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REGISTERED NUMBER: 11833781 (England and Wales)















Unaudited Financial Statements for the Year Ended 28 February 2023

for

The Internet of Transit Limited

The Internet of Transit Limited (Registered number: 11833781)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


The Internet of Transit Limited

Company Information
for the Year Ended 28 February 2023







DIRECTORS: Mr R A Eustace
Mr H Mansi





SECRETARY: Mr R A Eustace





REGISTERED OFFICE: Unit 1b
Coln Industrial Estate
Colnbrook
Berkshire
SL3 0NJ





REGISTERED NUMBER: 11833781 (England and Wales)





ACCOUNTANTS: Wilson Partners Limited
Chartered Accountants
TOR
Saint-Cloud Way
Maidenhead
Berkshire
SL6 8BN

The Internet of Transit Limited (Registered number: 11833781)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £   
CURRENT ASSETS
Debtors 4 56,519 62,830
Cash at bank 6,709 2,686
63,228 65,516
CREDITORS
Amounts falling due within one year 5 (717,931 ) (433,318 )
NET CURRENT LIABILITIES (654,703 ) (367,802 )
TOTAL ASSETS LESS CURRENT LIABILITIES (654,703 ) (367,802 )

CAPITAL AND RESERVES
Called up share capital 78 63
Retained earnings (654,781 ) (367,865 )
(654,703 ) (367,802 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2023 and were signed on its behalf by:





Mr H Mansi - Director


The Internet of Transit Limited (Registered number: 11833781)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

The Internet of Transit Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company is engaged in the development of proprietary software that it considers will generate significant value within the industry in which it operates. Like many software companies, significant upfront activity is required to develop the software and consequently costs have exceeded revenues to date. The company's commercial partners remain supportive of the development activity and the directors consider that the going concern basis is appropriate for the preparation of the accounts.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with changes recognised in profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

The Internet of Transit Limited (Registered number: 11833781)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors - 18,455
Other debtors 56,519 44,375
56,519 62,830

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade creditors 65,781 20,318
Other creditors 652,150 413,000
717,931 433,318

6. RELATED PARTY DISCLOSURES

At the balance sheet date the company owed £650,500 (2021: £411,500) to a company with a common director. The funds provided are interest free, unsecured and repayable on demand.

7. ULTIMATE CONTROLLING PARTY

There is no single ultimate controlling party.