Registration number:
Copy Right Systems Limited
for the Year Ended 31 October 2023
Copy Right Systems Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Copy Right Systems Limited
(Registration number: 03262877)
Balance Sheet as at 31 October 2023
Note |
2023 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Revaluation reserve |
161,920 |
161,920 |
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Retained earnings |
84,173 |
65,599 |
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Shareholders' funds |
246,095 |
227,521 |
Copy Right Systems Limited
(Registration number: 03262877)
Balance Sheet as at 31 October 2023
For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Copy Right Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Copy Right Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Changes in accounting policy
The following have been applied for the first time from 1 November 2022 and have had an effect on the financial statements:
Revaluation of freehold land and buildings
As of 31 October 2023, a revaluation policy has been adopted for freehold land and buildings. This has been applied retrospectively as required by FRS 102.
Relating to the current period disclosed in these financial statements | Relating to the prior period disclosed in these financial statements | Relating to periods before the prior period disclosed in these financial statements | |
Freehold property | 265,260 | 265,260 | 262,131 |
Deferred tax provision | (37,981) | (37,981) | (37,981) |
P&L reserve | (65,359) | (65,359) | (62,230) |
Revaluation reserve | (161,920) | (161,920) | (161,920) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Tax
The tax expense for the period comprises current tax payable and deferred tax.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
Copy Right Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Tangible assets
Freehold land and buildings are measured using the revaluation model. These assets are stated at fair value on the date of the latest revaluation less subsequent accumulated depreciation and any impairment losses, where applicable. Valuations are made on annual basis so that the carrying amount of these asset does not differ materially from its fair value.
Any revaluation surplus is recognised in other comprehensive income, net of the related tax impact, and accumulated in equity, or in profit or loss if it reverses a downwards revaluation previously recognised in profit or loss. Such reversal is recorded in profit or loss. A revaluation deficit is recognised in other comprehensive income, net of the related tax impact, to the extent that it offsets an existing surplus on the same asset with any excess recognised in profit or loss.
The revaluation reserve included in equity in respect of an item of a tangible fixed assets is transferred directly to the profit and loss reserve when the asset is derecognised. However, while the asset is being used, the revaluation reserve is transferred to profit and loss reserve for an amount equivalent to the difference between depreciation based on the revalued carrying amount of the asset and depreciation based on the asset’s original cost. Such transfers are not made through profit or loss.
At each reporting date tangible fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss.
Other tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land, buildings & property improvements |
Held at valuation with no depreciation |
Fixtures & fittings |
50% straight line basis |
Motor vehicles |
25% reducing balance basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Borrowings
Copy Right Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Copy Right Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Tangible assets |
Land and buildings |
Fixtures and fittings |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 November 2022 |
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At 31 October 2023 |
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Depreciation |
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At 1 November 2022 |
- |
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Charge for the year |
- |
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At 31 October 2023 |
- |
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Carrying amount |
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At 31 October 2023 |
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At 31 October 2022 |
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Included within the net book value of land and buildings above is £425,000 (2022 - £425,000) in respect of freehold land and buildings.
The company's Freehold land and buildings was revalued in June 2023.
Freehold land and buildings comprises the Isis Court property. An independent valuation report was obtained in June 2023. The report stated that, if the property were to be sold, it would command offers over £425,000.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £225,099 (2022 - £225,099).
Stocks |
2023 |
2022 |
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Other inventories |
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Copy Right Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
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Amounts owed by related parties |
- |
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Prepayments |
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Other debtors |
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Copy Right Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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Copy Right Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Related party transactions |
Transactions with directors |
2023 |
At 1 November 2022 |
Advances to director |
At 31 October 2023 |
G Pointer |
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A Phillips |
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2022 |
At 1 November 2021 |
Advances to director |
Repayments by director |
At 31 October 2022 |
G Pointer |
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A Phillips |
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