Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-3129truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.302023-04-01falseNo description of principal activity 02695678 2023-04-01 2024-03-31 02695678 c:KeyManagementIndividualGroup1 c:OtherTransactionType1 2023-04-01 2024-03-31 02695678 c:KeyManagementIndividualGroup1 c:OtherTransactionType1 2024-03-31 02695678 c:KeyManagementIndividualGroup2 c:OtherTransactionType2 2023-04-01 2024-03-31 02695678 c:KeyManagementIndividualGroup2 c:OtherTransactionType2 2024-03-31 02695678 c:KeyManagementIndividualGroup3 c:OtherTransactionType3 2023-04-01 2024-03-31 02695678 c:KeyManagementIndividualGroup3 c:OtherTransactionType3 2024-03-31 02695678 c:KeyManagementIndividualGroup4 c:OtherTransactionType4 2023-04-01 2024-03-31 02695678 c:KeyManagementIndividualGroup4 c:OtherTransactionType4 2024-03-31 02695678 2022-04-01 2023-03-31 02695678 2024-03-31 02695678 2023-03-31 02695678 d:Director1 2023-04-01 2024-03-31 02695678 c:Buildings 2023-04-01 2024-03-31 02695678 c:Buildings 2024-03-31 02695678 c:Buildings 2023-03-31 02695678 c:Buildings c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02695678 c:Buildings c:LongLeaseholdAssets 2023-04-01 2024-03-31 02695678 c:PlantMachinery 2023-04-01 2024-03-31 02695678 c:PlantMachinery 2024-03-31 02695678 c:PlantMachinery 2023-03-31 02695678 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02695678 c:MotorVehicles 2023-04-01 2024-03-31 02695678 c:MotorVehicles 2024-03-31 02695678 c:MotorVehicles 2023-03-31 02695678 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02695678 c:OfficeEquipment 2023-04-01 2024-03-31 02695678 c:OfficeEquipment 2024-03-31 02695678 c:OfficeEquipment 2023-03-31 02695678 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02695678 c:ComputerEquipment 2023-04-01 2024-03-31 02695678 c:ComputerEquipment 2024-03-31 02695678 c:ComputerEquipment 2023-03-31 02695678 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02695678 c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02695678 c:ComputerSoftware 2024-03-31 02695678 c:ComputerSoftware 2023-03-31 02695678 c:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 02695678 c:CurrentFinancialInstruments 2024-03-31 02695678 c:CurrentFinancialInstruments 2023-03-31 02695678 c:Non-currentFinancialInstruments 2024-03-31 02695678 c:Non-currentFinancialInstruments 2023-03-31 02695678 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 02695678 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 02695678 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 02695678 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 02695678 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-03-31 02695678 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-03-31 02695678 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-03-31 02695678 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-03-31 02695678 c:ShareCapital 2024-03-31 02695678 c:ShareCapital 2023-03-31 02695678 c:SharePremium 2024-03-31 02695678 c:SharePremium 2023-03-31 02695678 c:RetainedEarningsAccumulatedLosses 2024-03-31 02695678 c:RetainedEarningsAccumulatedLosses 2023-03-31 02695678 d:FRS102 2023-04-01 2024-03-31 02695678 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 02695678 d:FullAccounts 2023-04-01 2024-03-31 02695678 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02695678 c:PlantEquipmentOtherAssetsUnderOperatingLeases 2024-03-31 02695678 c:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-03-31 02695678 c:PlantEquipmentOtherAssetsUnderOperatingLeases c:WithinOneYear 2024-03-31 02695678 c:PlantEquipmentOtherAssetsUnderOperatingLeases c:WithinOneYear 2023-03-31 02695678 c:PlantEquipmentOtherAssetsUnderOperatingLeases c:BetweenOneFiveYears 2024-03-31 02695678 c:PlantEquipmentOtherAssetsUnderOperatingLeases c:BetweenOneFiveYears 2023-03-31 02695678 6 2023-04-01 2024-03-31 02695678 c:ComputerSoftware c:OwnedIntangibleAssets 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 02695678










