Registered number
02985922
I.T.Solutions(UK) Ltd
Filleted Accounts
30 November 2023
I.T.Solutions(UK) Ltd
Registered number: 02985922
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 30,301 33,644
Current assets
Stocks 950 950
Debtors 4 106,686 117,094
Cash at bank and in hand 79,400 107,188
187,036 225,232
Creditors: amounts falling due within one year 5 (21,057) (37,041)
Net current assets 165,979 188,191
Total assets less current liabilities 196,280 221,835
Creditors: amounts falling due after more than one year 6 (29,251) (38,865)
Net assets 167,029 182,970
Capital and reserves
Called up share capital 6 6
Profit and loss account 167,023 182,964
Shareholders' funds 167,029 182,970
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.
Mr S Patel
Director
Approved by the board on 12 February 2024
I.T.Solutions(UK) Ltd
Notes to the Accounts
for the year ended 30 November 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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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:
Plant and machinery 18% on witten down value
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 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2022 64,525 56,456 120,981
Additions 3,309 - 3,309
At 30 November 2023 67,834 56,456 124,290
Depreciation
At 1 December 2022 51,175 36,162 87,337
Charge for the year 2,999 3,653 6,652
At 30 November 2023 54,174 39,815 93,989
Net book value
At 30 November 2023 13,660 16,641 30,301
At 30 November 2022 13,350 20,294 33,644
4 Debtors 2023 2022
£ £
Trade debtors 41,821 39,804
Amounts owed by associated undertakings 60,052 71,052
Other debtors 4,813 6,238
106,686 117,094
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 7,705 4,592
Taxation and social security costs 6,543 10,123
Other creditors 6,809 22,326
21,057 37,041
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 29,251 38,865
7 Other information
I.T.Solutions(UK) Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Leverford House
219 Kingsbury Road
London
NW9 8XG
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