Asystec NI Limited iXBRL

Asystec NI Limited

Annual Report and Financial Statements

for the financial year ended 31 March 2025

Asystec NI Limited

DIRECTORS AND OTHER INFORMATION


Directors	Aonghus O'Neill
	Ryan O‘Donnell
	Les Byrne (Resigned 14 June 2024)


Company Secretary	Conal O'Donnell (Appointed 14 June 2024)
	Les Byrne (Resigned 14 June 2024)


Company Registration Number	NI625171


Registered Office and Business Address	Unit D3
	Omagh Enterprise Company
	Great Northern Road
	Omagh
	Co. Tyrone
	Ireland


Independent Auditors	Fitzpatrick Donnellan Limited
	Chartered Accountants
	2nd Floor
	Riverfront
	Howley‘s Quay
	Limerick
	Ireland


Bankers	First Trust Bank
	University Road
	Belfast
	BT7 1ND

Asystec NI Limited

DIRECTORS' REPORT

for the financial year ended 31 March 2025

The directors present their report and the audited financial statements for the financial year ended 31 March 2025.

Principal Activity

The principal activity of the company was the resale of hardware and software data management solutions.

Principal Risks and Uncertainties

In common with all companies operating in this sector the company faces increasing operating costs and increased levels of competition. The directors are of the opinion that the group is well positioned to manage these challenges.

Directors

The directors who served during the financial year are as follows:

Aonghus O'Neill

Ryan O‘Donnell

Les Byrne (Resigned 14 June 2024)

There were no changes in shareholdings between 31 March 2025 and the date of signing the financial statements.

In accordance with the company's constitution the directors are not required to retire by rotation.

Political Contributions

The company did not make any disclosable political donations in the current financial year.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” Section 1A (Small Entities). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

-select suitable accounting policies and apply them consistently;

-make judgements and accounting estimates that are reasonable and prudent;

-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of Information to Auditor

Each persons who are directors at the date of approval of this report confirms that:

In so far as the directors are aware:

-there is no relevant audit information (information needed by the company's auditor in connection with preparing the auditor's report) of which the company's auditor is unaware, and

-the directors have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Auditors

The auditors, Fitzpatrick Donnellan Limited, (Chartered Accountants) have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.

Special provisions relating to small companies

The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

On behalf of the board

___________________________

Aonghus O'Neill

Director

2 October 2025

INDEPENDENT AUDITOR'S REPORT

to the Shareholders of Asystec NI Limited

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Asystec NI Limited ('the company') for the financial year ended 31 March 2025 which comprise the Profit and Loss Account, the Balance Sheet, the Reconciliation of Shareholders' Funds and the related notes to the financial statements, including significant accounting policies set out in note . The financial reporting framework that has been applied in their preparation is applicable Law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” Section 1A (Small Entities).

In our opinion the financial statements:

-give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss for the financial year then ended;

-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Directors' Report.

Responsibilities of directors for the financial statements

The directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the company and the sector in which they operate to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management, industry research and application of cumulative audit knowledge.

We determined the principal laws and regulations relevant to the company in this regard to be those arising from Companies Act 2006, Financial Reporting Standard 102 and relevant employee legislation.

We designed our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by the company with those laws and regulations. These procedures included, but were not limited to:

- enquiries of management.

- review of board minutes.

- review of legal and regulatory correspondence.

We also identified the risks of material misstatement of the financial statements due to fraud. We considered the non-rebuttable presumption of a risk of fraud arising from management override of controls and that the potential for management bias was identified in relation to sales and completeness of income and we addressed this as part of general completeness of income testing.

As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit procedures which included, but were not limited to: the testing of journals; reviewing accounting estimates for evidence of bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: <www.frc.org.uk/auditorsresponsibilities>. This description forms part of our Auditor's Report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Bryan Donnellan (Senior Statutory Auditor)

for and on behalf of

FITZPATRICK DONNELLAN LIMITED

Chartered Accountants

2nd Floor

Riverfront

Howley‘s Quay

Limerick

Ireland

2 October 2025

Asystec NI Limited

PROFIT AND LOSS ACCOUNT

for the financial year ended 31 March 2025

	2025	2024
Notes	£	£

Turnover		3,589,364	3,924,514

Cost of sales		(3,688,308)	(3,431,844)
		─────────	─────────
Gross (loss)/profit		(98,944)	492,670

Administrative expenses		(186,799)	(254,488)
		─────────	─────────
(Loss)/profit before taxation		(285,743)	238,182

Tax on (loss)/profit		71,695	(56,913)
		─────────	─────────
(Loss)/profit for the financial year	11	(214,048)	181,269
		─────────	─────────
Total comprehensive income		(214,048)	181,269
		═════════	═════════

Asystec NI Limited

Company Registration Number: NI625171

BALANCE SHEET

as at 31 March 2025

		2025	2024
	Notes	£	£

Fixed Assets

Tangible assets	5	84	386
		─────────	─────────

Current Assets

Debtors

641,497

897,757

Cash and cash equivalents

145,886

31,322

─────────

787,383

929,079

─────────

Creditors: amounts falling due within one year

(673,356)

(601,306)

─────────

Net Current Assets

114,027

327,773

─────────

Total Assets less Current Liabilities

114,111

328,159

═════════

Capital and Reserves

Called up share capital

100

100

Retained earnings

114,011

328,059

─────────

Equity attributable to owners of the company

114,111

328,159

═════════

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).

