Registered number
02431663
System 2000 Group Limited
Filleted Accounts
30 September 2024
System 2000 Group Limited
Registered number: 02431663
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 58,288 46,037
Investments 5 14,002 14,002
72,290 60,039
Current assets
Stocks 72,548 95,489
Debtors 6 105,855 126,617
Cash at bank and in hand 157,802 58,967
336,205 281,073
Creditors: amounts falling due within one year 7 (148,448) (130,911)
Net current assets 187,757 150,162
Total assets less current liabilities 260,047 210,201
Creditors: amounts falling due after more than one year 8 (13,427) (17,500)
Net assets 246,620 192,701
Capital and reserves
Called up share capital 1,075 1,075
Share premium 273,802 273,802
Profit and loss account (28,257) (82,176)
Shareholders' funds 246,620 192,701
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J E Rowley
Director
Approved by the board on 9 June 2025
System 2000 Group Limited
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% reducing balance
Plant and machinery 15% reducing balance
Fixtures, fittings, tools and equipment 15% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 9 9
3 Intangible fixed assets £
Patent rights:
Cost
At 1 October 2023 58,480
At 30 September 2024 58,480
Amortisation
At 1 October 2023 58,480
At 30 September 2024 58,480
Net book value
At 30 September 2024 -
The patent rights are being written off in equal annual instalments over their estimated economic life of 3 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 October 2023 252,188 85,459 337,647
Additions 8,948 19,420 28,368
At 30 September 2024 261,136 104,879 366,015
Depreciation
At 1 October 2023 236,301 55,309 291,610
Charge for the year 3,725 12,392 16,117
At 30 September 2024 240,026 67,701 307,727
Net book value
At 30 September 2024 21,110 37,178 58,288
At 30 September 2023 15,887 30,150 46,037
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 October 2023 14,002
At 30 September 2024 14,002
6 Debtors 2024 2023
£ £
Trade debtors 83,348 112,342
Corporation tax recoverable 1,275 1,275
Other debtors 21,232 13,000
105,855 126,617
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 2,453 -
Trade creditors 61,391 64,565
Amounts owed to group undertakings and undertakings in which the company has a participating interest 14,002 14,002
Taxation and social security costs 25,478 16,220
Other creditors 35,124 26,124
148,448 130,911
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 7,500 17,500
Obligations under finance lease and hire purchase contracts 5,927 -
13,427 17,500
9 Loans 2024 2023
£ £
Creditors include:
Secured borrowings 8,380 -
Fixed assets acquired under hire purchase agreements are provided as security against their respective hire purchase liabilities.
10 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
J E Rowley
Interest free director's loan 4,373 9,989 (4,373) 9,989
4,373 9,989 (4,373) 9,989
11 Other information
System 2000 Group Limited is a private company limited by shares and incorporated in England. Its registered office is:
39 Wood End Lane
Erdington
Birmingham
B24 8AN
System 2000 Group Limited 02431663 false 2023-10-01 2024-09-30 2024-09-30 VT Final Accounts April 2024 J E Rowley No description of principal activity 02431663 2022-10-01 2023-09-30 02431663 core:WithinOneYear 2023-09-30 02431663 core:AfterOneYear 2023-09-30 02431663 core:ShareCapital 2023-09-30 02431663 core:SharePremium 2023-09-30 02431663 core:RetainedEarningsAccumulatedLosses 2023-09-30 02431663 2023-10-01 2024-09-30 02431663 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 02431663 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 02431663 bus:Director40 2023-10-01 2024-09-30 02431663 1 2023-10-01 2024-09-30 02431663 2 2023-10-01 2024-09-30 02431663 core:PlantMachinery 2023-10-01 2024-09-30 02431663 core:Vehicles 2023-10-01 2024-09-30 02431663 bus:Director1 2023-10-01 2024-09-30 02431663 bus:Director1 1 2023-10-01 2024-09-30 02431663 countries:England 2023-10-01 2024-09-30 02431663 bus:FRS102 2023-10-01 2024-09-30 02431663 bus:FilletedAccounts 2023-10-01 2024-09-30 02431663 2024-09-30 02431663 core:WithinOneYear 2024-09-30 02431663 core:AfterOneYear 2024-09-30 02431663 core:ShareCapital 2024-09-30 02431663 core:SharePremium 2024-09-30 02431663 core:RetainedEarningsAccumulatedLosses 2024-09-30 02431663 core:Goodwill 2024-09-30 02431663 core:PlantMachinery 2024-09-30 02431663 core:Vehicles 2024-09-30 02431663 bus:Director1 1 2024-09-30 02431663 2023-09-30 02431663 core:Goodwill 2023-09-30 02431663 core:PlantMachinery 2023-09-30 02431663 core:Vehicles 2023-09-30 02431663 bus:Director1 1 2023-09-30 iso4217:GBP xbrli:pure