Oyster Bay Systems Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01888290 (England and Wales)

OYSTER BAY SYSTEMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 JANUARY 2020 TO 30 DECEMBER 2020

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

9

DIRECTORS:

M R Breach

A L Breach

M Breach

REGISTERED OFFICE:

Caernarvon House

Charter Court, Enterprise Park

Llansamlet

Swansea

West Glamorgan

SA7 9FS

REGISTERED NUMBER:

01888290 (England and Wales)

ACCOUNTANTS:

Gerald Thomas

Chartered Accountants

3 New Mill Court

Swansea Enterprise Park

Swansea

SA7 9FG

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

496,687

583,902

496,687

583,902

CURRENT ASSETS

Debtors

7

886,223

1,053,891

Cash at bank and in hand

467,575

903,908

1,353,798

1,957,799

CREDITORS

Amounts falling due within one year

8

275,813

272,110

NET CURRENT ASSETS

1,077,985

1,685,689

TOTAL ASSETS LESS CURRENT LIABILITIES

1,574,672

2,269,591

PROVISIONS FOR LIABILITIES

(32,624

)

(36,621

)

ACCRUALS AND DEFERRED INCOME

(496,003

)

(780,471

)

NET ASSETS

1,046,045

1,452,499

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,045,945

1,452,399

1,046,045

1,452,499

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

The members have not required the company to obtain an audit of its financial statements for the period ended 30 December 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 29 March 2022 and were signed on its behalf by:

M Breach - Director

1.	STATUTORY INFORMATION

Oyster Bay 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 (£) and have been rounded to the nearest pound.

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.

Going concern

The company has reported profits for the year and has a solvent balance sheet position at the balance sheet date.

In considering the Coronavirus pandemic 2019 (COVID-19), the directors understand the situation is still evolving and the full impact on the business is unclear. The directors have taken steps to mitigate the risk to the business and although there is uncertainty, the directors are confident that all reasonable measures which can be taken, have been, to safeguard the business, its staff and customers.

Therefore, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting for the annual report and financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned entities within the group.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors which are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only effects that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The following are the critical judgements that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Impairment of assets

Assets are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement.

Provisions and contingencies

Provisions are recognised when the company has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable.

Exceptional items

Where the company incurs costs or is entitled to income which the directors consider are either outside the scope of normal operating activities or unusually material to the accounts in terms of size or incidence, then such amounts are classified as exceptional items and disclosed separately on the face of the income statement and described further in a separate note to the accounts.

Turnover and revenue recognition

Turnover represents revenue derived from net invoiced sales of software products and services, excluding value added tax. Turnover on software development is recognised when the company obtains the right to consideration or by reference to the value of the work performed. Other revenue is recognised in the period to which the service relates.

Other income relates to recharges to group companies and is recognised in the period to which it relates.

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.

Long leasehold

-

10% on cost and 2% on cost

Fixtures & fittings and equipment

-

25% on cost

Motor vehicles

-

25% on cost

Tangible fixed assets are stated at cost less depreciation.

Financial instruments

Basic financial assets, which include trade and other debtors and bank balances, are initially measured at transaction price 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.

Basic financial liabilities, including trade and other creditors, 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.

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

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.

Research and development

Research is written off to the income statement in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects.

Research and development - intangible fixed assets

Where the outcome of individual projects is assessed as being reasonably certain as regards viability and technical feasibility, the expenditure incurred in the development of these projects is deferred and amortised over the period in which the company will benefit.

After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses

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.

Government grants

Grants towards capital expenditure are credited to deferred income and released to the income statement over the expected useful life of the assets. Grants towards revenue expenditure are released to the income statement as the related expenditure is incurred.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 29 (2019 - 32 ) .

5.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2020

and 30 December 2020

28,016

AMORTISATION

At 1 January 2020

and 30 December 2020

28,016

NET BOOK VALUE

At 30 December 2020

-

At 31 December 2019

-

6.	TANGIBLE FIXED ASSETS

Fixtures

& fittings

Long

and

Motor

leasehold

equipment

vehicles

Totals

£

£

£

£

COST

At 1 January 2020

620,265

277,646

261,569

1,159,480

Additions

-

-

24,000

24,000

Disposals

-

-

(36,000

)

(36,000

)

At 30 December 2020

620,265

277,646

249,569

1,147,480

DEPRECIATION

At 1 January 2020

220,389

196,470

158,719

575,578

Charge for period

28,802

36,100

42,563

107,465

Eliminated on disposal

-

-

(32,250

)

(32,250

)

At 30 December 2020

249,191

232,570

169,032

650,793

NET BOOK VALUE

At 30 December 2020

371,074

45,076

80,537

496,687

At 31 December 2019

399,876

81,176

102,850

583,902

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

as restated

£

£

Trade debtors

560,996

801,842

Amounts owed by group undertakings

160,062

115,380

Other debtors

165,165

136,669

886,223

1,053,891

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

as restated

£

£

Trade creditors

36,347

32,328

Amounts owed to group undertakings

78,882

-

Taxation and social security

118,469

214,661

Other creditors

42,115

25,121

275,813

272,110

9.	CONTINGENT LIABILITIES

The company is registered for VAT under a group registration scheme. Its fellow subsidiary company has VAT liabilities totalling £7,696 at the balance sheet date and this amount has not been provided for within the accounts. However, under the terms of the group registration the company is jointly and severally liable for any group VAT debts.

10.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme for its directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date there was unpaid contributions of £18,739 (2019:- £6,394) due to the fund.

11.	TRANSACTIONS WITH DIRECTORS

At the balance sheet date £26,750 (2019: £26,750) was owed by a director and £895 (2019: £912) was owed to a director. The balances are interest free, unsecured and repayable on demand.