SYSTEM 2 THINKING LTD - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 12711662 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

SYSTEM 2 THINKING LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

S M Chambers

REGISTERED OFFICE:

Unit 11 Diddenham Court

Grazeley

Reading

Berkshire

RG7 1JQ

REGISTERED NUMBER:

12711662 (England and Wales)

ACCOUNTANTS:

EDMONDS ACCOUNTANCY LIMITED

Unit 11, Diddenham Bus Park,

Diddenham Court

Grazeley,

READING

Berkshire

RG7 1JQ

CURRENT ASSETS

Debtors

4

136,175

27,144

Cash at bank and in hand

111,995

59,904

248,170

87,048

CREDITORS

Amounts falling due within one year

5

64,765

38,935

NET CURRENT ASSETS

183,405

48,113

TOTAL ASSETS LESS CURRENT LIABILITIES

183,405

48,113

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

183,305

48,013

183,405

48,113

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 October 2023 and were signed by:

S M Chambers - Director

1.	STATUTORY INFORMATION

SYSTEM 2 THINKING LTD 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.

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.

Revenue is recognised for the provision of services as the contractual activity progresses.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 1 ).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

60,342

25,025

Amounts owed by group undertakings

5,000

1,669

Other debtors

70,833

450

136,175

27,144

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade creditors

21,519

18,646

Amounts owed to group undertakings

8,200

-

Taxation and social security

32,100

14,827

Other creditors

2,946

5,462

64,765

38,935