Registered number
SC316052
James Murray I.T. Consultants Ltd
Filleted Accounts
28 February 2023
James Murray I.T. Consultants Ltd
Registered number: SC316052
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 5,899 5,316
Current assets
Debtors 4 1,440 2,400
Cash at bank and in hand 95,900 70,016
97,340 72,416
Creditors: amounts falling due within one year 5 (15,810) (12,648)
Net current assets 81,530 59,768
Net assets 87,429 65,084
Capital and reserves
Called up share capital 2 2
Profit and loss account 87,427 65,082
Shareholders' funds 87,429 65,084
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.
J Murray
Director
Approved by the board on 16 October 2023
James Murray I.T. Consultants Ltd
Notes to the Accounts
for the year ended 28 February 2023
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 rendering of services. 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:
I.T. Equipment 15% reducing balance
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022 11,667
Additions 1,624
At 28 February 2023 13,291
Depreciation
At 1 March 2022 6,351
Charge for the year 1,041
At 28 February 2023 7,392
Net book value
At 28 February 2023 5,899
At 28 February 2022 5,316
4 Debtors 2023 2022
£ £
Trade debtors 1,440 2,400
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 14,840 11,678
Other creditors 970 970
15,810 12,648
6 Related party transactions
During the year, dividends of £26,000 (2022 : £9,600) were paid to the directors.
7 Controlling party
The company is owned and controlled by the directors. There is no single overall controlling party.
8 Other information
James Murray I.T. Consultants Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
10 Gladstone Road
Saltcoats
Ayrshire
KA21 5LD
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