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COMPANY REGISTRATION NUMBER: 03953246
Systemspace Limited
Filleted Unaudited Financial Statements
30 April 2024
Systemspace Limited
Financial Statements
Year ended 30 April 2024
Contents
Page
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Systemspace Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Systemspace Limited
Year ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Systemspace Limited for the year ended 30 April 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Systemspace Limited. Our work has been undertaken solely to prepare for your approval the financial statements of Systemspace Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Systemspace Limited and its director for our work or for this report.
It is your duty to ensure that Systemspace Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Systemspace Limited. You consider that Systemspace Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Systemspace Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
WALTER HUNTER & CO LIMITED Chartered accountants
24 Bridge Street Newport South Wales NP20 4SF
7 December 2024
Systemspace Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Investments
4
450,000
700,000
Current assets
Debtors
5
99,750
109,000
Cash at bank and in hand
137,048
105,298
---------
---------
236,798
214,298
Creditors: amounts falling due within one year
6
7,811
8,510
---------
---------
Net current assets
228,987
205,788
---------
---------
Total assets less current liabilities
678,987
905,788
Creditors: amounts falling due after more than one year
7
1,639,504
1,639,504
------------
------------
Net liabilities
( 960,517)
( 733,716)
------------
------------
Capital and reserves
Called up share capital
360
360
Profit and loss account
( 960,877)
( 734,076)
---------
---------
Shareholders deficit
( 960,517)
( 733,716)
---------
---------
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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Systemspace Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 7 December 2024 , and are signed on behalf of the board by:
JR Farrow
Director
Company registration number: 03953246
Systemspace 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 24 Bridge Street, Newport, NP20 4SF.
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.
Going concern
Having reviewed the plans and future projections of the company, the Director is confident that the business will continue to trade for at least the next 12 months.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the amount of current 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.
Investments
The investment property was valued at £450,000 on 23 January 2024, on an existing use basis, by Sidney Phillips Limited, Shepherds Meadow, Eaton Bishop, Hereford, HR2 9UA. The Director considers the value as at 30 April 2024 to have been the same.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Investments
Investment property
£
Cost
At 1 May 2023 and 30 April 2024
1,014,835
------------
Impairment
At 1 May 2023
314,835
Impairment losses
250,000
------------
At 30 April 2024
564,835
------------
Carrying amount
At 30 April 2024
450,000
------------
At 30 April 2023
700,000
------------
The investment property was valued at £450,000 on 23 January 2024, on an existing use basis, by Sidney Phillips Limited, Shepherds Meadow, Eaton Bishop, Hereford, HR2 9UA. The Director considers the value as at 30 April 2024 to have been the same.
5. Debtors
2024
2023
£
£
Trade debtors
3,250
Amounts owed by group undertakings and undertakings in which the company has a participating interest
80,000
80,000
Other debtors
16,500
29,000
--------
---------
99,750
109,000
--------
---------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
80,000
80,000
Other debtors
20,000
--------
---------
80,000
100,000
--------
---------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
6,581
7,442
Other creditors
1,230
1,068
-------
-------
7,811
8,510
-------
-------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Director's loan account
819,946
Other loans
1,639,504
819,558
------------
------------
1,639,504
1,639,504
------------
------------
8. Related party transactions
Included in Note 7 to the accounts are loans repayable to Mr E Blease and Mr J Farrow who are both shareholders of the company. Mr J Farrow is also a director of the company. For the year ended 30 April 2024 there was no interest payable to Messrs Blease and Farrow. Included in note 5 to the accounts is £80,000 (2023: £80,000) owed by F B D Properties Limited. This company is an associated company of F B D Properties Limited by way of common shareholdings of its director. Other than the above, no transactions with related parties were undertaken such as are required to be disclosed under FRS 102.