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Registration number: 03174705

Fosse Data Systems Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Fosse Data Systems Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 9

 

Fosse Data Systems Limited

(Registration number: 03174705)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

86,020

84,956

Tangible assets

5

33,580

33,577

 

119,600

118,533

Current assets

 

Stocks

19,425

18,450

Debtors

6

237,849

248,029

Cash at bank and in hand

 

211,283

94,044

 

468,557

360,523

Creditors: Amounts falling due within one year

7

(452,716)

(285,201)

Net current assets

 

15,841

75,322

Total assets less current liabilities

 

135,441

193,855

Creditors: Amounts falling due after more than one year

7

(22,397)

(43,774)

Provisions for liabilities

(3,590)

(7,867)

Net assets

 

109,454

142,214

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

109,354

142,114

Shareholders' funds

 

109,454

142,214

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 March 2025 and signed on its behalf by:
 

.........................................
P J Reynolds
Director

 

Fosse Data Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
4 Mitchell Court
Rugby
Warwickshire
CV23 0UY

These financial statements were authorised for issue by the Board on 28 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Judgements

Preparation of the financial statements requires management to make significant judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the change takes place if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Fosse Data Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% per annum on net book value

Leasehold improvements

25% per annum on net book value

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website development costs

10% per annum on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Fosse Data Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Fosse Data Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company under contracts of service (including directors) during the year, was 15 (2023: 15).

 

Fosse Data Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Website development costs
 £

Total
£

Cost or valuation

At 1 April 2023

97,660

97,660

Additions acquired separately

12,033

12,033

At 31 March 2024

109,693

109,693

Amortisation

At 1 April 2023

12,704

12,704

Amortisation charge

10,969

10,969

At 31 March 2024

23,673

23,673

Carrying amount

At 31 March 2024

86,020

86,020

At 31 March 2023

84,956

84,956

5

Tangible assets

Improvements to leasehold premises
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

2,550

72,568

75,118

Additions

-

11,890

11,890

At 31 March 2024

2,550

84,458

87,008

Depreciation

At 1 April 2023

2,360

39,181

41,541

Charge for the year

50

11,837

11,887

At 31 March 2024

2,410

51,018

53,428

Carrying amount

At 31 March 2024

140

33,440

33,580

At 31 March 2023

190

33,387

33,577

 

Fosse Data Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

237,849

247,884

Other debtors

-

145

 

237,849

248,029

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Loans and borrowings

9

21,612

20,841

Trade creditors

 

152,562

142,602

Amounts owed to group undertakings

12

50,000

-

Taxation and social security

 

39,260

16,439

Accruals and deferred income

 

3,525

3,525

Other creditors

 

185,757

101,794

 

452,716

285,201

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £5,612 (2023 - £4,841).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

22,397

43,774

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £2,153 (2023 - £7,765).

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Fosse Data Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

16,000

16,000

Hire purchase contracts

5,612

4,841

21,612

20,841

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

20,244

36,009

Hire purchase contracts

2,153

7,765

22,397

43,774

10

Dividends

2024

2023

£

£

Interim dividend of £250.00 (2023 - £180.00) per ordinary share

25,000

18,000

 

 
 

Fosse Data Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

Financial commitments

The total amount of financial commitments not included in the balance sheet is £15,609 (2023 - £63,835).

Guarantees

The total amount of guarantees not included in the balance sheet is £88,766 (2023 - £96,232). Since the end of the reporting period, the guarantee (which the company had previously given to secure borrowings in relation to the purchase of a commercial property) has been satisfied in full. The guarantee had been secured by fixed and floating charges over the company's assets.

12

Related party transactions

Dividends paid to directors

2024
£

2023
£

Dividends paid in respect of shares held by the company's directors

 

25,000

18,000

 

 

Loans from related parties

 

Parent

Key management

2024
£

2024
£

2023
£

At start of period

-

3,516

888

Advanced

50,000

2,091

2,628

Repaid

-

(5,296)

-

At end of period

50,000

311

3,516

Terms of loans from related parties

The loan from the parent company is subject to interest at 5.75% per annum, unsecured, and has no fixed repayment date.

 The loan from key management is interest-free, unsecured and has no fixed repayment date.
 

13

Parent and ultimate parent undertaking

Since the end of the reporting period, the company has become a wholly-owned subsidiary of Fosse Data Holdings Ltd; a company incorporated in England.

 The most senior parent entity producing publicly available financial statements is Fosse Data Holdings Ltd. These financial statements are available upon request from Companies House