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Company registration number: 02904080
Sytel Limited
Unaudited filleted financial statements
31 March 2024
Sytel Limited
Contents
Directors and other information
Directors report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Sytel Limited
Directors and other information
Directors Mr Michael McKinlay
Mr Garry Pearson
Mr Eduardo Miller
Secretary Michael McKinlay
Company number 02904080
Registered office 1 Upper Gladstone Road
Chesham
HP5 3AF
Business address 1 Cromwell Court
New Street
Aylesbury
HP20 2PB
Bankers National Westminster Bank plc
Sytel Limited
Directors report
Year ended 31 March 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2024.
Directors
The directors who served the company during the year were as follows:
Mr Michael McKinlay
Mr Garry Pearson
Mr Eduardo Miller
Eduardo Miller resigned as a director on 14 April 2023.
Other matters
We remain firmly committed to exploiting our CCaaS advantages and working with our growing customer and partner base.
And as promised in our last return, the year 2023-24 saw continued investment in our world-leading CCaaS product on the part of the principals and this commitment will continue.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 17 March 2025 and signed on behalf of the board by:
Mr Michael McKinlay
Director
Sytel Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 886 3,360
_______ _______
886 3,360
Current assets
Debtors 7 1,130,344 1,009,936
Cash at bank and in hand 501 500
_______ _______
1,130,845 1,010,436
Creditors: amounts falling due
within one year 8 ( 891,631) ( 925,968)
_______ _______
Net current assets 239,214 84,468
_______ _______
Total assets less current liabilities 240,100 87,828
Creditors: amounts falling due
after more than one year 9 ( 183,334) ( 283,334)
_______ _______
Net assets/(liabilities) 56,766 ( 195,506)
_______ _______
Capital and reserves
Called up share capital 10 351,042 1,042
Share premium account 14,078 14,078
Capital redemption reserve 100 100
Profit and loss account ( 308,454) ( 210,726)
_______ _______
Shareholders funds/(deficit) 56,766 ( 195,506)
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 March 2025 , and are signed on behalf of the board by:
Mr Michael McKinlay
Director
Company registration number: 02904080
Sytel Limited
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Share premium account Capital redemption reserve Profit and loss account Total
£ £ £ £ £
At 1 April 2022 1,042 14,078 100 95,392 110,612
Loss for the year ( 306,118) ( 306,118)
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - ( 306,118) ( 306,118)
_______ _______ _______ _______ _______
At 31 March 2023 and 1 April 2023 1,042 14,078 100 ( 210,726) ( 195,506)
Loss for the year ( 97,728) ( 97,728)
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - ( 97,728) ( 97,728)
Issue of shares 350,000 - 350,000
_______ _______ _______ _______ _______
Total investments by and distributions to owners 350,000 - - - 350,000
_______ _______ _______ _______ _______
At 31 March 2024 351,042 14,078 100 ( 308,454) 56,766
_______ _______ _______ _______ _______
Sytel Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 1 Upper Gladstone Road, Chesham, HP5 3AF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 836,414 920,609
Social security costs 101,389 117,879
Other pension costs 19,195 20,042
_______ _______
956,998 1,058,530
_______ _______
5. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2023: 16 ).
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 April 2023 and 31 March 2024 150,927 150,927
_______ _______
Depreciation
At 1 April 2023 147,567 147,567
Charge for the year 2,474 2,474
_______ _______
At 31 March 2024 150,041 150,041
_______ _______
Carrying amount
At 31 March 2024 886 886
_______ _______
At 31 March 2023 3,360 3,360
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors 1,104,509 986,776
Other debtors 25,835 23,160
_______ _______
1,130,344 1,009,936
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 372,835 360,157
Trade creditors 1,615 8,736
Corporation tax 56,400 21,860
Social security and other taxes 48,391 88,534
Other creditors 412,390 446,681
_______ _______
891,631 925,968
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 183,334 283,334
_______ _______
10. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares shares of £ 0.10 each 10,422 1,042 10,422 1,042
Preference shares shares of £ 1.00 each 350,000 350,000 - -
_______ _______ _______ _______
360,422 351,042 10,422 1,042
_______ _______ _______ _______
Share movements
No £
Preference shares :
At 1 April 2023 - -
Issue of shares 350,000 350,000
_______ _______
At 31 March 2024 350,000 350,000
_______ _______
No £
At 1 April 2023 - -
Issue of shares 350,000 350,000
_______ _______
At 31 March 2024 - -
_______ _______
11. Controlling party
Mr Michael McKinlay has effective control of the company by the exercise of management and a majority shareholding.
12. Going Concern
The Directors have been advised that the controlling shareholder, Mr Michael McKinlay, will support the company's ability to trade.