SYSTEM_PROFESSIONAL_LIMIT - Accounts

SYSGROUP TRADING LIMITED - Company Information

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Company Registration No. 04754200 (England and Wales)

SYSTEM PROFESSIONAL LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

SYSTEM PROFESSIONAL LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

SYSTEM PROFESSIONAL LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

379,808

385,879

Current assets

Stocks

365,511

103,378

Debtors

869,159

1,055,384

Cash at bank and in hand

170,118

134,816

1,404,788

1,293,578

Creditors: amounts falling due within one year

(1,190,320)

(1,202,334)

Net current assets

214,468

91,244

Total assets less current liabilities

594,276

477,123

Creditors: amounts falling due after more than one year

(53,991)

(77,030)

540,285

400,093

Capital and reserves

Called up share capital

103

Profit and loss account

540,182

399,990

Shareholders' funds

540,285

400,093

For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 10 June 2016

Mr D Elson

Director

Company Registration No. 04754200

SYSTEM PROFESSIONAL LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Freehold

No depreciation

Land and buildings Leasehold

3 year straight line

Office equipment

25% reducing balance

Fixtures, fittings & equipment

25% reducing balance

No depreciation is provided in respect of freehold land and property as the expected useful life is long and the estimated residual value is high that depreciation is immaterial.

1.5

Revenue recognition

Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.

1.6

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

SYSTEM PROFESSIONAL LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 3 -

Fixed assets

Tangible assets

Cost

At 1 April 2015

581,585

Additions

26,469

At 31 March 2016

608,054

Depreciation

At 1 April 2015

195,705

Charge for the year

32,541

At 31 March 2016

228,246

Net book value

At 31 March 2016

379,808

At 31 March 2015

385,879

Creditors: amounts falling due after more than one year

2016

2015

Analysis of loans repayable in more than five years

Total amounts repayable by instalments which are due in more than five years

6,704

18,223

The aggregate amount of creditors for which security has been given amounted to £65,510 (2015 - £77,030).