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Registration number: 07090474

Tech Source I.T Solutions Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Tech Source I.T Solutions Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Tech Source I.T Solutions Ltd

Company Information

Directors

Mr Jonathan Swan

Mr Toby Reynolds

Mr Craig Leigh Stephens

Registered office

1 Talavera Court
Darnell Way
Northampton
NN3 6RW

Accountants

KRW Accountants Ltd
The Mill
Pury Hill Business Park
Alderton Road
Towcester
Northants
NN12 7LS

 

Tech Source I.T Solutions Ltd

(Registration number: 07090474)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

135,670

46,494

Current assets

 

Debtors

5

817,209

437,943

Cash at bank and in hand

 

423,706

446,568

 

1,240,915

884,511

Creditors: Amounts falling due within one year

6

(926,840)

(648,414)

Net current assets

 

314,075

236,097

Total assets less current liabilities

 

449,745

282,591

Creditors: Amounts falling due after more than one year

6

(65,808)

(37,002)

Net assets

 

383,937

245,589

Capital and reserves

 

Called up share capital

100

100

Retained earnings

383,837

245,489

Shareholders' funds

 

383,937

245,589

For the financial year ending 30 September 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 4 April 2024 and signed on its behalf by:
 

 

Tech Source I.T Solutions Ltd

(Registration number: 07090474)
Balance Sheet as at 30 September 2023

.........................................
Mr Jonathan Swan
Director

 

Tech Source I.T Solutions Ltd

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

1

General information

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

The address of its registered office is:
1 Talavera Court
Darnell Way
Northampton
NN3 6RW

These financial statements were authorised for issue by the Board on 4 April 2024.

The company registration number is 07090474

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

 

Tech Source I.T Solutions Ltd

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

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.

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:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. The company subsequently considers the recoverable value of the trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Tech Source I.T Solutions Ltd

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the profit and loss account on a straight line basis.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 12 (2022 - 11).

 

Tech Source I.T Solutions Ltd

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

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 October 2022

7,314

25,641

33,491

-

Additions

-

249

15,822

99,833

At 30 September 2023

7,314

25,890

49,313

99,833

Depreciation

At 1 October 2022

5,033

7,894

7,035

-

Charge for the year

(658)

4,269

7,634

15,473

At 30 September 2023

4,375

12,163

14,669

15,473

Carrying amount

At 30 September 2023

2,939

13,727

34,644

84,360

At 30 September 2022

2,281

17,746

26,467

-

Total
£

Cost or valuation

At 1 October 2022

66,446

Additions

115,904

At 30 September 2023

182,350

Depreciation

At 1 October 2022

19,962

Charge for the year

26,718

At 30 September 2023

46,680

Carrying amount

At 30 September 2023

135,670

At 30 September 2022

46,494

 

Tech Source I.T Solutions Ltd

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

5

Debtors

Current

2023
£

2022
£

Trade debtors

800,459

404,036

Prepayments

7,500

8,406

Other debtors

9,250

25,501

 

817,209

437,943

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

48,205

5,586

Trade creditors

 

694,760

414,844

Taxation and social security

 

169,850

167,131

Accruals and deferred income

 

-

35,350

Other creditors

 

14,025

25,503

 

926,840

648,414

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

65,808

37,002

 

Tech Source I.T Solutions Ltd

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

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

37,002

Hire purchase contracts

65,808

-

65,808

37,002

2023
£

2022
£

Current loans and borrowings

Bank borrowings

36,955

5,586

Hire purchase contracts

11,250

-

48,205

5,586