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REGISTERED NUMBER: 07971674 (England and Wales)















EFS Systems (Uk) Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2024






EFS Systems (Uk) Ltd (Registered number: 07971674)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


EFS Systems (Uk) Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTOR: R Hadley





REGISTERED OFFICE: Unit 31 (8) Pant Industrial Estate
Dowlais
Merthyr Tydfil
Mid Glamorgan
CF48 2SR





REGISTERED NUMBER: 07971674 (England and Wales)





ACCOUNTANTS: O'Brien and Partners
Accountants & Business Advisors
Highdale House
7 Centre Court
Treforest Industrial Estate
Pontypridd
Rhondda Cynon Taff
CF37 5YR

EFS Systems (Uk) Ltd (Registered number: 07971674)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 162,593 225,292
162,593 225,292

CURRENT ASSETS
Stocks 15,000 15,731
Debtors 6 2,681,794 2,170,045
Cash at bank 1,071,159 951,653
3,767,953 3,137,429
CREDITORS
Amounts falling due within one year 7 1,484,186 1,088,777
NET CURRENT ASSETS 2,283,767 2,048,652
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,446,360

2,273,944

CREDITORS
Amounts falling due after more than one year 8 (74,943 ) (92,217 )

PROVISIONS FOR LIABILITIES 10 (25,369 ) (30,925 )
NET ASSETS 2,346,048 2,150,802

CAPITAL AND RESERVES
Called up share capital 1 1
Capital redemption reserve 1 1
Retained earnings 2,346,046 2,150,800
2,346,048 2,150,802

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the director and authorised for issue on 3 December 2024 and were signed by:



R Hadley - Director


EFS Systems (Uk) Ltd (Registered number: 07971674)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

EFS Systems (Uk) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold - 25% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

EFS Systems (Uk) Ltd (Registered number: 07971674)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2023 - 39 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 90,000
AMORTISATION
At 1 April 2023
and 31 March 2024 90,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 9,375 19,262 26,186 439,587 494,410
Additions - - 22,283 - 22,283
At 31 March 2024 9,375 19,262 48,469 439,587 516,693
DEPRECIATION
At 1 April 2023 9,375 10,857 13,402 235,484 269,118
Charge for year - 3,183 7,680 74,119 84,982
At 31 March 2024 9,375 14,040 21,082 309,603 354,100
NET BOOK VALUE
At 31 March 2024 - 5,222 27,387 129,984 162,593
At 31 March 2023 - 8,405 12,784 204,103 225,292

EFS Systems (Uk) Ltd (Registered number: 07971674)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023
and 31 March 2024 125,040
DEPRECIATION
At 1 April 2023 50,678
Charge for year 22,825
At 31 March 2024 73,503
NET BOOK VALUE
At 31 March 2024 51,537
At 31 March 2023 74,362

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 1,218,332 1,532,546
Amounts owed by group undertakings 1,396,261 595,524
Other debtors 67,201 41,975
2,681,794 2,170,045

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 10,314 10,131
Hire purchase contracts (see note 9) 6,959 9,867
Trade creditors 754,553 470,694
Taxation and social security 518,368 561,960
Other creditors 193,992 36,125
1,484,186 1,088,777

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 13,153 23,468
Hire purchase contracts (see note 9) 61,790 68,749
74,943 92,217

EFS Systems (Uk) Ltd (Registered number: 07971674)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 6,959 9,867
Between one and five years 61,790 68,749
68,749 78,616

Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year 6,659 6,909
Between one and five years 20,789 14,632
27,448 21,541

10. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 25,369 30,925

Deferred
tax
£   
Balance at 1 April 2023 30,925
Credit to Income Statement during year (5,556 )
Balance at 31 March 2024 25,369