Approved by the Board and authorised for issue on 2 October 2025 and signed on its behalf by



________________________________
Aonghus O'Neill
Director

Asystec NI Limited

RECONCILIATION OF SHAREHOLDERS' FUNDS

as at 31 March 2025

	Called up	Retained	Total
	share	earnings
	capital
	£	£	£

At 1 February 2023	100	146,790	146,890
	─────────	─────────	─────────
Profit for the financial period	-	181,269	181,269
	─────────	─────────	─────────
At 31 March 2024	100	328,059	328,159
	─────────	─────────	─────────
Loss for the financial year	-	(214,048)	(214,048)
	─────────	─────────	─────────
At 31 March 2025	100	114,011	114,111
	═════════	═════════	═════════

Asystec NI Limited

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 March 2025

General Information

Asystec NI Limited is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI625171. The registered office of the company is Unit D3, Omagh Enterprise Company, Great Northern Road, Omagh, Co. Tyrone, Ireland which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the year ended 31 March 2025 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Turnover

Turnover is recognised at the fair value of 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.

When cash flows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Tangible assets and depreciation

Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:

Fixtures, fittings and equipment

33.33% Straight line

The carrying values of tangible fixed assets are reviewed annually for impairment if events or changes in circumstances indicate the carrying value may not be recoverable.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. In the Balance Sheet bank overdrafts are shown within Creditors.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Taxation and deferred taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.

Pensions

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. Annual contributions payable to the company's pension scheme are charged to the Profit and Loss Account in the period to which they relate.

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.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Period of financial statements

The comparative figures relate to the 14 month period ended 31 March 2024.


4.	Employees

	The average monthly number of employees, including directors, during the financial year was 4 (2024 - 2).

		2025	2024
		Number	Number

	Managers	2	2
	Technical, sales and support	2	-
		─────────	─────────
		4	2
		═════════	═════════


5.	Tangible assets
		Fixtures,	Total
		fittings and
		equipment
		£	£
	Cost
	At 1 April 2024	3,333	3,333
		─────────	─────────

	At 31 March 2025	3,333	3,333
		─────────	─────────
	Depreciation
	At 1 April 2024	2,947	2,947
	Charge for the financial year	302	302
		─────────	─────────
	At 31 March 2025	3,249	3,249
		─────────	─────────
	Net book value
	At 31 March 2025	84	84
		═════════	═════════
	At 31 March 2024	386	386
		═════════	═════════


6.	Debtors	2025	2024
		£	£

	Trade debtors	186,338	719,076
	Amounts owed by group undertakings	373,624	178,681
	Deferred tax asset	71,695	-
	Prepayments and accrued income	9,840	-
		─────────	─────────
		641,497	897,757
		═════════	═════════


7.	Creditors	2025	2024
	Amounts falling due within one year	£	£

	Trade creditors	51,854	194,899
	Amounts owed to group undertakings	489,606	67,449
	Taxation (Note 8)	65,703	218,104
	Accruals	66,193	120,854
		─────────	─────────
		673,356	601,306
		═════════	═════════


8.	Taxation	2025	2024
		£	£

	Creditors:
	VAT	47,684	149,155
	Corporation tax	28	56,941
	PAYE / NI	17,991	12,008
		─────────	─────────
		65,703	218,104
		═════════	═════════

Details of creditors

Security given in respect of creditors

The group‘s bankers hold a debenture over the fixed and floating assets of the company.

10.

Pension costs - defined contribution

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Pension costs amounted to £16,630 (2024 - £14,696).


11.	Income Statement

		2025	2024
		£	£

	At 1 April 2024	328,059	146,790
	(Loss)/profit for the financial year	(214,048)	181,269
		─────────	─────────
	At 31 March 2025	114,011	328,059
		═════════	═════════

12.

Capital commitments

The company had no material capital commitments at 31 March 2025.

13.

Related party transactions

The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with group undertakings.

14.

Parent and ultimate parent company

The company regards Asystec Limited as its parent company. Conal ODonnell, Aonghus ONeill, Frazer Furlong, and John Purdy are the directors of Asystec Limited.

The company‘s ultimate parent undertaking is Burlawn Limited.

15.

Post-Balance Sheet Events

There have been no significant events affecting the company since the financial year-end.

Asystec NI Limited

SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS

TRADING STATEMENT

for the financial year ended 31 March 2025

	2025		2024
	£		£

Sales

3,589,364

3,924,514

─────────

Cost of sales

Purchases

3,505,965

3,431,844

Wages and salaries

163,218

Social security costs

19,125

─────────

3,688,308

3,431,844

─────────

Gross (loss)/profit

(98,944)

492,670

─────────

Administrative expenses

Wages and salaries	160,872	99,941
Director's remuneration	128,918	445,939
Social security costs	37,050	72,404
Directors' defined contribution pension costs	6,500	7,583
Staff defined contribution pension costs	10,130	7,113
Staff training	242	-
Wages recharge	(180,263)	(396,759)
Rent payable	4,859	5,320
Light and heat	411	124
Telephone	520	670
Motor and travel expenses	11,435	5,906
Legal and professional	624	863
Bank charges	300	305
(Profit)/loss on exchange	(1)	-
General expenses	400	11
Auditor's remuneration	4,500	4,600
Depreciation of tangible assets	302	468
	─────────	─────────
	186,799	254,488
	─────────	─────────

Net (loss)/profit	(285,743)	238,182
	═════════	═════════