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Company Registration number: SC212586

IT Foundations Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 March 2023

 

IT Foundations Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 7

 

IT Foundations Limited

Balance Sheet as at 31 March 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

4

14,245

20,922

Current assets

 

Debtors

5

87,253

66,910

Cash at bank and in hand

 

298,142

269,187

 

385,395

336,097

Creditors: Amounts falling due within one year

6

(153,823)

(115,290)

Net current assets

 

231,572

220,807

Total assets less current liabilities

 

245,817

241,729

Creditors: Amounts falling due after more than one year

6

(22,203)

(32,850)

Provisions for liabilities

(2,707)

(3,975)

Net assets

 

220,907

204,904

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

219,907

203,904

Shareholders' funds

 

220,907

204,904

 

IT Foundations Limited

Balance Sheet as at 31 March 2023 (continued)

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Company registration number: SC212586

Approved and authorised by the director on 4 September 2023
 

.........................................
Mr G R Davis
Director

 

IT Foundations Limited

Notes to the financial statements for the Year Ended 31 March 2023

1

GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
11-13 Sciennes House Place
Edinburgh
EH9 1NN

These financial statements were authorised for issue by the director on 4 September 2023.

2

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.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

IT Foundations Limited

Notes to the financial statements for the Year Ended 31 March 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
 

The current corporation 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.

Tangible assets

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

Computer hardware and software

3 years straight line

Motor vehicles

25% reducing balance

Office equipment

15% reducing balance

Borrowings

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.

 

IT Foundations Limited

Notes to the financial statements for the Year Ended 31 March 2023 (continued)

2

ACCOUNTING POLICIES (continued)

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.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including the director) during the year, was 8 (2022 - 7).

 

IT Foundations Limited

Notes to the financial statements for the Year Ended 31 March 2023 (continued)

4

TANGIBLE ASSETS

Office equipment
 £

Motor vehicles
 £

Computer hardware and software
£

Total
£

Cost or valuation

At 1 April 2022

14,252

9,990

61,034

85,276

Additions

398

-

718

1,116

At 31 March 2023

14,650

9,990

61,752

86,392

Depreciation

At 1 April 2022

12,298

9,240

42,816

64,354

Charge for the year

298

188

7,307

7,793

At 31 March 2023

12,596

9,428

50,123

72,147

Carrying amount

At 31 March 2023

2,054

562

11,629

14,245

At 31 March 2022

1,954

750

18,218

20,922

5

DEBTORS

Current

2023
£

2022
£

Trade debtors

85,329

61,024

Prepayments

1,924

5,886

 

87,253

66,910

 

IT Foundations Limited

Notes to the financial statements for the Year Ended 31 March 2023 (continued)

6

CREDITORS

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

10,108

9,569

Trade creditors

 

35,738

40,359

Taxation and social security

 

72,492

63,538

Accruals and deferred income

 

31,601

1,200

Other creditors

 

3,884

624

 

153,823

115,290

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

22,203

32,850

7

LOANS AND BORROWINGS

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

22,203

32,850

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,108

9,569