SYSTEMATION EURO LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
SYSTEMATION EURO LIMITED
REGISTERED NUMBER: 02695678

BALANCE SHEET
AS AT 31 MARCH 2024

2024
Restated 2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
78,372
97,965

Tangible assets
 5 
2,503,141
3,868,580

Investments
 6 
1
1

  
2,581,514
3,966,546

Current assets
  

Stocks
  
404,646
361,246

Debtors: amounts falling due within one year
 7 
3,163,985
3,343,263

Cash at bank and in hand
  
37,942
29,713

  
3,606,573
3,734,222

Creditors: amounts falling due within one year
 8 
(2,925,044)
(3,113,562)

Net current assets
  
 
 
681,529
 
 
620,660

Total assets less current liabilities
  
3,263,043
4,587,206

Creditors: amounts falling due after more than one year
 9 
(386,445)
(1,238,617)

Provisions for liabilities
  

Deferred tax
  
(386,072)
(442,044)

Net assets
  
2,490,526
2,906,545


Capital and reserves
  

Called up share capital 
  
151,428
151,428

Share premium account
  
128,570
128,570

Profit and loss account
  
2,210,528
2,626,547

  
2,490,526
2,906,545


Page 1

 
SYSTEMATION EURO LIMITED
REGISTERED NUMBER: 02695678
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr V H Patel
Director

Date: 27 January 2025

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
SYSTEMATION EURO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Systemation Euro Limited (“the company”) is a private company limited by shares incorporated in England and Wales under the Companies Act.
The registered number and address of the registered office is given in the company information. 
The functional and presentational currency of the company is pounds sterling (£) and rounded to the nearest whole pound.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends upon an improvement in the company's trading position and continued financial support from its director and shareholders. The financial statements do not include any adjustments that would result if such support is not continuing.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
SYSTEMATION EURO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
SYSTEMATION EURO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Registration plate
-
10 years

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 5

 
SYSTEMATION EURO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the reducing balance and straight-line methods.

Depreciation is provided on the following basis:

Freehold property
-
not depreciated
Improvements to property
-
10%
straight line
Plant and machinery
-
10%
reducing balance
Motor vehicles
-
25%
straight line
Office equipment
-
10%
reducing balance
Machinery held off site
-
10%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.11

Freehold property

The company does not depreciate freehold property. The directors are satisfied that the holding value
of the property is at least equal to its ultimate residual value. This treatment is contrary to the
Companies Act 2006, which states that fixed assets should be depreciated but is, in the opinion of
the directors, necessary in order to give a true and fair view of the financial position of the company.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 6

 
SYSTEMATION EURO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when
Page 7

 
SYSTEMATION EURO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 29 (2023 - 30).


4.


Intangible assets




Registration plate

£



Cost


At 1 April 2023
195,930



At 31 March 2024

195,930



Amortisation


At 1 April 2023
97,965


Charge for the year on owned assets
19,593



At 31 March 2024

117,558



Net book value



At 31 March 2024
78,372



At 31 March 2023
97,965



Page 8

 
SYSTEMATION EURO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Office equipment
Machinery held off site
Total

£
£
£
£
£
£



Cost


At 1 April 2023
1,546,778
5,745,637
20,120
705,289
1,324,786
9,342,610


Additions
-
70,097
228,968
-
-
299,065


Disposals
(1,393,153)
-
-
-
-
(1,393,153)



At 31 March 2024

153,625
5,815,734
249,088
705,289
1,324,786
8,248,522



Depreciation


At 1 April 2023
73,277
4,449,263
20,120
436,464
494,906
5,474,030


Charge for the year on owned assets
15,363
138,107
18,250
28,557
82,900
283,177


Disposals
(11,826)
-
-
-
-
(11,826)



At 31 March 2024

76,814
4,587,370
38,370
465,021
577,806
5,745,381



Net book value



At 31 March 2024
76,811
1,228,364
210,718
240,268
746,980
2,503,141



At 31 March 2023
1,473,501
1,296,374
-
268,825
829,880
3,868,580

Page 9

 
SYSTEMATION EURO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 April 2023
1



At 31 March 2024

1






Net book value



At 31 March 2024
1

Systemation Euro Limited owns 100% of the ordinary share capital of Elcoteq Hungary Limited.


