REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 September 2024 |
for |
Systematic Software Engineering Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 September 2024 |
for |
Systematic Software Engineering Limited |
Systematic Software Engineering Limited (Registered number: 02753294) |
Contents of the Financial Statements |
for the Year Ended 30 September 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Notes to the Financial Statements | 12 |
Systematic Software Engineering Limited |
Company Information |
for the Year Ended 30 September 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
823 Salisbury House |
29 Finsbury Circus |
London |
EC2M 5QQ |
Systematic Software Engineering Limited (Registered number: 02753294) |
Strategic Report |
for the Year Ended 30 September 2024 |
The directors present their strategic report for the year ended 30 September 2024. |
REVIEW OF BUSINESS |
Systematic's mission is to "Simplifying critical decision making". In essence it is to deliver IT solutions that make it simpler for users to make crucial decisions in demanding situations. |
We supply user-friendly solutions that have been thoroughly tested, trialled in real life, and are available for immediate delivery and deployment. Rather than spending time, resources and precious funds on one-off, bespoke development projects, customers can acquire our off-the-shelf products that will cover the vast majority of their requirements. |
Command and Control is our primary target market, addressed via our product suite offerings of primarily SitaWare |
(command and control) and IRIS (defence interoperability) for all military and related services. |
We enter the financial year 2024/25 with an order-book coverage similar to previous years and see a positive market outlook for our primary product portfolio but also an inflationary pressure on the cost base impacting profitability. Despite the inflationary pressure on the cost base we will, in line with our long term focus, again in 2024/25 raise our product investments to sustain and improve the competitive edge of our core products and internal investments in building skills, personal development and infrastructure. Based on the above, we expect the financial profitability of 2024/25 to end slightly lower than 2023/24. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Systematic's business entails a number of commercial and financial risks, but no more than what is considered normal for an IT software and systems integrator such as Systematic. Overall, Systematic's management believes that the company is sufficiently prepared to mitigating and managing its potential risks and challenges. |
KEY PERFORMANCE INDICATORS |
Our financial year 2023/24 has been a year with continued growth in revenue. We have posted a revenue of £ 36.7 m in 2023/24 which is a 44.1 % organic growth compared to previous year. We realise an Operating Profit of £ 2.1 m in 2023/24, equal to a profit-margin of 5.8%. |
Overall, Management finds the performance for the financial year 2023/24 satisfactory. |
ON BEHALF OF THE BOARD: |
Systematic Software Engineering Limited (Registered number: 02753294) |
Report of the Directors |
for the Year Ended 30 September 2024 |
The directors present their report with the financial statements of the company for the year ended 30 September 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of product marketing, support, training, development and the implementation of open systems software. The principal activity is partly carried out through the company's branch in the UAE. |
In managing the business the group uses a number of key performance indicators to monitor progress. In addition to measuring and managing sales and profitability, close attention is paid to customer service levels, pipeline and order book as well as cash position. |
DIVIDENDS |
During the year dividends of £4,205,989 have been paid. |
FUTURE DEVELOPMENTS |
UK legal entity will continue to build upon its stable customer base. This solid foundation enables to confidently pursue new opportunities and expand Systematic market share, ensuring sustained growth and success. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
POST BALANCE SHEET EVENTS |
No post balance sheet events have occurred since 30 September 2024 which requires reporting or disclosing in the accounts. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, 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). 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. |
Systematic Software Engineering Limited (Registered number: 02753294) |
Report of the Directors |
for the Year Ended 30 September 2024 |
AUDITORS |
The auditors, Krogh & Partners Limited, (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Systematic Software Engineering Limited (Registered number: 02753294) |
Opinion |
We have audited the financial statements of Systematic Software Engineering Limited (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, 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 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (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 30 September 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 Strategic Report and 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Systematic Software Engineering Limited (Registered number: 02753294) |
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 Strategic Report or 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. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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. |
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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- | the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- | we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge of the business; |
