Registered number
04761466
First Source IT Limited
Filleted Accounts
30 June 2023
First Source IT Limited
Registered number: 04761466
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,920 2,050
Current assets
Stocks - 1,104
Debtors 4 132,056 93,298
Cash at bank and in hand 24,915 -
156,971 94,402
Creditors: amounts falling due within one year 5 (140,482) (66,883)
Net current assets 16,489 27,519
Net assets 18,409 29,569
Capital and reserves
Called up share capital 100 100
Profit and loss account 18,309 29,469
Shareholder's funds 18,409 29,569
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
K Harris
Director
Approved by the board on 29 February 2024
First Source IT Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
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 over 4 years
Office equipment over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery Office equipment Total
£ £ £
Cost
At 1 July 2022 625 14,368 14,993
Additions - 1,404 1,404
At 30 June 2023 625 15,772 16,397
Depreciation
At 1 July 2022 315 12,628 12,943
Charge for the year 155 1,379 1,534
At 30 June 2023 470 14,007 14,477
Net book value
At 30 June 2023 155 1,765 1,920
At 30 June 2022 310 1,740 2,050
4 Debtors 2023 2022
£ £
Trade debtors 120,970 47,053
Directors loan account 10,891 38,664
Other debtors 195 7,581
132,056 93,298
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 19,233
Trade creditors 64,538 23,606
Taxation and social security costs 28,384 8,819
Other creditors 47,560 15,225
140,482 66,883
6 Controlling party
The company is controlled by the director.
7 Other information
First Source IT Limited is a private company limited by shares and incorporated in England. Its registered office is:
5 Wright Road
Upper Rissington
Cheltenham
Glos
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