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Registration number: 09785745

Rite IT Solutions Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Rite IT Solutions Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Rite IT Solutions Limited

Company Information

Directors

Mr Marcus Batty

Mr Michael Forster

Registered office

Meadow Park
Bourne Road
Essendine
Rutland
PE9 4LT

 

Rite IT Solutions Limited

(Registration number: 09785745)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,145

413

Current assets

 

Debtors

5

41,448

73,492

Cash at bank and in hand

 

151,777

87,303

 

193,225

160,795

Creditors: Amounts falling due within one year

6

(36,786)

(33,663)

Net current assets

 

156,439

127,132

Net assets

 

157,584

127,545

Capital and reserves

 

Called up share capital

7

198

198

Retained earnings

157,386

127,347

Shareholders' funds

 

157,584

127,545

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 January 2024 and signed on its behalf by:
 

 

Rite IT Solutions Limited

(Registration number: 09785745)
Balance Sheet as at 30 April 2023

.........................................
Mr Marcus Batty
Director

.........................................
Mr Michael Forster
Director

 

Rite IT Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

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

The address of its registered office is:
Meadow Park
Bourne Road
Essendine
Rutland
PE9 4LT
England

These financial statements were authorised for issue by the Board on 23 January 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current 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 income 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.

 

Rite IT Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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

Funiture, Fittings, Tools and Equipment

15% Reducing Balance

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

Rite IT Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 May 2022

436

436

Additions

895

895

At 30 April 2023

1,331

1,331

Depreciation

At 1 May 2022

23

23

Charge for the year

163

163

At 30 April 2023

186

186

Carrying amount

At 30 April 2023

1,145

1,145

At 30 April 2022

413

413

5

Debtors

Current

2023
£

2022
£

Trade debtors

39,207

40,260

Prepayments

691

535

Other debtors

1,550

32,697

 

41,448

73,492

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

9,089

7,182

Taxation and social security

24,177

21,150

Accruals and deferred income

1,520

2,627

Other creditors

2,000

2,704

36,786

33,663

 

Rite IT Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

198

198

198

198