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Registration number: 03021853

Navigator Systems Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Navigator Systems Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Navigator Systems Limited

Company Information

Directors

Mr R Cresswell

Mr D Rose

Company secretary

Mr D Rose

Registered office

Unit 12
Old Mills Industrial Estate
Paulton
Bristol
BS39 7SU

Accountants

Fuller & Roper Limited
Chartered AccountantsUnit 12
Old Mills Industrial Estate
Paulton
Bristol
BS39 7SU

 

Navigator Systems Limited

(Registration number: 03021853)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

3,501

4,228

Current assets

 

Debtors

6

24,284

52,313

Cash at bank and in hand

 

11,964

15,535

 

36,248

67,848

Creditors: Amounts falling due within one year

7

(63,508)

(62,568)

Net current (liabilities)/assets

 

(27,260)

5,280

Total assets less current liabilities

 

(23,759)

9,508

Creditors: Amounts falling due after more than one year

7

(9,606)

(19,930)

Net liabilities

 

(33,365)

(10,422)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(33,465)

(10,522)

Shareholders' deficit

 

(33,365)

(10,422)

For the financial year ending 31 July 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.

 

Navigator Systems Limited

(Registration number: 03021853)
Balance Sheet as at 31 July 2024

Approved and authorised by the Board on 8 April 2025 and signed on its behalf by:
 

.........................................
Mr D Rose
Company secretary and director

 

Navigator Systems Limited

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

1

General information

Navigator Systems Limited is a private company, limited by shares, domiciled in England and Wales. The company’s registration number is 03021853. The registered office is Unit 12 Old Mills Industrial Estate, Paulton, Bristol, BS39 7SU.

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

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.

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

20% reducing balance method

Fixtures and fittings

20% reducing balance method

Plant and machinery

20% reducing balance method

 

Navigator Systems Limited

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

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.

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.

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.

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.

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.

 

Navigator Systems Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 6).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

875

1,057

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 August 2023

12,298

12,298

Additions

148

148

At 31 July 2024

12,446

12,446

Depreciation

At 1 August 2023

8,070

8,070

Charge for the year

875

875

At 31 July 2024

8,945

8,945

Carrying amount

At 31 July 2024

3,501

3,501

At 31 July 2023

4,228

4,228

6

Debtors

Current

2024
£

2023
£

Trade debtors

20,975

52,238

Prepayments

3,309

-

Other debtors

-

75

 

24,284

52,313

 

Navigator Systems Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10,485

10,211

Trade creditors

 

9,595

5,239

Taxation and social security

 

11,305

24,793

Accruals and deferred income

 

3,028

2,698

Other creditors

 

29,095

19,627

 

63,508

62,568

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9,606

19,930

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £25 each

4

100

4

100

       

9

Related party transactions

At the 31 July 2024 the company owed an amount of £2,584 (2023 - £2,584) to Mr R Cresswell and an amount of £128 (2023 - £128) to Mr D Rose. The amounts are unsecured and repayable on demand.