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Registration number: SC255743

Lithium Systems Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

 

Lithium Systems Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

Accountants' Report

9

 

Lithium Systems Limited

Company Information

Directors

Mr George Findlay Aitkenhead

Mrs Karen June Franklyn

Mrs Gayle Aitkenhead

Mr Stephen Franklyn

Company secretary

Mr Stephen Franklyn

Registered office

Unit 3-5 Carsebridge Court
Alloa
Clacks
FK10 3LQ

Accountants

EQ Accountants Ltd Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Lithium Systems Limited

(Registration number: SC255743)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

39,759

62,668

Current assets

 

Stocks

5

12,901

16,286

Debtors

6

164,252

140,709

Cash at bank and in hand

 

146,197

132,062

 

323,350

289,057

Creditors: Amounts falling due within one year

7

(241,876)

(229,658)

Net current assets

 

81,474

59,399

Total assets less current liabilities

 

121,233

122,067

Creditors: Amounts falling due after more than one year

7

(18,451)

(30,096)

Provisions for liabilities

(8,747)

(13,787)

Net assets

 

94,035

78,184

Capital and reserves

 

Called up share capital

150

150

Retained earnings

93,885

78,034

Shareholders' funds

 

94,035

78,184

For the financial year ending 31 March 2025 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.

Approved and authorised by the Board on 25 June 2025 and signed on its behalf by:
 

.........................................
Mr Stephen Franklyn
Company secretary and director

 

Lithium Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

2

Accounting policies

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.

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.

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 income 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.

 

Lithium Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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

Fixtures and fittings

Reducing balance at 15%

Motor vehicles

Reducing balance at 25%

Computer equipment

Straight line at 50%

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

Lithium Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

3

Employees and Directors

The average number of persons employed by the company (including directors) during the year, was 17 (2024 - 23).

 

Lithium Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2024

12,696

48,001

136,252

196,949

Additions

733

4,846

-

5,579

At 31 March 2025

13,429

52,847

136,252

202,528

Depreciation

At 1 April 2024

9,496

44,251

80,534

134,281

Charge for the year

1,168

6,173

21,147

28,488

At 31 March 2025

10,664

50,424

101,681

162,769

Carrying amount

At 31 March 2025

2,765

2,423

34,571

39,759

At 31 March 2024

3,200

3,750

55,718

62,668

5

Stocks

2025
£

2024
£

Other inventories

12,901

16,286

6

Debtors

Current

2025
£

2024
£

Trade debtors

58,196

38,317

Prepayments

9,694

7,313

Other debtors

96,362

95,079

 

164,252

140,709

 

Lithium Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

7

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

8

4,331

2,826

Trade creditors

 

52,213

61,220

Taxation and social security

 

112,559

90,847

Other creditors

 

72,773

74,765

 

241,876

229,658

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

8

18,451

30,096

8

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Hire purchase contracts

18,451

30,096

Current loans and borrowings

2025
£

2024
£

Hire purchase contracts

4,331

2,826

9

Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
 

2025
 £

2024
 £

Within one year

-

9,105

-

9,105

 

Lithium Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

10

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2025
 £

2024
 £

Mr Stephen Franklyn

4,030

2,263

Mr George Findlay Aitkenhead

2,457

1,328

 

6,487

3,591

The maximum balance outstanding during the year amounted to £6,487.

The directors current accounts are repayable on demand.

Included within other debtors is an amount owed from a related company, Cyberlock Limited, totalling £96,362 (2024: £95,079), in which Stephen Franklyn and George F Aitkenhead were also directors.

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Lithium Systems Limited
for the Year Ended 31 March 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lithium Systems Limited for the year ended 31 March 2025 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Lithium Systems Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Lithium Systems Limited and state those matters that we have agreed to state to the Board of Directors of Lithium Systems Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lithium Systems Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Lithium Systems Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Lithium Systems Limited. You consider that Lithium Systems 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 accounts of Lithium Systems 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 accounts.

......................................

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

25 June 2025