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REGISTERED NUMBER: 01643486 (England and Wales)












Report of the Directors and

Audited Financial Statements

for the Year Ended 31 December 2024

for

Systems Interface Limited

Systems Interface Limited (Registered number: 01643486)

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










Page


Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


Systems Interface Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: Mr P R Heaney
Mr M J B Garrod



SECRETARY: Mr M L Mulberry BA (Hons) FCCA CTA



REGISTERED OFFICE: Suite 9C
Oakhanger Business Park
Oakhanger
Near Bordon
Hampshire
GU35 9JA



REGISTERED NUMBER: 01643486 (England and Wales)



SENIOR STATUTORY AUDITOR: Mr Mark Williams FCA



AUDITORS: Williams & Co Epsom LLP
8-10 South Street
Epsom
Surrey
KT18 7PF

Systems Interface Limited (Registered number: 01643486)

Report of the Directors
for the Year Ended 31 December 2024


The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the provision of complex airport and air traffic control systems, including design, integration, installation, commissioning and maintenance services, which includes amongst others,

Navigation Aids - such as ILS, DME, DVOR, NDB, DF
Communications - VHF/UHF Voice, VCS and Data
Airfield Lighting - Including LED Solar lights
Meteorological Systems - IRVR, Weather Stations

The company also offers a wide spectrum of aviation related products and services both in the UK and worldwide, and is a distributor for Nautel for NDB's and Avlite for their solar powered lights. Systems interface Limited is Quality Approved to BS EN 9001:2015

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS
Mr P R Heaney has held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

Mr P A Gurney - resigned 31 December 2024
Mr A W Madge - resigned 1 July 2024
Mr M J B Garrod - appointed 1 July 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 101 'Reduced Disclosure Framework'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Systems Interface Limited (Registered number: 01643486)

Report of the Directors
for the Year Ended 31 December 2024


AUDITORS
The auditors, Williams & Co Epsom LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr M J B Garrod - Director


23 January 2025

Report of the Independent Auditors to the Members of
Systems Interface Limited


Opinion
We have audited the financial statements of Systems Interface Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Systems Interface Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Systems Interface Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The Company is subject to laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements. These include financial reporting and tax legislation, employment law and health & safety legislation.

We communicated relevant laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We discussed with management the application of these legal requirements and enquired as to any instances of non-compliance.

The results of our risk assessment at the planning stage formed the basis of designing audit procedures to identify non-compliance with the laws and regulations as mentioned above.

These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it.

In assessing the potential risks of material misstatement, we obtained an understanding of the Company's operations, including the nature of their revenue sources, products and services and of its objectives and strategies to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement.

We reviewed the business' control environment and the application of those controls with regards to authorisation of transactions and the correct reporting of transactions. We carried out walkthroughs on the systems in place.

We performed audit procedures on the journal entries posted to the accounting package to assess the entries for appropriateness and check for entries that are significant or outside the usual course of business.

We reviewed the accounting estimates for reasonableness and assessed management's view on significant judgements made. Work in this area focussed on costs to complete on project work as this has a direct impact on the revenue recognition due to the accounting policy and is material to the accounts.

We tested the cut-off in terms of revenue and purchases as this was deemed an area of high risk.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Systems Interface Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mr Mark Williams FCA (Senior Statutory Auditor)
for and on behalf of Williams & Co Epsom LLP
8-10 South Street
Epsom
Surrey
KT18 7PF

23 January 2025

Systems Interface Limited (Registered number: 01643486)

Income Statement
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   

TURNOVER 3 4,558,134 4,829,086

Cost of sales (3,388,425 ) (3,228,006 )
GROSS PROFIT 1,169,709 1,601,080

Distribution costs (63,015 ) (111,343 )
Administrative expenses (888,574 ) (731,962 )
OPERATING PROFIT 218,120 757,775

Interest receivable and similar income 5 3,790 6,843
221,910 764,618

Interest payable and similar expenses 6 (71,087 ) (103,060 )
PROFIT BEFORE TAXATION 7 150,823 661,558

Tax on profit 8 (43,329 ) 73,330
PROFIT FOR THE FINANCIAL YEAR 107,494 734,888

Systems Interface Limited (Registered number: 01643486)

Other Comprehensive Income
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   

PROFIT FOR THE YEAR 107,494 734,888


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

107,494

734,888

Systems Interface Limited (Registered number: 01643486)

