Systems@work Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04756697 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

SYSTEMS@WORK LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M A Sheehan

Ms E C Tobin

SECRETARY:

Mr M A Sheehan

REGISTERED OFFICE:

39 Agamemnon Road

West Hampstead

London

NW6 1EG

REGISTERED NUMBER:

04756697 (England and Wales)

ACCOUNTANTS:

Hanburys Limited

Chartered Certified Accountants

6b Parkway

Porters Wood

St Albans

Hertfordshire

AL3 6PA

FIXED ASSETS

Tangible assets

4

23,051

23,828

CURRENT ASSETS

Debtors

5

156,899

79,659

Cash at bank and in hand

159,797

179,473

316,696

259,132

CREDITORS

Amounts falling due within one year

6

299,915

240,156

NET CURRENT ASSETS

16,781

18,976

TOTAL ASSETS LESS CURRENT LIABILITIES

39,832

42,804

CREDITORS

Amounts falling due after more than one year

7

(15,065

)

(29,104

)

PROVISIONS FOR LIABILITIES

9

(4,380

)

(4,527

)

NET ASSETS

20,387

9,173

CAPITAL AND RESERVES

Called up share capital

10

10

10

Retained earnings

11

20,377

9,163

SHAREHOLDERS' FUNDS

20,387

9,173

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 April 2020 and were signed on its behalf by:

Mr M A Sheehan - Director

1.	STATUTORY INFORMATION

Systems@work Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction

price including transaction costs and are subsequently carried at amortised cost using the effective interest

method unless the arrangement constitutes a financing transaction, where the transaction is measured at the

present value of the future receipts discounted at a market rate of interest. Financial assets classified as

receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of

the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans, are initially recognised at transaction price unless the

arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the

future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year

are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or

less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction

price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2019

4,727

40,499

27,167

72,393

Additions

-

-

4,301

4,301

At 31 December 2019

4,727

40,499

31,468

76,694

DEPRECIATION

At 1 January 2019

3,665

23,911

20,989

48,565

Charge for year

213

3,317

1,548

5,078

At 31 December 2019

3,878

27,228

22,537

53,643

NET BOOK VALUE

At 31 December 2019

849

13,271

8,931

23,051

At 31 December 2018

1,062

16,588

6,178

23,828

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

139,988

66,406

Amounts owed by participating interests

13,676

12,001

Other debtors

1,316

1,252

Prepayments

1,919

-

156,899

79,659

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Other loans (see note 8)

18,382

20,950

Trade creditors

146,739

85,911

Corporation tax

35,000

34,228

Social security and other taxes

42,942

33,141

Directors' current accounts

-

2,510

Accruals

56,852

63,416

299,915

240,156

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

31.12.18

£

£

Other loans (see note 8)

15,065

29,104

8.

LOANS

An analysis of the maturity of loans is given below:

31.12.19

31.12.18

£

£

Amounts falling due within one year or on demand:

Other loans

18,382

20,950

Amounts falling due between two and five years:

Other loans - 2-5 years

15,065

29,104

9.	PROVISIONS FOR LIABILITIES

31.12.19

31.12.18

£

£

Deferred tax

Accelerated capital allowances

4,380

4,527

Deferred

tax

£

Balance at 1 January 2019

4,527

Credit to Profit and Loss Account during year

(147

)

Balance at 31 December 2019

4,380

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.19

31.12.18

value:

£

£

10

Ordinary

£1

10

10

11.

RESERVES

Retained

earnings

£

At 1 January 2019

9,163

Profit for the year

145,214

Dividends

(134,000

)

At 31 December 2019

20,377