Registered number
12011909
Ethical IT Services Ltd
Unaudited Filleted Accounts
31 March 2022
Ethical IT Services Ltd
Registered number: 12011909
Balance Sheet
as at 31 March 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 35,185 37,195
Tangible assets 4 5,431 13,678
40,616 50,873
Current assets
Debtors 5 137,980 84,701
Cash at bank and in hand 41,716 100,501
179,696 185,202
Creditors: amounts falling due within one year 6 (236,587) (341,399)
Net current liabilities (56,891) (156,197)
Total assets less current liabilities (16,275) (105,324)
Creditors: amounts falling due after more than one year 7 (54,559) (95,208)
Net liabilities (70,834) (200,532)
Capital and reserves
Called up share capital 2 1
Profit and loss account (70,836) (200,533)
Shareholders' funds (70,834) (200,532)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A C Evans
Director
Approved by the board on 10 August 2022
Ethical IT Services Ltd
Notes to the Accounts
for the year ended 31 March 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office and computer equiment 3 to 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 10 14
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2021 40,210
At 31 March 2022 40,210
Amortisation
At 1 April 2021 3,015
Provided during the year 2,010
At 31 March 2022 5,025
Net book value
At 31 March 2022 35,185
At 31 March 2021 37,195
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Office and computer equipment
£
Cost
At 1 April 2021 62,897
Additions 4,684
At 31 March 2022 67,581
Depreciation
At 1 April 2021 49,219
Charge for the year 12,931
At 31 March 2022 62,150
Net book value
At 31 March 2022 5,431
At 31 March 2021 13,678
5 Debtors 2022 2021
£ £
Trade debtors 103,442 55,061
Other debtors 34,538 29,640
137,980 84,701
6 Creditors: amounts falling due within one year 2022 2021
£ £
Loans and overdrafts 39,814 48,333
Trade creditors 88,812 150,523
Taxation and social security costs 63,422 85,914
Other creditors 44,539 56,629
236,587 341,399
7 Creditors: amounts falling due after one year 2022 2021
£ £
Loans 31,666 72,315
Other creditors 22,893 22,893
54,559 95,208
8 Other information
Ethical IT Services Ltd is a private company limited by shares and incorporated in England. Its registered office is:
3 Church Close
Merton
Bicester
Oxon
OX25 2NB
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