Registered number
07103330
Itinken Limited
Report and Accounts
31 December 2021
DAVIS, BURTON, WILLIAMS & CO
Chartered Certified Accountants
Office B11, Sutton Business Centre
Restmor Way, Wallington
Surrey SM6 7AH
________________________________________________
Itinken Limited
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Profit and loss account 3
Balance sheet 4
Statement of changes in equity 5
Notes to the accounts 6-8
Itinken Limited
Company Information
Directors
S Ratcliffe
Accountants
Davis Burton Williams & Co
Office B11 Sutton Business Centre
Restmor Way
Wallington
Surrey
SM6 7AH
Registered office
Office B11 Sutton Business Centre
Restmor Way
Wallington
Surrey
SM6 7AH
Registered number
07103330
Itinken Limited
Registered number: 07103330
Directors' Report
The director presents his report and accounts for the year ended 31 December 2021.
Principal activities
The company's principal activity during the year continued to be of I.T Consultancy.
Directors
The following persons served as directors during the year:
S Ratcliffe
Political donations
During the year the company made no political donations.
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 2 September 2022 and signed on its behalf.
S Ratcliffe
Director
Itinken Limited
Profit and Loss Account
for the year ended 31 December 2021
2021 2020
£ £
Turnover 30,904 35,618
Cost of sales (1,753) (1,920)
Gross profit 29,151 33,698
Administrative expenses (28,596) (24,259)
Operating profit 555 9,439
Interest receivable 3 32
Profit on ordinary activities before taxation 558 9,471
Tax on profit on ordinary activities (223) (1,824)
Profit for the financial year 335 7,647
Itinken Limited
Registered number: 07103330
Balance Sheet
as at 31 December 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 160 776
Current assets
Debtors 4 750 3,450
Cash at bank and in hand 37,515 36,389
38,265 39,839
Creditors: amounts falling due within one year 5 (3,969) (6,494)
Net current assets 34,296 33,345
Total assets less current liabilities 34,456 34,121
Net assets 34,456 34,121
Capital and reserves
Called up share capital 1 1
Profit and loss account 34,455 34,120
Shareholders' funds 34,456 34,121
The director is 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 director acknowledges his 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 detailed profit and loss account has not been delivered to the Registrar of Companies.
S Ratcliffe
Director
Approved by the board on 2 September 2022
Itinken Limited
Statement of Changes in Equity
for the year ended 31 December 2021
Share Share Re- Profit Total
capital premium valuation and loss
reserve account
£ £ £ £ £
At 1 January 2020 1 - - 26,473 26,474
Profit for the financial year - - - 7,647 7,647
Total comprehensive income for the financial year - - - 7,647 7,647
At 31 December 2020 1 - - 34,120 34,121
At 1 January 2021 1 - - 34,120 34,121
Profit for the financial year - - - 335 335
Total comprehensive income for the financial year - - - 335 335
At 31 December 2021 1 - - 34,455 34,456
Itinken Limited
Notes to the Accounts
for the year ended 31 December 2021
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.
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 equipment 25% straight line basis
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Office equipment Total
£ £
Cost
At 1 January 2021 2,704 2,704
Additions - -
Disposals - -
At 31 December 2021 2,704 2,704
Depreciation
At 1 January 2021 1,928 1,928
Charge for the year 616 616
On disposals - -
At 31 December 2021 2,544 2,544
Net book value
At 31 December 2021 160 160
At 31 December 2020 776 776
4 Debtors 2021 2020
£ £
Trade debtors - 2,700
Other debtors 750 750
750 3,450
5 Creditors: amounts falling due within one year 2021 2020
£ £
Trade creditors 8 -
Corporation tax 219 1,824
Other creditors 3,742 4,670
3,969 6,494
6 Events after the reporting date
The director was not aware of any events after the reporting date which would materially affect the financial statements at the year end.
7 Pension commitments
The company had no pensions commitments during the year.
8 Contingent liabilities
The director was not aware of the existence of any contingent liability at the year end.
9 Related party transactions
Included in other creditors are amounts due to the director of £3,143 (2020 - £4,072).
10 Controlling party
The company during the year was controlled by the director Mr S Ratcliffe.
11 Other information
Itinken Limited is a private company limited by shares and incorporated in England. Its registered office is:
Office B11 Sutton Business Centre
Restmor Way
Wallington
Surrey
SM6 7AH
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