- | we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, and anti-bribery; |
- | we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- | identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
Report of the Independent Auditors to the Members of |
Systematic Software Engineering Limited (Registered number: 02753294) |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- | making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; |
- | considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- | performed analytical procedures to identify any unusual or unexpected relationships; |
- | tested journal entries to identify unusual transactions; |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- | agreeing financial statement disclosures to underlying supporting documentation; |
- | enquiring of management as to actual and potential litigation and claims; |
- | reviewing correspondence with HMRC and relevant regulators |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
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. |
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. |
for and on behalf of |
823 Salisbury House |
29 Finsbury Circus |
London |
EC2M 5QQ |
Systematic Software Engineering Limited (Registered number: 02753294) |
Income Statement |
for the Year Ended 30 September 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
6,328,466 | 4,811,141 |
OPERATING PROFIT | 6 |
Interest receivable and similar income | 7 |
2,723,618 | 887,811 |
Interest payable and similar expenses | 8 |
PROFIT BEFORE TAXATION |
Tax on profit | 9 |
PROFIT FOR THE FINANCIAL YEAR |
Systematic Software Engineering Limited (Registered number: 02753294) |
Other Comprehensive Income |
for the Year Ended 30 September 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME |
Unrealised gain/(loss) on investments |
Foreign currency adjustment - branch | ( |
) |
Income tax relating to components of other comprehensive income |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Systematic Software Engineering Limited (Registered number: 02753294) |
Balance Sheet |
30 September 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Revaluation reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Systematic Software Engineering Limited (Registered number: 02753294) |
Statement of Changes in Equity |
for the Year Ended 30 September 2024 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 October 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 September 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2024 |
Systematic Software Engineering Limited (Registered number: 02753294) |
Notes to the Financial Statements |
for the Year Ended 30 September 2024 |
1. | STATUTORY INFORMATION |
Systematic Software Engineering Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Preparation of consolidated financial statements |
The financial statements contain information about Systematic Software Engineering Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Systematic A/S, Soeren Frichs Vej 39 8000 Aarhus C, Denmark. |
Systematic Software Engineering Limited (Registered number: 02753294) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover from the sale of services is recognised in the income statement when delivery is made to the buyer. Turnover is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed. |
Contract work in progress is included in turnover based on the stage of completion so that turnover corresponds to selling price of the work performed in the financial year (the percentage-of-completion method). |
Turnover is also derived from the recognition of maintenance income earned in the period. Any maintenance income relating to future periods is deferred. |
Operating lease agreements |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
Pension cost and other post-retirement benefits |
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account. |
Foreign currencies |
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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 operation profit. |
Interest and similar income and charges |
Interest and similar income and charges are recognised in the profit and loss account over the term of such instruments at a constant rate on the carrying amount. |
Financial instruments |
The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and creditors, are initially recognised at transaction value and subsequently measured at their settlement value. |
Taxation |
Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and law that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax is provided in full on timing differences that result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Timing differences arise from the inclusion of item of income and expenditure in tax computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted. |
Deferred tax assets are recognised where it is considered more likely than not that future profits will be available for offset. Tax asset is calculated on the basis of 25% in tax rate. |
Systematic Software Engineering Limited (Registered number: 02753294) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Fixed assets |
Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. |
Depreciation is charged on tangible fixed assets on a straight line basis. The principal rates |
in use are as follows: |
Leasehold property | over the life of the lease |
Fixtures and fittings | 20% - 33% per annum on cost |
Equipment | 20% - 33% per annum on cost |
The carrying amounts of tangible fixed assets are reviewed on an annual basis to determine whether there is any indication of impairment exceeding the writedowns in connection with general depreciation. Where writedown for impairment is required, the asset is written down to the lower recoverable amount. The recoverable amount of the asset is determined as the higher of the net selling price and the value in use. |
