1 01/10/2022 30/09/2023 2023-09-30 true false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-10-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 05087372 2022-10-01 2023-09-30 05087372 2023-09-30 05087372 2022-09-30 05087372 2021-10-01 2022-09-30 05087372 2022-09-30 05087372 2021-09-30 05087372 core:PlantMachinery 2022-10-01 2023-09-30 05087372 bus:RegisteredOffice 2022-10-01 2023-09-30 05087372 bus:LeadAgentIfApplicable 2022-10-01 2023-09-30 05087372 bus:Director1 2022-10-01 2023-09-30 05087372 core:IntangibleAssetsOtherThanGoodwill 2023-09-30 05087372 core:PlantMachinery 2022-09-30 05087372 core:FurnitureFittingsToolsEquipment 2022-09-30 05087372 core:PlantMachinery 2023-09-30 05087372 core:FurnitureFittingsToolsEquipment 2023-09-30 05087372 core:WithinOneYear 2023-09-30 05087372 core:WithinOneYear 2022-09-30 05087372 core:AfterOneYear 2023-09-30 05087372 core:AfterOneYear 2022-09-30 05087372 core:ShareCapital 2023-09-30 05087372 core:ShareCapital 2022-09-30 05087372 core:RevaluationReserve 2023-09-30 05087372 core:RevaluationReserve 2022-09-30 05087372 core:RetainedEarningsAccumulatedLosses 2023-09-30 05087372 core:RetainedEarningsAccumulatedLosses 2022-09-30 05087372 core:IntangibleAssetsOtherThanGoodwill 2022-09-30 05087372 core:PlantMachinery 2022-09-30 05087372 bus:Director1 2022-09-30 05087372 bus:Director1 2023-09-30 05087372 bus:Director1 2021-09-30 05087372 bus:Director1 2022-09-30 05087372 bus:Director1 2021-10-01 2022-09-30 05087372 bus:SmallEntities 2022-10-01 2023-09-30 05087372 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 05087372 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 05087372 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 05087372 bus:FullAccounts 2022-10-01 2023-09-30 05087372 1 2022-10-01 2023-09-30
Company registration number: 05087372
System 3 Software Limited
Unaudited filleted financial statements
30 September 2023
System 3 Software Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
System 3 Software Limited
Directors and other information
Director Mark Cale
Company number 05087372
Registered office 6 Cherry Tree Way
Stanmore
Middlesex
HA7 2QT
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
System 3 Software Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of System 3 Software Limited
Year ended 30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of System 3 Software Limited for the year ended 30 September 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of System 3 Software Limited, as a body, in accordance with the terms of our engagement letter dated 6 October 2020. Our work has been undertaken solely to prepare for your approval the financial statements of System 3 Software Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than System 3 Software Limited and its director as a body for our work or for this report.
It is your duty to ensure that System 3 Software Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of System 3 Software Limited. You consider that System 3 Software Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of System 3 Software Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
17 April 2025
System 3 Software Limited
Statement of financial position
30 September 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 4,050,032 4,050,032
Tangible assets 6 1,756 2,755
_________ _________
4,051,788 4,052,787
Current assets
Debtors 7 2,818,736 960,269
Cash at bank and in hand 44,157 32,092
_________ _________
2,862,893 992,361
Creditors: amounts falling due
within one year 8 ( 2,581,803) ( 720,936)
_________ _________
Net current assets 281,090 271,425
_________ _________
Total assets less current liabilities 4,332,878 4,324,212
Creditors: amounts falling due
after more than one year 9 ( 572,192) ( 464,593)
_________ _________
Net assets 3,760,686 3,859,619
_________ _________
Capital and reserves
Called up share capital 1 1
Revaluation reserve 4,050,000 4,050,000
Profit and loss account ( 289,315) ( 190,382)
_________ _________
Shareholder funds 3,760,686 3,859,619
_________ _________
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges 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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 April 2025 , and are signed on behalf of the board by:
Mark Cale
Director
Company registration number: 05087372
System 3 Software Limited
Notes to the financial statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Cherry Tree Way, Stanmore, Middlesex, HA7 2QT.
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 tax and deferred tax recognised in the reporting period. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Intangible assets
Except for the assets referred to below, intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and any accumulated impairment losses.During the year ended 30 September 2020 the Director reviewed the market value of the intellectual property and trademarks owned by the company in the form of computer games. The intellectual property was revalued to the Director's best estimate based on his knowledge of an active market and approaches the company has received from third parties to buy some of the company's game intellectual properties and trademarks. The Director reviews the values placed on the company's intellectual property each year to check the carrying value is at least the net realisable value and accordingly in the opinion of the director it is not appropriate to charge an amount for amortisation.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts is recorded at the fair value at the date of revaluation less any subseqeunt accumulated depreciation and subsequent accumulated impairment losses.
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:
Plant and machinery - 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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 October 2022 and 30 September 2023 4,050,032 4,050,032
_________ _________
Amortisation
At 1 October 2022 and 30 September 2023 - -
_________ _________
Carrying amount
At 30 September 2023 4,050,032 4,050,032
_________ _________
At 30 September 2022 4,050,032 4,050,032
_________ _________
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 October 2022 and 30 September 2023 90,013 25,017 115,030
_________ _________ _________
Depreciation
At 1 October 2022 87,259 25,017 112,276
Charge for the year 998 - 998
_________ _________ _________
At 30 September 2023 88,257 25,017 113,274
_________ _________ _________
Carrying amount
At 30 September 2023 1,756 - 1,756
_________ _________ _________
At 30 September 2022 2,754 - 2,754
_________ _________ _________
7. Debtors
2023 2022
£ £
Trade debtors 1,908,327 12,355
Other debtors 910,409 947,914
_________ _________
2,818,736 960,269
_________ _________
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 5,710 2,190
Trade creditors 339,237 306,608
Social security and other taxes 26,914 41,268
Other creditors 2,209,942 370,870
_________ _________
2,581,803 720,936
_________ _________
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 250,968 42,666
Other creditors 321,224 421,927
_________ _________
572,192 464,593
_________ _________
10. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mark Cale ( 541,927) ( 36,439) 137,142 ( 441,224)
_________ _________ _________ _________
2022
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mark Cale ( 601,414) ( 152,768) 212,255 ( 541,927)
_________ _________ _________ _________
11. Controlling party
The ultimate controlling party throughout the current and previous year was Mr M A Cale .