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Spryker Systems Ltd
Registered number: 12229516
Information for filing
with Registrar
For the year ended 31 December 2024
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12229516
31 December 2024
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SPRYKER SYSTEMS LTD
REGISTERED NUMBER: 12229516
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Cash and cash equivalents
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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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.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 10 form part of these financial statements.
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12229516
31 December 2024
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SPRYKER SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Spryker Systems Ltd (the 'Company') is a company limited by shares, incorporated in England and Wales. The Company's registered number is 12229516. The address of its registered office address is Fifth floor, Suite 23, 63/66 Hatton Garden, London, United Kingdom, EC1N 8LE.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The financial statements are prepared on a going concern basis. The Company remains assured of the financial support provided by the parent company. The director has received confirmation that the parent company will continue to support the Company and provide it with adequate funds when necessary to enable it to meet its debts as they fall due for a period of at least twelve months from the date of these financial statements. On this basis, the director considers it appropriate to prepare the financial statements on a going concern basis. The Company has net assets of £599,439 in comparison to net assets of £488,744 in the prior year.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentation currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'administrative expenses'.
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12229516
31 December 2024
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SPRYKER SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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 has only one customer, which is its parent company - Spryker Systems GmbH. Turnover is based on all transactions with the parent company recharging costs incurred.
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.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
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12229516
31 December 2024
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SPRYKER SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 balances are recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Computer and mobile phones
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The assets' residual values, useful lives and depreciation methods are reviewed annually, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Depreciation is recognised as an expense in the Statement of Comprehensive Income within "Administrative expenses".
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12229516
31 December 2024
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SPRYKER SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.
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Judgements in applying accounting policies
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Classification of expenses
The Company has classified all costs, including employment costs, incurred as administrative expenses. This classification follows the judgement and presentation format that aligns with Spryker Systems GmbH Group’s (the “Group”) financial statements. The director of the Company is of the view that as the Company is solely a service provider to its parent company, classification of expenses incurred in accordance with the underlying activities provides the most relevant information to the users of the financial statements. The alternative view would be for all these expenses to be classified as cost of sales, given these costs are typically recharged to the parent company.
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12229516
31 December 2024
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SPRYKER SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The average monthly number of employees, including the director, during the year was 14 (2023: 23).
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12229516
31 December 2024
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SPRYKER SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Computer and mobile phones
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- 7 -
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12229516
31 December 2024
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SPRYKER SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Amounts owed by group companies
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Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are payable on demand.
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
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12229516
31 December 2024
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SPRYKER SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Allotted, called up and fully paid
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100 (2023: 100) ordinary shares of £1 each
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The Company has one class of ordinary shares; each share carries one voting right per share but no right to fixed income.
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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. At the balance sheet date, the amount payable to the scheme was £51,945 (2023: £86,675). This amount is included within other taxation and social security.
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Related party transactions
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The Company has taken advantage of the exemption from disclosing related party transactions undertaken between wholly owned members of the group.
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Post balance sheet events
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Following the end of the financial year, Spryker Systems GmbH and its subsidiaries including the Company, underwent a group-wide restructuring. As this event occurred after the year-end date, no adjustments have been made to the financial statements for the year ended 31 December 2024.
The immediate and ultimate parent undertaking is Spryker Systems GmbH, incorporated in Germany, which owns 100% of the issued share capital.
The smallest and the largest group which produces consolidated financial statements in which the Company is included is Spryker Systems GmbH. These financial statements are available upon request from Heidestrasse 9-10, 10557 Berlin, Germany.
The director does not consider there to be an ultimate controlling party.
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12229516
31 December 2024
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SPRYKER SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Liability limitation agreement
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The director has agreed with the Company's auditors that the auditor's liability to damages for breach of duty in relation to the audit of the Company's financial statements for the year ended 31 December 2024 should be limited to the greater of £5 million or 5 times the auditor's fees, and that in any event the auditor's liability for damages should be limited to that part of any loss suffered by the Company as is just and equitable having regard to the extent to which the auditor, the Company and any third parties are responsible for the loss in question. The shareholders waived the need for approval of this limited liability agreement, as required by the Companies Act 2006, by a resolution dated 2 April 2025.
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 9 January 2026 by Soon Bee Ong (Senior statutory auditor) on behalf of PricewaterhouseCoopers LLP.
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