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Company No: 02924153 (England and Wales)

UNITED REGISTRAR OF SYSTEMS LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

UNITED REGISTRAR OF SYSTEMS LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

UNITED REGISTRAR OF SYSTEMS LIMITED

BALANCE SHEET

As at 30 April 2024
UNITED REGISTRAR OF SYSTEMS LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 907,582 911,016
Investment property 5 1,013,720 1,013,720
Investments 6 310,641 50,602
2,231,943 1,975,338
Current assets
Debtors 7 942,620 686,630
Cash at bank and in hand 6,876,596 5,231,882
7,819,216 5,918,512
Creditors: amounts falling due within one year 8 ( 1,753,085) ( 1,576,466)
Net current assets 6,066,131 4,342,046
Total assets less current liabilities 8,298,074 6,317,384
Net assets 8,298,074 6,317,384
Capital and reserves
Called-up share capital 16 16
Share premium account 23,980 23,980
Capital redemption reserve 6 6
Profit and loss account 8,274,072 6,293,382
Total shareholders' funds 8,298,074 6,317,384

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.

Directors' responsibilities:

The financial statements of United Registrar of Systems Limited (registered number: 02924153) were approved and authorised for issue by the Board of Directors on 10 January 2025. They were signed on its behalf by:

D G Riggs
Director
UNITED REGISTRAR OF SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
UNITED REGISTRAR OF 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

United Registrar of 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 Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, 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 £.

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 except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. 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 liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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 not depreciated
Plant and machinery 4 years straight line
Vehicles 4 years straight line
Fixtures and fittings 5 years straight line
Office equipment 4 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

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

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 15 14

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 May 2023 669,101 669,101
At 30 April 2024 669,101 669,101
Accumulated amortisation
At 01 May 2023 669,101 669,101
At 30 April 2024 669,101 669,101
Net book value
At 30 April 2024 0 0
At 30 April 2023 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 May 2023 674,767 39,886 151,800 62,497 1,241,405 2,170,355
Additions 0 0 228,017 0 36,305 264,322
Disposals 0 0 ( 216,873) 0 0 ( 216,873)
At 30 April 2024 674,767 39,886 162,944 62,497 1,277,710 2,217,804
Accumulated depreciation
At 01 May 2023 0 39,886 39,356 59,938 1,120,159 1,259,339
Charge for the financial year 0 0 32,589 879 50,975 84,443
Disposals 0 0 ( 33,560) 0 0 ( 33,560)
At 30 April 2024 0 39,886 38,385 60,817 1,171,134 1,310,222
Net book value
At 30 April 2024 674,767 0 124,559 1,680 106,576 907,582
At 30 April 2023 674,767 0 112,444 2,559 121,246 911,016

5. Investment property

Investment property
£
Valuation
As at 01 May 2023 1,013,720
As at 30 April 2024 1,013,720

The properties are held at what the directors consider to be the fair value.
There has been no valuation of investment property by an independent valuer.

6. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 May 2023 16,289
Additions 260,039
At 30 April 2024 276,328
Carrying value at 30 April 2024 276,328
Carrying value at 30 April 2023 16,289

Investments in associates Other investments Total
£ £ £
Cost or valuation before impairment
At 01 May 2023 227 34,086 34,313
At 30 April 2024 227 34,086 34,313
Carrying value at 30 April 2024 227 34,086 34,313
Carrying value at 30 April 2023 227 34,086 34,313

7. Debtors

2024 2023
£ £
Trade debtors 687,377 298,898
Amounts owed by Group undertakings 139,628 274,412
Deferred tax asset 62,436 43,221
Other debtors 53,179 70,099
942,620 686,630

8. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 559,104 228,246
Other creditors 1,193,981 1,348,220
1,753,085 1,576,466

9. Deferred tax

2024 2023
£ £
At the beginning of financial year 43,221 0
Credited to the Profit and Loss Account 19,215 43,221
At the end of financial year 62,436 43,221