7.


Debtors

2024
2023
£
£


Trade debtors
403,937
349,924

Amounts owed by group undertakings
944,642
936,257

Other debtors
1,792,103
2,013,525

Prepayments and accrued income
23,303
43,557

3,163,985
3,343,263


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

Page 10

 
SYSTEMATION EURO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
186,786

Trade creditors
158,156
121,970

Corporation tax
4,257
3,966

Other taxation and social security
306,079
108,051

Obligations under finance lease and hire purchase contracts
472,553
585,395

Other creditors
1,849,744
1,983,145

Accruals and deferred income
134,255
124,249

2,925,044
3,113,562


Bank loans of £nil (2023: £186,786) are secured over the company's assets.
Obligations under finance leases and hire purchases contracts of £472,553 (2023: £585,395) are secured against the assets concerned. 


9.


Creditors: Amounts falling due after more than one year

2024
Restated 2023
£
£

Bank loans
30,746
883,785

Obligations under finance leases and hire purchase contracts
355,699
354,832

386,445
1,238,617


Bank loans of £30,746 (2023: £883,785) are secured over the company's assets.
Obligations under finance leases and hire purchases contracts of £355,699 (2023: £354,832) are secured against the assets concerned.

Page 11

 
SYSTEMATION EURO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
-
186,786

Amounts falling due 1-2 years

Bank loans
-
176,834

Amounts falling due 2-5 years

Bank loans
30,746
706,951


30,746
1,070,571



11.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £1,715 (2023: £2,136) were payable to the fund at the balance sheet date.


12.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


2024
2023

£
£


Not later than 1 year
-
37,431

Later than 1 year and not later than 5 years
-
149,724

-
187,155

Page 12

 
SYSTEMATION EURO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Related party transactions

Included within other debtors is a balance owed from Checksys Euro Limited, a company with directors and shareholders in common totalling £535,575 (2023: £759,944).
Also included within other debtors is a balance owed from Systorm UK Limited, a company with directors and shareholders in common totalling £625,238 (2023: £523,780).
Also included within other debtors is a balance owed from ISI of Indiana Inc, a company with directors holding equity interest totalling £278,092 (2023: £403,126).
Also included within other debtors is a balance owed from Tapia Developments Ltd, a company with shareholders in common totalling £112,461 (2023: £133,055).
Also included within other debtors is a balance owed from Elcotec Magyarorszag KFT Limited, a company with directors and shareholders in common totalling £115,119 (2023: £115,119).
Also included within other debtors is a balance owed from Elcotec Hungary Limited, a company with shareholders in common totalling £147,365 (2023: £138,980).
Also included within other debtors is a balance owed from Sidwell Farms Ltd, a company with directors and shareholders in common totalling £4,329 (2023: £825 included within other creditors).
Included within other creditors is a balance owed to Tapia Investments Limited, a company with directors and shareholders in common totalling £225,504 (2023: £374,550).                  
Also included within other creditors is a balance owed to the director totalling £124,170 (2023: £148,005).
All balances are interest free and repayable on demand.


14.


Controlling party

The company's immediate and ultimate parent company is Sys Holding Limited, a company incorporated in England and Wales, and holding all of the issued ordinary shares in this company. The registered office of Sys Holding Limited is 1 The Forum, Minerva Business Park, Lynch Wood, Peterborough, PE2 6FT.


15.


Prior year adjustment

The director have made prior year adjustments in relation to errors with obligations under finance leases and hire purchase contracts and hire purchase interest payable of £73,321 in the prior period. The impact of the prior year adjustments on the comparative figures is outlined below:
- Obligations under finance leases and hire purchases contracts falling due after more than one year has             increased by £73,321.
- Hire purchase interest payable has increased by £73,321.
Consequently, the brought forward reserves at 1 April 2023 have decreased by £73,321.

 
Page 13