March 2023
40,788
351,554
12,542
95,721
500,605

Page 6

 


STABLE MICRO SYSTEMS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
14,000



At 31 March 2024

14,000



Impairment


At 1 April 2023
14,000



At 31 March 2024

14,000



Net book value



At 31 March 2024
-



At 31 March 2023
-


6.


Debtors

2024
2023
£
£


Trade debtors
764,634
952,358

Amounts owed by group undertakings
1,017,896
1,017,896

Other debtors
30,751
51,767

Prepayments and accrued income
178,553
114,201

1,991,834
2,136,222


Page 7

 


STABLE MICRO SYSTEMS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
285,885
338,685

Amounts owed to group undertakings
9,000
-

Corporation tax
458,264
238,056

Other taxation and social security
56,440
45,503

Accruals and deferred income
213,533
276,229

1,023,122
898,473



8.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 26 November 2024 by Anna Johnston ACA (Senior Statutory Auditor) on behalf of Menzies LLP.

Page 8