Company Registration No. 05681432 (England and Wales)
Initial IT Solutions Limited
Unaudited accounts
for the year ended 31 March 2023
Initial IT Solutions Limited
Unaudited accounts
Contents
Initial IT Solutions Limited
Statement of financial position
as at 31 March 2023
Tangible assets
1,004
1,504
Cash at bank and in hand
32,386
28,967
Creditors: amounts falling due within one year
(36,145)
(18,141)
Net current assets
13,832
26,183
Called up share capital
1,000
1,000
Profit and loss account
13,880
26,731
Shareholders' funds
14,880
27,731
For the year ending 31 March 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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 1 March 2024 and were signed on its behalf by
Mr A Price
Director
Company Registration No. 05681432
Initial IT Solutions Limited
Notes to the Accounts
for the year ended 31 March 2023
Initial IT Solutions Limited is a private company, limited by shares, registered in England and Wales, registration number 05681432. The registered office is Advantage House, Stowe Street, Lichfield, WS13 6AQ.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
33.3% reducing balance
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
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Tangible fixed assets
Fixtures & fittings
Initial IT Solutions Limited
Notes to the Accounts
for the year ended 31 March 2023
5
Investments
Other investments
Valuation at 1 April 2022
44
Valuation at 31 March 2023
44
Amounts falling due within one year
Trade debtors
17,459
15,357
7
Creditors: amounts falling due within one year
2023
2022
Trade creditors
26,293
13,086
Taxes and social security
8,654
4,070
Loans from directors
1,198
55
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000
1,000
9
Average number of employees
During the year the average number of employees was 1 (2022: 1).