Investments |
Investments in other companies are stated at the Company's share of the value of the underlying net assets less provisions. A positive revaluation from cost to underlying net assets value is recorded through the revaluation reserve. A negative revaluation is included in the profit and loss account. |
Debtors |
Debtors are valued individually and there are made provision according to this valuation. |
Creditors |
Creditors are carried at payment or settlement amounts. Where the time value of money is material, creditors are carried at amortized cost. |
3. | TURNOVER |
Turnover represents the value of work done for third party customers, exclusive of value added tax and is attributable to the company's principal activity. |
In the opinion of the directors, the company's activities, as described in the Directors' Report can be regarded as a single business segment. |
2023/24 | 2022/23 |
£ | £ |
United Kingdom & Europe | 17,928,184 | 14,992,418 |
Rest of the world | 18,743,132 | 10,461,603 |
36,671,316 | 25,454,021 |
Systematic Software Engineering Limited (Registered number: 02753294) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
4. | EMPLOYEES AND DIRECTORS |
The average number of staff employed by the company (including directors) |
during this year was: |
2023/24 | 2022/23 |
Production | 40 | 27 |
Management | 2 | 2 |
42 | 29 |
Their total remuneration was: |
2023/24 | 2022/23 |
£ | £ |
Wages and salaries | 4,316,362 | 2,850,908 |
Social security costs | 349,732 | 249,962 |
Other pension costs | 91,819 | 68,846 |
4,757,913 | 3,169,716 |
5. | DIRECTORS' EMOLUMENTS |
2023/24 | 2022/23 |
£ | £ |
Aggregate remuneration in respect of qualifying services | 577,606 | 467,890 |
Company contributions to money purchase pension schemes | 60,316 | 1,316 |
637,922 | 469,206 |
The number of directors receiving company pension contributions to money purchase pension schemes is 1 (2022/23: 1). |
All the remuneration and pension contributions relate to the highest paid director. |
It is the opinion of the directors that the company has no key management personnel other than the directors. |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Auditors' remuneration - audit |
Operating lease payments |
Exchange differences recognised in profit or loss |
7. | INTEREST RECEIVABLE AND SIMILAR INCOME |
2024 | 2023 |
£ | £ |
Bank interest |
Systematic Software Engineering Limited (Registered number: 02753294) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Other interest |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Total tax charge | 677,182 | 184,118 |
Tax effects relating to effects of other comprehensive income |
2024 |
Gross | Tax | Net |
£ | £ | £ |
Unrealised gain/(loss) on investments | - | 208,861 |
Foreign currency adjustment - branch | ( |
) | - | (34,018 | ) |
174,843 | - | 174,843 |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Unrealised gain/(loss) on investments | - | 387,259 |
Systematic Software Engineering Limited (Registered number: 02753294) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
10. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of 1 each |
Interim |
11. | TANGIBLE FIXED ASSETS |
Fixtures |
Leasehold | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2023 |
Additions |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
12. | FIXED ASSET INVESTMENTS |
Participating interest | 2024 | 2023 |
£ | £ |
At 1 October 2023 | 621,276 | 234,017 |
Addition | 0 | 0 |
Revaluation | 208,861 | 387,259 |
At 30 September 2024 | 830,137 | 621,276 |
Representing: |
Class of shares held |
Proportion of voting rights held |
Nature of business |
Systematic Software Engineering Australia PTY LTD |
Ordinary |
100% |
System software |
13. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Work in progress | - | 454,751 |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
Systematic Software Engineering Limited (Registered number: 02753294) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
13. | DEBTORS - continued |
2024 | 2023 |
£ | £ |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Work in progress |
Trade creditors |
Amounts owed to group undertakings |
Tax |
VAT | 170,296 | 1,848,901 |
Other creditors |
Accruals and deferred income |
15. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 52,632 | 52,632 |
17. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. |
During the year the charge to profit or loss in respect of defined contribution schemes was £150,819 (2022/23: £68,846). |
At the balance sheet date contributions of £109,159 (2022/23: £16,665) were due to the fund and are included in creditors. |
Systematic Software Engineering Limited (Registered number: 02753294) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
18. | CONTINGENT LIABILITIES |
The following guarantees have been issued: |
- | GBP 85k to Nordea regarding credit card facility |
- | EUR 1,786k advance payment guarantee |
- | AED 550k bank guarantee to customer |
19. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
20. | ULTIMATE CONTROLLING PARTY |
Systematic A/S, a company incorporated in Denmark, is this company's parent undertaking by virtue of its 100% shareholding in the company. The ultimate controlling related party is M Holm due to his majority shareholding in Systematic A/S. |
The largest and smallest group undertaking for which group accounts have been drawn up is that headed by Systematic A/S which is incorporated in Denmark. |
The financial statements for the group may be obtained from the company's registered office |
Systematic A/S |
Søren Frichs Vej 39 |
8000 Aarhus C |
Denmark |