Correct Systems Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 13358826 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 26 APRIL 2021 TO 30 APRIL 2022

FOR

CORRECT SYSTEMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr D L Gladwyn

Mr D J Durbin

SECRETARY:

Mr M G Fray

REGISTERED OFFICE:

The Witterings

Woolston

Kingsbridge

TQ7 3BH

BUSINESS ADDRESS:

Unit 21B Hopkinson Way

West Portway Industrial Estate

Andover

Hampshire

SP10 3ZE

REGISTERED NUMBER:

13358826 (England and Wales)

FIXED ASSETS

Tangible assets

5

84,500

CURRENT ASSETS

Debtors

6

16,925

Cash at bank

336

17,261

CREDITORS

Amounts falling due within one year

7

104,125

NET CURRENT LIABILITIES

(86,864

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,364

)

CAPITAL AND RESERVES

Called up share capital

8

100

Retained earnings

(2,464

)

SHAREHOLDERS' FUNDS

(2,364

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 April 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 April 2022 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 13 January 2023 and were signed on its behalf by:

Mr D L Gladwyn - Director

1.	STATUTORY INFORMATION

Correct Systems 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The company relies upon the support of their parent company and a fellow group company through the use of inter-group loans. The amounts owing are repayable by demand. The parent company and the fellow group company will not demand repayment if it would be financially detrimental to the company.

Due to this ongoing support the directors believe that it is appropriate to prepare the financial statements on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future and the financial statements do not incorporate any adjustments that might be required should the going concern basis prove to be inappropriate.

Tangible fixed assets

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

Computer equipment

-

25% on reducing balance

All fixed assets are initially recorded at cost.

Taxation

Taxation for the period 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 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 period 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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 .

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

Additions

84,500

At 30 April 2022

84,500

NET BOOK VALUE

At 30 April 2022

84,500

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other debtors

16,925

Included in other debtors is £nil in relation to prepayments and accrued income.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

16,200

Amounts owed to group undertakings

85,525

Other creditors

2,400

104,125

Included in other creditors is £2,400 in respect of accruals and deferred income.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

100

Ordinary

1

100

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 30 April 2022:

£

Mr D J Durbin

Balance outstanding at start of period

-

Amounts advanced

25

Amounts repaid

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of period

25

This loan was unsecured with interest charged at HMRC approved rates and was repaid within nine months of the year end.

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions where transactions have been undertaken under normal market conditions.