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COMPANY REGISTRATION NUMBER: 09527896
Systems Enterprises Limited
Filleted Unaudited Financial Statements
30 April 2024
Systems Enterprises Limited
Financial Statements
Year ended 30 April 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Systems Enterprises Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
24,400
14,938
Current assets
Debtors
6
120,513
207,891
Cash at bank and in hand
114,865
228,224
---------
---------
235,378
436,115
Creditors: amounts falling due within one year
7
41,058
53,966
---------
---------
Net current assets
194,320
382,149
---------
---------
Total assets less current liabilities
218,720
397,087
Creditors: amounts falling due after more than one year
8
12,500
22,500
Provisions
6,100
3,734
---------
---------
Net assets
200,120
370,853
---------
---------
Capital and reserves
Called up share capital
3
3
Profit and loss account
200,117
370,850
---------
---------
Shareholders funds
200,120
370,853
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 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 .
Systems Enterprises Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 15 January 2025 , and are signed on behalf of the board by:
Mr G Del Buono
Director
Company registration number: 09527896
Systems Enterprises Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20 Links Yard, Spelman Street, London, E1 5LX, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% straight line
Equipment
-
25% straight line
Impairment of fixed assets
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 4 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 May 2023
19,829
19,829
Additions
10,124
6,331
16,455
--------
--------
--------
At 30 April 2024
10,124
26,160
36,284
--------
--------
--------
Depreciation
At 1 May 2023
4,891
4,891
Charge for the year
1,124
5,869
6,993
--------
--------
--------
At 30 April 2024
1,124
10,760
11,884
--------
--------
--------
Carrying amount
At 30 April 2024
9,000
15,400
24,400
--------
--------
--------
At 30 April 2023
14,938
14,938
--------
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
18,139
116,740
Other debtors
102,374
91,151
---------
---------
120,513
207,891
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
3,214
Corporation tax
17,294
37,238
Social security and other taxes
8,155
4,703
Accruals
2,395
2,025
--------
--------
41,058
53,966
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,500
22,500
--------
--------
9. Directors' advances, credits and guarantees
At the year end the Directors owed £100,773 to the company (2023: Directors owed £75,101). During the year advances of £25,672 were made to the Directors. Interest was charged on the loans at a rate of 2.25%.