1 March 2023 v2024.64.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activity0falsetruexbrli:purexbrli:sharesiso4217:GBP081919722023-03-012024-02-29081919722024-02-29081919722023-02-2808191972core:WithinOneYear2024-02-2908191972core:WithinOneYear2023-02-2808191972core:AfterOneYear2024-02-2908191972core:AfterOneYear2023-02-2808191972core:ShareCapital2024-02-2908191972core:ShareCapital2023-02-2808191972core:RetainedEarningsAccumulatedLosses2024-02-2908191972core:RetainedEarningsAccumulatedLosses2023-02-2808191972bus:Director12023-03-012024-02-2908191972bus:RegisteredOffice2023-03-012024-02-2908191972core:NetGoodwill2023-03-012024-02-2908191972core:Goodwill2023-03-012024-02-2908191972core:PlantMachinery2023-03-012024-02-2908191972core:OfficeEquipment2023-03-012024-02-29081919722022-03-012023-02-2808191972core:NetGoodwill2024-02-2908191972core:PlantMachinery2023-03-01081919722023-03-0108191972core:LandBuildings2023-03-012024-02-2908191972core:LandBuildings2024-02-2908191972core:PlantMachinery2024-02-2908191972core:PlantMachinery2023-02-280819197212023-03-012024-02-2908191972countries:EnglandWales2023-03-012024-02-2908191972bus:AuditExemptWithAccountantsReport2023-03-012024-02-2908191972bus:PrivateLimitedCompanyLtd2023-03-012024-02-2908191972bus:SmallEntities2023-03-012024-02-2908191972bus:FullAccounts2023-03-012024-02-29
Company registration number:
08191972
Systems And Solutions Ltd
Unaudited Filleted Financial Statements for the year ended
29 February 2024
Systems And Solutions Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of Systems And Solutions Ltd
Year ended
29 February 2024
As described on the statement of financial position, the Board of Directors of
Systems And Solutions Ltd
are responsible for the preparation of the
financial statements
for the year ended
29 February 2024
, which comprise the income statement, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
Assist Accountants Limited TA Proficient Tax
35 Tallon Road
Hutton
Brentwood
ESSEX
CM13 1TE
United Kingdom
Systems And Solutions Ltd
Statement of Financial Position
29 February 2024
20242023
Note££
Fixed assets    
Tangible assets 6
103,118
 
55,021
 
Current assets    
Stocks
128,970
 
158,825
 
Debtors 7
1,311,824
 
1,362,404
 
Cash at bank and in hand
34,276
 
111,729
 
1,475,070
 
1,632,958
 
Creditors: amounts falling due within one year 8
(1,410,674
)
(1,515,015
)
Net current assets
64,396
 
117,943
 
Total assets less current liabilities 167,514   172,964  
Creditors: amounts falling due after more than one year 9
(12,384
)
(23,278
)
Net assets
155,130
 
149,686
 
Capital and reserves    
Called up share capital
60,100
 
60,100
 
Profit and loss account
95,030
 
89,586
 
Shareholders funds
155,130
 
149,686
 
For the year ending
29 February 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • The members have 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.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
29 November 2024
, and are signed on behalf of the board by:
Mr. L Gibson
Director
Company registration number:
08191972
Systems And Solutions Ltd
Notes to the Financial Statements
Year ended
29 February 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Unit 15 City Business Centre
,
Lower Road
,
London
,
SE16 2XB
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Going concern

The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill
10% straight line

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
25% Straight Line
Office equipment
25% Straight Line

Impairment

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

4 Average number of employees

The average number of persons employed by the company during the year was nil (2023:
28
).

5 Intangible assets

Goodwill
£
Cost  
At
1 March 2023
and
29 February 2024
37,500
 
Amortisation  
At
1 March 2023
and
29 February 2024
37,500
 
Carrying amount  
At
29 February 2024
-  
At 28 February 2023 -  

6 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 March 2023
-  
161,676
 
161,676
 
Additions
40,559
 
25,878
 
66,437
 
At
29 February 2024
40,559
 
187,554
 
228,113
 
Depreciation      
At
1 March 2023
-  
106,655
 
106,655
 
Charge -  
18,340
 
18,340
 
At
29 February 2024
-  
124,995
 
124,995
 
Carrying amount      
At
29 February 2024
40,559
 
62,559
 
103,118
 
At 28 February 2023 -  
55,021
 
55,021
 

7 Debtors

20242023
££
Trade debtors
986,090
 
1,077,073
 
Other debtors
325,734
 
285,331
 
1,311,824
 
1,362,404
 

8 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
605,199
 
617,243
 
Trade creditors
667,473
 
702,225
 
Taxation and social security
133,300
 
192,626
 
Other creditors
4,702
 
2,921
 
1,410,674
 
1,515,015
 

9 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
12,384
 
23,278