Statement of Financial Position
31 December 2024

31.12.24 31.12.23
Notes £    £   
FIXED ASSETS
Owned
Tangible assets 9 30,617 12,252
Right-of-use
Tangible assets 9, 15 61,906 97,716
92,523 109,968

CURRENT ASSETS
Stocks 10 594,983 47,227
Debtors: amounts falling due within one year 11 667,417 318,554
Debtors: amounts falling due after more than
one year

11

30,002

73,330
Prepayments and accrued income 1,043,527 378,302
Cash at bank and in hand 2,205,375 873,574
4,541,304 1,690,987
CREDITORS
Amounts falling due within one year 12 (3,798,658 ) (1,033,328 )
NET CURRENT ASSETS 742,646 657,659
TOTAL ASSETS LESS CURRENT
LIABILITIES

835,169

767,627

CREDITORS
Amounts falling due after more than one year 13 (774,625 ) (814,577 )
NET ASSETS/(LIABILITIES) 60,544 (46,950 )

CAPITAL AND RESERVES
Called up share capital 17 10,000 10,000
Retained earnings 18 50,544 (56,950 )
SHAREHOLDERS' FUNDS 60,544 (46,950 )

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

The financial statements were approved by the Board of Directors and authorised for issue on 23 January 2025 and were signed on its behalf by:





Mr M J B Garrod - Director


Systems Interface Limited (Registered number: 01643486)

Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 10,000 (791,838 ) (781,838 )

Changes in equity
Total comprehensive income - 734,888 734,888
Balance at 31 December 2023 10,000 (56,950 ) (46,950 )

Changes in equity
Total comprehensive income - 107,494 107,494
Balance at 31 December 2024 10,000 50,544 60,544

Systems Interface Limited (Registered number: 01643486)

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


1. STATUTORY INFORMATION

Systems Interface Limited 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.

2. ACCOUNTING POLICIES

Basis of preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

the requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment;
the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii),
B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations;
the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held for Sale and Discontinued Operations;
the requirements of paragraph 24(6) of IFRS 6 Exploration for and Evaluation of Mineral Resources;
the requirements of IFRS 7 Financial Instruments: Disclosures;
the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement;
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS
16 Leases;
the requirements of paragraph 58 of IFRS 16;
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c),
120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers;
the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative
information in respect of:
- paragraphs 53(a), (h) and (j) of IFRS 16;
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
- paragraph 118(e) of IAS 38 Intangible Assets;
- paragraphs 76 and 79(d) of IAS 40 Investment Property; and
- paragraph 50 of IAS 41 Agriculture;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to 136
of IAS 1;
the requirements of
- paragraphs 1 to 44E, 44H(b)(ii) and 45 to 63 of IAS 7 Statement of Cash Flows; and
- paragraphs 44F, 44G, 44H(a), 44H(b)(i), 44H(b)(iii) and 44H(c) of IAS 7;
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and
Errors;
the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes;
the requirements of paragraph 74(b) of IAS 16;
the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between
two or more members of a group;
the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets.

Critical accounting judgements and key sources of estimation uncertainty
Revenue is recognised over time based on the progress towards satisfaction of the performance obligation using the input method. Invoicing of orders completed over time is based on estimated contract costs, the achievable contract revenue, and the risks associated with the contract. These estimates are regularly reviewed and revised. Although the estimates are made using all information available at the reporting date, changes may occur. These changes may affect both the revenue recognised and the carrying amounts of contract assets.

Systems Interface Limited (Registered number: 01643486)

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


2. ACCOUNTING POLICIES - continued

Turnover
For the vast majority of the entity's contracts with customers, revenue is recognised over time and therefore revenue is recognised on the basis of the progress towards satisfaction of the performance obligation using the input method.
Under this method, revenues are recognised on the basis of the production costs actually incurred in relation to expected total cost. The impact of changes in the estimated total cost is recognised in profit or loss in the period in which it occurs.

For other revenue items, turnover represents net invoiced sales of goods and work done, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property - in accordance with the property
Plant and machinery - 10% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on cost
Computer equipment - 25% on cost and 25% on reducing balance

Financial instruments
During the financial year, the company entered into a contract to purchase Romanian Leu and US Dollars with Frequentis AG its Parent Company. Insofar as the contracts relate to ongoing trading projects being undertaken by Systems Interface the gains and losses on the contracted amounts are taken to the profit and loss account and reported as foreign exchange gains and losses.

