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Company Registration No. 09788169 (England and Wales)
ITSY PRODUCTS LIMITED Unaudited accounts for the year ended 31 December 2022
ITSY PRODUCTS LIMITED Unaudited accounts Contents
Page
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ITSY PRODUCTS LIMITED Company Information for the year ended 31 December 2022
Directors
Christopher David Grunwell Peter Ellis Carway Matthew John Cushen
Company Number
09788169 (England and Wales)
Registered Office
131 LEIGH ROAD WORSLEY MANCHESTER M28 1LG ENGLAND
Accountants
Monton Green Accountancy Ltd 5 Hawthorn Avenue Eccles Manchester M30 9NE
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ITSY PRODUCTS LIMITED Statement of financial position as at 31 December 2022
2022 
2021 
Notes
£ 
£ 
Fixed assets
Intangible assets
66,417 
70,584 
Tangible assets
32,740 
30,332 
99,157 
100,916 
Current assets
Inventories
139,263 
143,570 
Debtors
- 
2,936 
Cash at bank and in hand
24,028 
227,719 
163,291 
374,225 
Creditors: amounts falling due within one year
(35,704)
(5,316)
Net current assets
127,587 
368,909 
Total assets less current liabilities
226,744 
469,825 
Creditors: amounts falling due after more than one year
(700,000)
(704,923)
Net liabilities
(473,256)
(235,098)
Capital and reserves
Called up share capital
258 
258 
Share premium
568,511 
568,511 
Profit and loss account
(1,042,025)
(803,867)
Shareholders' funds
(473,256)
(235,098)
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2023 and were signed on its behalf by
Christopher David Grunwell Director Company Registration No. 09788169
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ITSY PRODUCTS LIMITED Notes to the Accounts for the year ended 31 December 2022
1
Statutory information
ITSY PRODUCTS LIMITED is a private company, limited by shares, registered in England and Wales, registration number 09788169. The registered office is 131 LEIGH ROAD, WORSLEY, MANCHESTER, M28 1LG, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
4 Years Straight Line
Fixtures & fittings
4 Years Straight Line
Computer equipment
5 Years Straight Line
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Going concern
The directors believe that the accounts can be prepared on a going concern basis as post year end trading has improved and a small profit is forecast for 2023.
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ITSY PRODUCTS LIMITED Notes to the Accounts for the year ended 31 December 2022
4
Intangible fixed assets
Goodwill 
Other 
Total 
£ 
£ 
£ 
Cost
At 1 January 2022
2,000 
81,343 
83,343 
At 31 December 2022
2,000 
81,343 
83,343 
Amortisation
At 1 January 2022
384 
12,375 
12,759 
Charge for the year
100 
4,067 
4,167 
At 31 December 2022
484 
16,442 
16,926 
Net book value
At 31 December 2022
1,516 
64,901 
66,417 
At 31 December 2021
1,616 
68,968 
70,584 
5
Tangible fixed assets
Plant & machinery 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 January 2022
81,415 
2,477 
4,402 
88,294 
Additions
21,250 
- 
708 
21,958 
At 31 December 2022
102,665 
2,477 
5,110 
110,252 
Depreciation
At 1 January 2022
55,871 
541 
1,550 
57,962 
Charge for the year
17,340 
580 
1,630 
19,550 
At 31 December 2022
73,211 
1,121 
3,180 
77,512 
Net book value
At 31 December 2022
29,454 
1,356 
1,930 
32,740 
At 31 December 2021
25,544 
1,936 
2,852 
30,332 
6
Debtors
2022 
2021 
£ 
£ 
Amounts falling due within one year
Trade debtors
- 
2,936 
7
Creditors: amounts falling due within one year
2022 
2021 
£ 
£ 
Bank loans and overdrafts
- 
1,441 
VAT
50 
- 
Trade creditors
19,341 
4,452 
Taxes and social security
- 
7,324 
Other creditors
16,661 
1,625 
Loans from directors
(898)
(10,076)
Accruals
550 
550 
35,704 
5,316 
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ITSY PRODUCTS LIMITED Notes to the Accounts for the year ended 31 December 2022
8
Creditors: amounts falling due after more than one year
2022 
2021 
£ 
£ 
Bank loans
700,000 
704,923 
9
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Loan to Director
10,076 
898 
10,076 
898 
10,076 
898 
10,076 
898 
10
Average number of employees
During the year the average number of employees was 3 (2021: 6).
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