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Company Registration number: 04593467

System People Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 30 September 2024

 

System People Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 9

 

System People Limited

Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

33,368

3,910

Tangible assets

5

581,171

397,149

 

614,539

401,059

Current assets

 

Stocks

6

49,875

80,550

Debtors

7

1,338,661

1,220,321

Cash at bank and in hand

 

325,720

664,765

 

1,714,256

1,965,636

Creditors: Amounts falling due within one year

8

(1,048,930)

(836,991)

Net current assets

 

665,326

1,128,645

Total assets less current liabilities

 

1,279,865

1,529,704

Creditors: Amounts falling due after more than one year

8

(343,121)

(353,059)

Provisions for liabilities

(61,206)

(65,654)

Net assets

 

875,538

1,110,991

Capital and reserves

 

Called up share capital

204

204

Share premium reserve

10,865

10,865

Retained earnings

864,469

1,099,922

Shareholders' funds

 

875,538

1,110,991

 

System People Limited

Balance Sheet as at 30 September 2024 (continued)

For the financial year ending 30 September 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.

Company registration number: 04593467

Approved and authorised by the Board on 29 January 2025 and signed on its behalf by:
 

.........................................
Mr R Brown
Director

.........................................
Mr A J Higgins
Director

 

System People Limited

Notes to the financial statements for the Year Ended 30 September 2024

1

GENERAL INFORMATION

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

The address of its registered office is:
Carlisle Airport
Irthington
Carlisle
CA6 4NW

These financial statements were authorised for issue by the Board on 29 January 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.

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

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

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.

 

System People Limited

Notes to the financial statements for the Year Ended 30 September 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Tax

The tax expense for the period comprises current and 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 corporation 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

Leasehold property improvements

10% Straight line

Furniture and fittings

25% Reducing balance

Motor vehicles

25% Reducing balance

Training equipment

25% Reducing balance

Office equipment

25% Reducing balance

Intangible assets

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

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

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:

 

System People Limited

Notes to the financial statements for the Year Ended 30 September 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Asset class

Amortisation method and rate

Website

25% Reducing Balance

Other intangible assets

33% Straight line

Computer software

33% Straight line

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

 

System People Limited

Notes to the financial statements for the Year Ended 30 September 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 63 (2023 - 69).

4

INTANGIBLE ASSETS

Other intangible assets
 £

Computer software
 £

Website
£

Total
£

Cost or valuation

At 1 October 2023

-

-

5,440

5,440

Additions

10,920

16,460

10,500

37,880

At 30 September 2024

10,920

16,460

15,940

43,320

Amortisation

At 1 October 2023

-

-

1,529

1,529

Amortisation charge

2,123

3,201

3,099

8,423

At 30 September 2024

2,123

3,201

4,628

9,952

Carrying amount

At 30 September 2024

8,797

13,259

11,312

33,368

At 30 September 2023

-

-

3,910

3,910

 

System People Limited

Notes to the financial statements for the Year Ended 30 September 2024 (continued)

5

TANGIBLE ASSETS

Leasehold property improvements
£

Furniture and fittings
£

Motor vehicles
 £

Office equipment
£

Training equipment
£

Total
£

Cost or valuation

At 1 October 2023

20,079

31,925

578,396

78,907

23,419

732,726

Additions

-

4,774

344,994

15,279

-

365,047

Disposals

-

-

(91,499)

(21,387)

-

(112,886)

At 30 September 2024

20,079

36,699

831,891

72,799

23,419

984,887

Depreciation

At 1 October 2023

13,051

28,323

230,595

45,548

18,061

335,578

Charge for the year

2,008

1,100

133,271

10,988

1,340

148,707

Eliminated on disposal

-

-

(61,377)

(19,192)

-

(80,569)

At 30 September 2024

15,059

29,423

302,489

37,344

19,401

403,716

Carrying amount

At 30 September 2024

5,020

7,276

529,402

35,455

4,018

581,171

At 30 September 2023

7,028

3,603

347,801

33,359

5,358

397,149

 

System People Limited

Notes to the financial statements for the Year Ended 30 September 2024 (continued)

6

STOCKS

2024
£

2023
£

Work in progress

49,875

80,550

7

DEBTORS

Current

2024
£

2023
£

Trade debtors

620,410

500,260

Prepayments

625,745

718,767

Other debtors

92,506

1,294

 

1,338,661

1,220,321

8

CREDITORS

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

170,665

148,605

Trade creditors

 

246,793

110,707

Taxation and social security

 

315,871

276,516

Accruals and deferred income

 

241,420

249,103

Other creditors

 

74,181

52,060

 

1,048,930

836,991


Creditors include bank loans, overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £170,665 (2023 - £148,605).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

343,121

353,059


Creditors include bank loans, overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £343,121 (2023 - £353,059).

 

System People Limited

Notes to the financial statements for the Year Ended 30 September 2024 (continued)

9

LOANS AND BORROWINGS

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

50,000

100,000

Hire purchase contracts

293,121

253,059

343,121

353,059

Current loans and borrowings

2024
£

2023
£

Bank borrowings

50,000

50,000

Hire purchase contracts

120,665

98,605

170,665

148,605