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Registration number: 02558800

Premier Systems Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Premier Systems Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Premier Systems Ltd

(Registration number: 02558800)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

£490,285

£695,078

Tangible assets

5

£6,500

£8,931

 

£496,785

£704,009

Current assets

 

Stocks

6

£8,394

£11,033

Debtors

7

£33,800

£103,964

Cash at bank and in hand

 

£88,130

£122,292

 

£130,324

£237,289

Creditors: Amounts falling due within one year

8

124,103)

150,119)

Net current assets

 

£6,221

£87,170

Total assets less current liabilities

 

£503,006

£791,179

Creditors: Amounts falling due after more than one year

8

85,152)

118,225)

Provisions for liabilities

94,389)

133,762)

Net assets

 

£323,465

£539,192

Capital and reserves

 

Called up share capital

£10

£10

Share premium reserve

£328,993

£328,993

Capital redemption reserve

£1,000

£1,000

Retained earnings

(£6,538)

£209,189

Shareholders' funds

 

£323,465

£539,192

For the financial year ending 31 December 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.

 

Premier Systems Ltd

(Registration number: 02558800)
Balance Sheet as at 31 December 2024

Approved and authorised by the Board on 26 August 2025 and signed on its behalf by:
 

.........................................
James Gardner
Director

 

Premier Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
Partnership House
84 Lodge Road
Southampton
Hampshire
SO14 6RG
United Kingdom

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.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Premier Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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.

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

Land and buildings

Lease period

Office equipment

Various straight line

Motor vehicles

Various straight line

Fixtures and fittings

Various straight line

Intangible assets

Deferred research and development costs represents the cost of programming and development staff and associated costs incurred in updating the company's product software platform from a desktop application to a cloud based product, which can be marketed internationally. This is a multi-year project and the annual cost of development is being amortised on a straight line basis over five years from the date the new software platform becomes operational.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Premier Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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.

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.

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.

 

Premier Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 13).

 

Premier Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2024

£1,161,106

£1,161,106

Additions acquired separately

£20,452

£20,452

At 31 December 2024

£1,181,558

£1,181,558

Amortisation

At 1 January 2024

£466,028

£466,028

Amortisation charge

£225,245

£225,245

At 31 December 2024

£691,273

£691,273

Carrying amount

At 31 December 2024

£490,285

£490,285

At 31 December 2023

£695,078

£695,078

 

Premier Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

£129,966

£31,775

£161,741

Additions

£108

-

£108

At 31 December 2024

£130,074

£31,775

£161,849

Depreciation

At 1 January 2024

£121,035

£31,775

£152,810

Charge for the year

£2,539

-

£2,539

At 31 December 2024

£123,574

£31,775

£155,349

Carrying amount

At 31 December 2024

£6,500

-

£6,500

At 31 December 2023

£8,931

-

£8,931

6

Stocks

2024
£

2023
£

Other inventories

£8,394

£11,033

7

Debtors

Current

2024
£

2023
£

Trade debtors

£18,868

£33,473

Prepayments

£10,002

£19,026

Other debtors

£4,930

£51,465

 

£33,800

£103,964

8

Creditors

Creditors: amounts falling due within one year

 

Premier Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

£32,262

£32,262

Trade creditors

 

£13,440

£18,325

Taxation and social security

 

£23,221

£22,824

Accruals and deferred income

 

£10,049

£9,999

Other creditors

 

£45,131

£66,709

 

£124,103

£150,119

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

£85,152

£118,225