System Wise Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC160804 (Scotland)

Unaudited Financial Statements for the Year Ended 30 June 2020

for

System Wise Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

P S Gillespie

J J Kennedy

SECRETARY:

F M Kennedy

REGISTERED OFFICE:

107 Saughtonhall Drive

Edinburgh

EH12 5TS

REGISTERED NUMBER:

SC160804 (Scotland)

ACCOUNTANTS:

Anderson Ballantine

Hudson House

8 Albany Street

Edinburgh

EH1 3QB

FIXED ASSETS

Intangible assets

4

105,625

113,750

Tangible assets

5

206,618

152,972

312,243

266,722

CURRENT ASSETS

Debtors

6

109,777

93,238

Cash at bank

354,119

262,921

463,896

356,159

CREDITORS

Amounts falling due within one year

7

182,976

158,306

NET CURRENT ASSETS

280,920

197,853

TOTAL ASSETS LESS CURRENT LIABILITIES

593,163

464,575

CREDITORS

Amounts falling due after more than one year

8

(148,611

)

(138,815

)

PROVISIONS FOR LIABILITIES

(4,716

)

(1,244

)

NET ASSETS

439,836

324,516

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

10

439,736

324,416

SHAREHOLDERS' FUNDS

439,836

324,516

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2020 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2020 and were signed on its behalf by:

P S Gillespie - Director

1.	STATUTORY INFORMATION

System Wise Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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 represents net invoiced sales of goods and services, excluding Value Added Tax, adjusted to recognise whether or not the company has obtained the right to consideration.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost and 20% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 8 (2019 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2019

and 30 June 2020

162,500

AMORTISATION

At 1 July 2019

48,750

Charge for year

8,125

At 30 June 2020

56,875

NET BOOK VALUE

At 30 June 2020

105,625

At 30 June 2019

113,750

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 July 2019

147,881

19,752

167,633

Additions

36,850

26,949

63,799

At 30 June 2020

184,731

46,701

231,432

DEPRECIATION

At 1 July 2019

1,458

13,203

14,661

Charge for year

1,479

8,674

10,153

At 30 June 2020

2,937

21,877

24,814

NET BOOK VALUE

At 30 June 2020

181,794

24,824

206,618

At 30 June 2019

146,423

6,549

152,972

6.

DEBTORS

30.6.20

30.6.19

£

£

Amounts falling due within one year:

Trade debtors

104,980

91,000

Other debtors

3,327

2,238

108,307

93,238

Amounts falling due after more than one year:

Other debtors

1,470

-

Aggregate amounts

109,777

93,238

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.20

30.6.19

£

£

Bank loans and overdrafts

10,497

8,938

Trade creditors

27,798

52,197

Taxation and social security

107,482

74,191

Other creditors

37,199

22,980

182,976

158,306

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.20

30.6.19

£

£

Bank loans

73,243

78,049

Other creditors

75,368

60,766

148,611

138,815

Amounts falling due in more than five years:

Repayable by instalments

Bank loans > 5 yrs by instal

55,863

60,669

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.20

30.6.19

£

£

Bank loans

77,588

82,394

The company's bank loan is repayable over 15 years from February 2018. The loan is secured by a fixed charge over the company's Heritable Property.

10.

RESERVES

Retained

earnings

£

At 1 July 2019

324,416

Profit for the year

135,320

Dividends

(20,000

)

At 30 June 2020

439,736