Gains and Losses on non trading related contracts are taken to the OCI statement.

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

Taxation
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the statement of financial position date.

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

Foreign currencies
The Company’s financial statements are presented in sterling, which is also the Company’s functional currency.

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Systems Interface Limited (Registered number: 01643486)

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


2. ACCOUNTING POLICIES - continued

Leases
Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract.

Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term.

Employee benefit costs
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Going concern
Our parent Company remains positive to our situation and continues to offer financial support and accordingly the directors have prepared the financial statements on a going concern basis.

At this time, the directors are of the opinion that no debtor is likely to be realised for an amount less than the amount at which it is recorded in the financial statements and accordingly, no adjustments have been made to the financial statements relating to the recoverability and classification of debtor carrying amounts or to the amount and classification of liabilities that might be necessary should the Company not continue as a going concern.

However, in the event that the company is not able to win new contracts referred to above, there is uncertainty whether the company would continue as a going concern and therefore, whether it would be able to settle its liabilities and commitments in the normal course of business.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.12.24 31.12.23
£    £   
United Kingdom 1,605,147 1,742,023
Europe 1,834,339 1,995,110
Africa 261,932 916,403
Rest of World 856,716 175,550
4,558,134 4,829,086

4. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
£    £   
Wages and salaries 681,230 548,715
Social security costs 75,786 59,601
Other pension costs 52,333 47,878
809,349 656,194

Systems Interface Limited (Registered number: 01643486)

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


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.12.24 31.12.23

Directors 2 2
Administration 2 4
Direct 7 4
11 10

31.12.24 31.12.23
£    £   
Directors' remuneration 195,435 184,350
Directors' pension contributions to money purchase schemes 37,125 35,272

5. INTEREST RECEIVABLE AND SIMILAR INCOME
31.12.24 31.12.23
£    £   
Deposit account interest 3,790 6,843

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.24 31.12.23
£    £   
Bank loan interest 58,970 86,554
Other interest and charges 12,117 16,506
71,087 103,060

7. PROFIT BEFORE TAXATION

The profit before taxation is stated after charging:
31.12.24 31.12.23
£    £   
Cost of inventories recognised as expense 3,388,425 3,228,006
Leases 23,980 18,587
Depreciation - owned assets 6,870 4,755
Depreciation - assets on hire purchase contracts or finance leases 36,410 19,532
Auditors' remuneration 8,615 8,750
Foreign exchange differences 79,817 32,008

8. TAXATION

Analysis of tax expense/(income)
31.12.24 31.12.23
£    £   
Deferred tax 43,329 (73,330 )
Total tax expense/(income) in income statement 43,329 (73,330 )

Systems Interface Limited (Registered number: 01643486)

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


9. TANGIBLE FIXED ASSETS
Improvements
Freehold Short to Plant and
property leasehold property machinery
£    £    £    £   
COST
At 1 January 2024 46,251 110,257 10,800 4,250
Additions - 600 - 14,688
At 31 December 2024 46,251 110,857 10,800 18,938
DEPRECIATION
At 1 January 2024 46,251 23,341 - -
Charge for year - 32,810 3,600 1,894
At 31 December 2024 46,251 56,151 3,600 1,894
NET BOOK VALUE
At 31 December 2024 - 54,706 7,200 17,044
At 31 December 2023 - 86,916 10,800 4,250

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2024 2,827 13,214 16,003 203,602
Additions 564 - 9,983 25,835
At 31 December 2024 3,391 13,214 25,986 229,437
DEPRECIATION
At 1 January 2024 2,827 13,214 8,001 93,634
Charge for year 59 - 4,917 43,280
At 31 December 2024 2,886 13,214 12,918 136,914
NET BOOK VALUE
At 31 December 2024 505 - 13,068 92,523
At 31 December 2023 - - 8,002 109,968

10. STOCKS
31.12.24 31.12.23
£    £   
Stocks 4,689 29,689
Work-in-progress 590,294 17,538
594,983 47,227

Systems Interface Limited (Registered number: 01643486)

