Company registration number 03699510 (England and Wales)
D.A. SYSTEMS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
D.A. SYSTEMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
D.A. SYSTEMS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,345,298
917,401
Tangible assets
4
6,438
580,942
Investments
5
1
1
1,351,737
1,498,344
Current assets
Debtors
6
476,551
596,711
Cash at bank and in hand
565,251
279,526
1,041,802
876,237
Creditors: amounts falling due within one year
7
(454,248)
(574,079)
Net current assets
587,554
302,158
Total assets less current liabilities
1,939,291
1,800,502
Creditors: amounts falling due after more than one year
8
(105,000)
(105,000)
Net assets
1,834,291
1,695,502
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss reserves
1,833,291
1,694,502
Total equity
1,834,291
1,695,502
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
D.A. SYSTEMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 September 2023 and are signed on its behalf by:
I W Oliver
Director
Company registration number 03699510 (England and Wales)
D.A. SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
D.A. Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is Aston Court, Kingsmead Business Park, High Wycombe, Buckinghamshire, HP11 1JU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of computer software and support services in the normal course of business, and is shown net of discounts and VAT.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates or amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Rental income
Operating lease income from leasehold property is recognised in profit and loss on a straight-line basis over the lease term.
1.3
Research and development expenditure
Where expenditure relates to a clearly defined project and that project meets the following conditions, the company’s research development activities is capitalised as an intangible asset:
an asset is created that can be identified;
the project from which the asset arises meets the company's criteria for assessing technical feasibility;
it is probable that the asset created will generate future economic benefits; and
the development cost of the asset can be measured reliably.
Where no internally generated intangible asset can be recognised, research and development expenditure is recognised as an expense in the period in which it is incurred.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
3 to 5 years straight line from completion of development phase
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
D.A. SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Not depreciated
Leasehold improvements
Over the term of the lease
Fixtures and fittings
20% on a straight line basis
Computers
3 years on a straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.
Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.
1.8
Leases
D.A. SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
21
23
3
Intangible fixed assets
Other
£
Cost
At 1 January 2022
1,070,801
Additions
944,774
At 31 December 2022
2,015,575
Amortisation and impairment
At 1 January 2022
153,400
Amortisation charged for the year
516,877
At 31 December 2022
670,277
Carrying amount
At 31 December 2022
1,345,298
At 31 December 2021
917,401
D.A. SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2022
631,388
182,152
813,540
Additions
2,798
2,798
Disposals
(631,388)
(631,388)
At 31 December 2022
184,950
184,950
Depreciation and impairment
At 1 January 2022
62,730
169,868
232,598
Depreciation charged in the year
8,644
8,644
Eliminated in respect of disposals
(62,730)
(62,730)
At 31 December 2022
178,512
178,512
Carrying amount
At 31 December 2022
6,438
6,438
At 31 December 2021
568,658
12,284
580,942
5
Fixed asset investments
2022
2021
£
£
Other investments other than loans
1
1
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
239,922
255,542
Corporation tax recoverable
180,000
183,075
Other debtors
42,375
149,933
462,297
588,550
2022
2021
Amounts falling due after more than one year:
£
£
Deferred tax asset
14,254
8,161
Total debtors
476,551
596,711
D.A. SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
7
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
68,085
105,408
Taxation and social security
163,832
179,390
Other creditors
222,331
289,281
454,248
574,079
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
105,000
105,000
9
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
Within one year
13,413
12,276
Between two and five years
12,276
13,413
24,552