Systech GB Limited - Accounts to registrar (filleted) - small 22.3
Systech GB Limited - Accounts to registrar (filleted) - small 22.3
REGISTERED NUMBER: |
Systech GB Limited |
Financial Statements for the Year Ended 31st December 2021 |
Systech GB Limited (Registered number: 04222246) |
Contents of the Financial Statements |
for the year ended 31st December 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Systech GB Limited |
Company Information |
for the year ended 31st December 2021 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Regent's Court |
Princess Street |
Hull |
East Yorkshire |
HU2 8BA |
Systech GB Limited (Registered number: 04222246) |
Balance Sheet |
31st December 2021 |
2021 | 2020 |
Notes | $ | $ | $ | $ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Systech GB Limited (Registered number: 04222246) |
Notes to the Financial Statements |
for the year ended 31st December 2021 |
1. | STATUTORY INFORMATION |
Systech GB Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The presentational currency is US dollars. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Going concern |
In September 2020 a decision was taken to transfer the company's business and operations to a fellow subsidiary within the Dover Corporation group. The company's trade, assets and liabilities were transferred to a fellow subsidiary. As a result of the decision exceptional items of $549,607 have been recognised in the prior period and included additional liabilities of $97,392 remaining at the prior year end. |
The accounts have continued to be been prepared on the going concern basis based on the decision of the patent to provide financial support for a period greater than 12 months from the date of the authorisation of these financial statements. |
Accounting estimates and judgements |
Management does not consider there to be any significant judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses, in the preparation of the financial statements. |
Turnover |
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
The company assesses at each reporting date whether tangible fixed assets are impaired. |
Depreciation is charged to the profit and loss account on a straight-line basis over the estimated useful lives of each part of an item of tangible fixed assets. Leased assets are depreciated over the shorter of the lease term and their useful lives. The estimated useful lives are as follows: |
Computer equipment: 3 years |
Fixtures and fittings: 7 years |
Leasehold improvements: over the length of the lease |
Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits. |
Systech GB Limited (Registered number: 04222246) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2021 |
2. | ACCOUNTING POLICIES - continued |
Tax |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. |
Deferred tax is measured using the tax rates and laws, that have been enacted or substantively enacted by the balance sheet date, that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into USD at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into USD at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
Interest receivable and interest payable |
Interest payable and similar charges include interest payable and net foreign exchange losses that are recognised in the profit and loss account (see foreign currency accounting policy). |
Other interest receivable and similar income include interest receivable on funds invested and net foreign exchange gains. |
Interest income and interest payable are recognised in profit or loss as they accrue, using the effective interest method. Foreign currency gains and losses are reported on a net basis. |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income in other administrative expenses. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Company's cash management are included as a component of cash and cash equivalents. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
Systech GB Limited (Registered number: 04222246) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2021 |
2. | ACCOUNTING POLICIES - continued |
Employee benefits |
Share-based payment arrangements in which the company receives goods or services as consideration for its own equity instruments are accounted for as equity-settled share-based payment transactions, regardless of how the equity instruments are obtained by the Company. |
Where the company is part of a group share-based payment plan, it recognises and measures its share based payment expense on the basis of a reasonable allocation of the expense recognised for the group. The basis of such allocation is disclosed in note 11. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2020 - |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
$ |
COST |
At 1st January 2021 |
and 31st December 2021 |
DEPRECIATION |
At 1st January 2021 |
and 31st December 2021 |
NET BOOK VALUE |
At 31st December 2021 |
At 31st December 2020 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
$ | $ |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
$ | $ |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Systech GB Limited (Registered number: 04222246) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2021 |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | $ | $ |
Ordinary | 1 | 1 | 1 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY |
The company is a subsidiary of Dover Corporation. |
At the balance sheet date the largest group in which the results of the Company are consolidated is that headed by Dover Corporation., incorporated in the United States of America. The registered office address of Dover Corporation is: |
Dover Corporation |
3005 Highland Parkway, |
Downers Grove, |
Illinois, IL 60515 |
USA |
Systech GB Limited (Registered number: 04222246) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2021 |
10. | SHARE-BASED PAYMENT TRANSACTIONS |
Options in the ultimate parent company's shares are awarded to the employees of the company on a discretionary basis. Options are granted with a fixed exercise price equal to the market price of the shares under option at the date of the grant. The contractual life of an option is 10 years. All employees are eligible for option awards. |
The ordinary share options granted on various dates throughout the year vest rateable over a four year term. |
At 31 December 2021 the number of ordinary shares subject to options granted under Sys-Tech Solutions, Inc.'s share option scheme were: |
Exercise period (years) | Weighted average exercise price per share (US$) | At 1 January 2021 | Number granted | Options forfeited or expired* | At 31 December 2021 |
- | - | - | - | - |
At 31 December 2020 the number of ordinary shares subject to options granted under Sys-Tech Solutions, Inc.'s share option scheme were: |
Exercise period (years) | Weighted average exercise price per share (US$) | At 1 January 2020 | Number granted | Options forfeited or expired* | At 31 December 2020 |
3.8 | 0.97 | 43,750 | - | (43,750) | - |
The directors believe that the associated accounting charge is not material and therefore has not been included in the financial statements. |