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


11. DEBTORS
31.12.24 31.12.23
£    £   
Amounts falling due within one year:
Trade debtors 641,701 315,388
Other debtors 25,716 3,166
667,417 318,554

Amounts falling due after more than one year:
Deferred tax 30,002 73,330

Aggregate amounts 697,419 391,884

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans and overdrafts (see note 14) 10,648 10,648
Leases (see note 14) 29,715 38,641
Trade creditors 900,009 190,208
Amounts owed to group undertakings 68,879 66,800
Social security and other taxes 31,634 16,650
VAT 42,362 19,545
Other creditors 1,205 108,560
Directors' current accounts - 268,983
Accruals and deferred income 2,622,923 202,078
Accrued expenses 91,283 111,215
3,798,658 1,033,328

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans (see note 14) 3,601 14,249
Leases (see note 14) 25,373 54,677
Amounts owed to group undertakings 745,651 745,651
774,625 814,577

14. FINANCIAL LIABILITIES - BORROWINGS

31.12.24 31.12.23
£    £   
Current:
Bank loans 10,648 10,648
Leases (see note 15) 29,715 38,641
40,363 49,289

Systems Interface Limited (Registered number: 01643486)

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


14. FINANCIAL LIABILITIES - BORROWINGS - continued

31.12.24 31.12.23
£    £   
Non-current:
Bank loans - 1-2 years 3,601 14,249
Leases (see note 15) 25,373 54,677
28,974 68,926

Terms and debt repayment schedule

1 year or
less 1-2 years 2-5 years Totals
£    £    £    £   
Bank loans 10,648 3,601 - 14,249
Leases 29,715 25,073 300 55,088
40,363 28,674 300 69,337

15. LEASING

Right-of-use assets

Tangible fixed assets

31.12.24 31.12.23
£    £   
COST
At 1 January 2024 121,057 51,715
Additions 600 99,500
Disposals - (30,158 )
121,657 121,057

DEPRECIATION
At 1 January 2024 23,341 33,967
Charge for year 36,410 19,532
Eliminated on disposal - (30,158 )
59,751 23,341

NET BOOK VALUE 61,906 97,716

Other leases

31.12.24 31.12.23
£    £   
Short-term leases 23,980 18,587

Systems Interface Limited (Registered number: 01643486)

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


15. LEASING - continued

These amounts relate to costs(surplus) shown on the income statement in respect of the difference between rental costs and the amortisation of rental finance leases.

Lease liabilities

Minimum lease payments fall due as follows:

31.12.24 31.12.23
£    £   
Gross obligations repayable:
Within one year 29,715 38,641
Between one and five years 25,373 54,677

55,088 93,318

Finance charges repayable:

Net obligations repayable:
Within one year 29,715 38,641
Between one and five years 25,373 54,677
55,088 93,318

16. SECURED DEBTS

The following secured debts are included within creditors:

31.12.24 31.12.23
£    £   
Bank loans 14,249 24,897

The bank holds a charge over the assets of the Company together with personal guarantees by the principle shareholders.

The Bank loan is secured by way of a UK guarantee with the principal lender as supported by a government backed guarantee scheme and as such is not backed by any charge over the company assets.

17. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
10,000 Share capital £1 10,000 10,000

Systems Interface Limited (Registered number: 01643486)

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


18. RESERVES
Retained
earnings
£   

At 1 January 2024 (56,950 )
Profit for the year 107,494
At 31 December 2024 50,544

19. ULTIMATE PARENT COMPANY

Frequentis AG (incorporated in Austria ) is regarded by the directors as being the company's ultimate parent company.

20. RELATED PARTY DISCLOSURES

The company during the year traded commercially with other Frequentis Group Companies. Namely, Frequentis AG its majority shareholder , Frequentis UK, Frequentis Australia and Frequentis Germany associate companies.

In addition to this, Frequentis AG has supported the company by providing security for performance and tender bonds.

Included in the Income Statement
2024 2023
£ £
Sales 81,800 -
Purchases 188,025 305,767
Admin costs 99,302 18,327
Finance charges 66,125 68,752
Currency swap 25,715 -

Included in the Balance Sheet
2024 2023
£ £
Long Term Loan - Intercompany 745,651 745,651
Short Term Loan - Intercompany - -
Trade Creditors 139,896 74,884
Trade Debtors - -


21. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr Bardach by virtue of his controlling shareholding in Frequentis AG