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Registered number: 07745365
School I.T. Assist Ltd
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 August 2023
Lee Christian & Co Limited
Chartered Certified Accountants
Suite 222 Cuffley Point
Cuffley Place, Sopers Road
Cuffley
Hertfordshire
EN6 4RY
Unaudited Financial Statements
Contents
Page
Company Information 1
Abridged Statement of Financial Position 2—3
Notes to the Abridged Financial Statements 4—6
Page 1
Company Information
Directors Ms T G Regan
Mr A E Brown
Company Number 07745365
Registered Office C/O Lee Christian & Co Limited
Suite 222 Cuffley Point
Cuffley Place, Sopers Road
Cuffley, Hertfordshire
EN6 4RY
Accountants Lee Christian & Co Limited
Chartered Certified Accountants
Suite 222 Cuffley Point
Cuffley Place, Sopers Road
Cuffley
Hertfordshire
EN6 4RY
Page 1
Page 2
Abridged Statement of Financial Position
Registered number: 07745365
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,914 2,392
1,914 2,392
CURRENT ASSETS
Debtors - 1,283
Cash at bank and in hand 78,025 79,588
78,025 80,871
Creditors: Amounts Falling Due Within One Year (70,588 ) (78,729 )
NET CURRENT ASSETS (LIABILITIES) 7,437 2,142
TOTAL ASSETS LESS CURRENT LIABILITIES 9,351 4,534
PROVISIONS FOR LIABILITIES
Deferred Taxation (355 ) (444 )
NET ASSETS 8,996 4,090
CAPITAL AND RESERVES
Called up share capital 5 1,020 1,020
Income Statement 7,976 3,070
SHAREHOLDERS' FUNDS 8,996 4,090
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For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
All of the company's members have consented to the preparation of an Abridged Income Statement and an Abridged Statement of Financial Position for the year end 31 August 2023 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Ms T G Regan
Director
10th April 2024
The notes on pages 4 to 6 form part of these financial statements.
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Notes to the Abridged Financial Statements
1. General Information
School I.T. Assist Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07745365 . The registered office is C/O Lee Christian & Co Limited, Suite 222 Cuffley Point, Cuffley Place, Sopers Road, Cuffley, Hertfordshire, EN6 4RY.
The presentation currency of the accounts is in Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover 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. Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered stated net of discounts, other sales taxes and value added tax.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 20% on reducing balance
The carrying values of tangible fixed assets are reviewed for impairment when events or changes in
circumstances indicate that the carrying value may not be recoverable.
The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the profit and loss account and included in the other operating income.
2.4. Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant, property and equipment are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.
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2.5. Taxation
Taxaion for the year comprises the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. 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.
2.7. Creditors
Short term trade 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
- -
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4. Tangible Assets
Total
£
Cost
As at 1 September 2022 7,860
As at 31 August 2023 7,860
Depreciation
As at 1 September 2022 5,468
Provided during the period 478
As at 31 August 2023 5,946
Net Book Value
As at 31 August 2023 1,914
As at 1 September 2022 2,392
5. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1,020 1,020
6. Liability Limitation Agreement With The Accountant
The company has entered into a liability limitation agreement with the accountants Lee Christian & Co Limited in respect of advice given and the preparation of any financial statements. The liability agreement strictly restricts the liability of Lee Christian & Co Limited solely to   School I.T. Assist Ltd (the company) and further restricts the liability of Lee Christian & Co Limited to the company in accordance with the Lee Christian & Co Limited engagement letter and terms and conditions.
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