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Registered number: 05964078









SOUTHBANK IT SOLUTIONS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
SOUTHBANK IT SOLUTIONS LIMITED
REGISTERED NUMBER: 05964078

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
13,100
11,789

Current assets
  

Debtors: amounts falling due within one year
 5 
63,786
47,628

Cash at bank and in hand
 6 
11,069
1,713

  
74,855
49,341

Creditors: amounts falling due within one year
 7 
(205,239)
(198,541)

Net current liabilities
  
 
 
(130,384)
 
 
(149,200)

Total assets less current liabilities
  
(117,284)
(137,411)

  

Net liabilities
  
(117,284)
(137,411)


Capital and reserves
  

Called up share capital 
 8 
1,000
1,000

Profit and loss account
  
(118,284)
(138,411)

  
(117,284)
(137,411)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 March 2024.




Francis Toye
Director

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
SOUTHBANK IT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Southbank IT Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Europoint Centre, 5-11 Lavington Street, London, SE1 ONZ. 
The principal activity of the company continues to be the provision of IT support (including cloud services and internet and telephony) from London to companies in the UK.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 2

 
SOUTHBANK IT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
SOUTHBANK IT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25% per annum reducing balance
Fixtures and fittings
-
25% per annum reducing balance
Computer equipment
-
25% per annum reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).

Page 4

 
SOUTHBANK IT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 July 2022
130,590


Additions
5,241



At 30 June 2023

135,831



Depreciation


At 1 July 2022
118,801


Charge for the year on owned assets
3,930



At 30 June 2023

122,731



Net book value



At 30 June 2023
13,100



At 30 June 2022
11,789

Page 5

 
SOUTHBANK IT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

5.


Debtors

2023
2022
£
£


Trade debtors
52,171
38,114

Prepayments and accrued income
11,615
9,514

63,786
47,628



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
11,069
1,713

11,069
1,713



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
32,881
18,918

Amounts owed to group undertakings
140,819
143,337

Other taxation and social security
16,285
15,596

Other creditors
1,203
480

Accruals and deferred income
14,051
20,210

205,239
198,541



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000


Page 6

 
SOUTHBANK IT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

9.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £8,274 (2022: £8,170). Contributions totalling £1,203 (2022: £480) were payable to the fund at the balance sheet date and are included in other creditors due within one year


10.


Controlling party

The immediate and ultimate parent company is The Unilink Group Limited and its registered address is Europoint, 5-11 Lavington Street, London, SE1 ONZ.
The ultimate controlling party is Francis Toye by virtue of his shareholding in the ultimate parent company.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2023 was unqualified.

The audit report was signed on 1 March 2024 by Duncan Stannett (Senior statutory auditor) on behalf of Barnes Roffe LLP.

 
Page 7