Company registration number 03497719 (England and Wales)
SYLOGIST (UK) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
SYLOGIST (UK) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
SYLOGIST (UK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
787
1,312
Current assets
Debtors
5
1,328,302
1,201,167
Cash at bank and in hand
270,301
639,245
1,598,603
1,840,412
Creditors: amounts falling due within one year
6
(4,897,218)
(5,155,529)
Net current liabilities
(3,298,615)
(3,315,117)
Net liabilities
(3,297,828)
(3,313,805)
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
(3,297,838)
(3,313,815)
Total equity
(3,297,828)
(3,313,805)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 9 April 2025 and are signed on its behalf by:
S Kini
Director
Company registration number 03497719 (England and Wales)
SYLOGIST (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Sylogist (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is John Eccles House, Robert Robinson Avenue, Oxford Science Park, Oxford, OX4 4GP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The most significant liability of the company is the balance owing to Sylogist Ltd, totalling £true4,826,618. Sylogist Ltd have provided a letter of support stating that they will not recall or demand repayments of this loan except that insofar as the funds of Sylogist (UK) Limited permit repayment and that such repayment will not adversely affect the ability of Sylogist (UK) Limited to carry on their business operations as a going concern. Thus, the directors have adopted the going concern basis of accounting in preparing these financial statements.

SYLOGIST (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

The company’s arrangements with customers include the sale of automated data capture systems, which includes hardware, software license fees, implementation and modification of new and existing software, and subsequent support and maintenance of those systems.

 

Each arrangement is evaluated with respect to multiple element arrangements. Revenue associated with multiple element arrangements is attributed to the various elements based on its relative fair value and is recognised on an accrual basis in accordance with the contractual arrangements, provided that collectability is reasonably assured. The individual elements are recognised as revenue as described below:

 

1. Revenue from the sales of hardware for which objective evidence of fair value exists is recognised on delivery of the products as the company has fulfilled its obligations in accordance with the contractual arrangements. The company does not generally sell hardware as an integrated unpriced required element of a system implementation.

 

2. Software includes both unmodified standardised software products as well as software products which are modified to the customer’s specifications on a project by project basis. Revenue recognition for unmodified and modified software products is as follows:

 

(a) Revenue for unmodified standard software products is recognised upon completion of any services which are not separable and are essential to the functionality of the software. In general, recognition occurs when the installation of the standard software is complete.

 

(b) Services related to the modification of software are not separable and are essential to the functionality for the customer. Accordingly, the company accounts for the software and customisation services using the percentage of completion method. The percentage of completion on fixed fee contracts is determined using hours incurred to date compared to total estimated hours to complete the project. Where the total cost estimate exceeds revenue, the estimated project loss is recognised immediately.

 

3. Support contracts, which require the ongoing involvement of the company, are billed in advance and recorded as deferred revenue and amortised over the term of the contract, typically one year.

 

4. The company provides separate professional services consisting of consulting, system design, project management, software customisation services, software and hardware installation, system integration, barcode labelling and customer training. These services are charged on a time and materials or fixed price basis. The company recognises revenue for the services as the services are performed.

 

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

SYLOGIST (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

SYLOGIST (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
5
5
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024 and 31 December 2024
1,575
Depreciation and impairment
At 1 January 2024
263
Depreciation charged in the year
525
At 31 December 2024
788
Carrying amount
At 31 December 2024
787
At 31 December 2023
1,312
SYLOGIST (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
12,858
84,471
Amounts owed by group undertakings
1,310,032
1,109,259
Other debtors
5,412
7,437
1,328,302
1,201,167
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
0
2,054
Amounts owed to group undertakings
4,822,192
5,040,171
Taxation and social security
18,121
30,836
Other creditors
56,905
82,468
4,897,218
5,155,529
7
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
6,937
7,004

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, £1,242 (2023 - £nil) was outstanding.

 

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

The senior statutory auditor was Jayson Lawson.
The auditor was Ensors Accountants LLP.
9
Related party transactions

The company has taken advantage of the exemption under FRS 102 1a not to disclose transactions with other group entities.

SYLOGIST (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
10
Parent company

The company's ultimate parent undertaking and controlling party is Sylogist Ltd, a company incorporated and registered in Canada. The financial statements of Sylogist Ltd may be obtained from www.sedar.com or from the company secretary at Sylogist Ltd, Suite 401, 5920-1A Street SW, Calgary, Alberta, T2H 0G3, Canada.

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