Systemspace Limited Filleted accounts for Companies House (small and micro)

SYSTEMSPACE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03953246

Systemspace Limited

Filleted Unaudited Financial Statements

30 April 2018

Systemspace Limited

Financial Statements

Year ended 30 April 2018

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Systemspace Limited

Statement of Financial Position

30 April 2018

	2018		2017
Note	£	£	£

Fixed assets

Investments	4		400,000	400,000

Current assets

Debtors	5	937	–
Cash at bank and in hand		48,772	47,090
		--------	--------
		49,709	47,090

Creditors: amounts falling due within one year	6	804		8,966
		--------		--------
Net current assets			48,905	38,124
			---------	---------
Total assets less current liabilities			448,905	438,124

Creditors: amounts falling due after more than one year	7	1,598,504	1,582,937
		------------	------------
Net liabilities		( 1,149,599)	( 1,144,813)
		------------	------------

Capital and reserves

Called up share capital	360	360
Profit and loss account	( 1,149,959)	( 1,145,173)
	------------	------------
Shareholders deficit	( 1,149,599)	( 1,144,813)
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 30 April 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Systemspace Limited

Statement of Financial Position (continued)

30 April 2018

These financial statements were approved by the board of directors and authorised for issue on 20 August 2018 , and are signed on behalf of the board by:

E. J. Blease
Director

Company registration number: 03953246

Systemspace Limited

Notes to the Financial Statements

Year ended 30 April 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 24 Bridge Street, Newport, NP20 4SF.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

Having reviewed the plans and future projections of the company, the Director is confident that the business will continue to trade for at least the next 12 months.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Income tax

The taxation expense represents the amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Investments

The investment property was valued on 6 April 2016 at its fair value. The Director considers the value remains the same as at 30 April 2018. In future years the property will be revalued at its fair value at each reporting date and any changes in fair value recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Investments

	Other investments other than loans
	£
Cost
At 1 May 2017 and 30 April 2018	1,014,835
	------------
Impairment
At 1 May 2017 and 30 April 2018	614,835
	------------

Carrying amount
At 30 April 2018	400,000
	------------
At 30 April 2017	400,000
	------------

The investment property was valued on 6 April 2016, on an existing use basis, by Sidney Phillips Limited, Shepherds Meadow, Eaton Bishop, Hereford, HR2 9UA. The Director considers the value as at 30 April 2018 to remain unchanged.

5. Debtors

	2018	2017
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	911	–
Other debtors	26	–
	----	----
	937	–
	----	----

6. Creditors: amounts falling due within one year

	2018	2017
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	7,200
Corporation tax	–	26
Other creditors	804	1,740
	----	-------
	804	8,966
	----	-------

7. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Other loans	799,058	791,275
Other creditors	799,446	791,662
	------------	------------
	1,598,504	1,582,937
	------------	------------

Certain receipts were incorrectly treated as trading income in the accounts to 30 April 2017 when they were in fact a Director's loan and other loans introduced. The 2017 Statement of Income and Retained Earnings and the loan account balances in note 8 have been restated to correct this.

8. Related party transactions

Included in Note 7 to the accounts are loans repayable to Mr E Blease and Mr J Farrow who are both shareholders of the company, Mr Blease is also a director. For the year ended 30 April 2018 there was no interest payable to Messrs Blease and Farrow. In prior years an interest rate of 3% above base rate or 8%, if greater, was due. Included in note 5 to the accounts is £911 (2017: £(7,200) note 6) owed by F B D Properties Limited. This company is an associated company of F B D Properties Limited by way of common shareholdings of its director. Other than the above, no transactions with related parties were undertaken such as are required to be disclosed under FRS 102.