Caseware UK (AP4) 2022.0.179 2022.0.179 2023-12-312023-12-311No description of principal activity2023-01-01false1truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07810913 2023-01-01 2023-12-31 07810913 2022-01-01 2022-12-31 07810913 2023-12-31 07810913 2022-12-31 07810913 c:Director1 2023-01-01 2023-12-31 07810913 d:CurrentFinancialInstruments 2023-12-31 07810913 d:CurrentFinancialInstruments 2022-12-31 07810913 d:Non-currentFinancialInstruments 2023-12-31 07810913 d:Non-currentFinancialInstruments 2022-12-31 07810913 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07810913 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07810913 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 07810913 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 07810913 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 07810913 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 07810913 d:ShareCapital 2023-12-31 07810913 d:ShareCapital 2022-12-31 07810913 d:RetainedEarningsAccumulatedLosses 2023-12-31 07810913 d:RetainedEarningsAccumulatedLosses 2022-12-31 07810913 c:OrdinaryShareClass1 2023-01-01 2023-12-31 07810913 c:OrdinaryShareClass1 2023-12-31 07810913 c:OrdinaryShareClass1 2022-12-31 07810913 c:FRS102 2023-01-01 2023-12-31 07810913 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07810913 c:FullAccounts 2023-01-01 2023-12-31 07810913 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07810913 2 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07810913










ADVANCE IN IT LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ADVANCE IN IT LIMITED
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2
Notes to the financial statements
 
 
3 - 7


 
ADVANCE IN IT LIMITED
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ADVANCE IN IT LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Advance In IT Limited for the year ended 31 December 2023 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Advance In IT Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Advance In IT Limited  and state those matters that we have agreed to state to the director of Advance In IT Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Advance In IT Limited and its director for our work or for this report. 

It is your duty to ensure that Advance In IT Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Advance In IT Limited. You consider that Advance In IT Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Advance In IT Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



BAGINSKY COHEN
CHARTERED ACCOUNTANTS
930 HIGH ROAD
LONDON
N12 9RT
12 March 2024
Page 1

 
ADVANCE IN IT LIMITED
REGISTERED NUMBER: 07810913

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

  

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
22,273
24,285

Cash at bank and in hand
 6 
1,645
22,503

  
23,918
46,788

Creditors: amounts falling due within one year
 7 
(23,782)
(26,295)

NET CURRENT ASSETS
  
 
 
136
 
 
20,493

Creditors: amounts falling due after more than one year
 8 
(15,358)
(17,295)

  

NET (LIABILITIES)/ASSETS
  
(15,222)
3,198


CAPITAL AND RESERVES
  

Called up share capital 
 10 
1
1

Profit and loss account
  
(15,223)
3,197

  
(15,222)
3,198


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 12 March 2024.




S. GAFAN
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
ADVANCE IN IT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.ACCOUNTING POLICIES

 
1.1

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 2).

 
1.2

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
1.3

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:

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.

 
1.4

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
ADVANCE IN IT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.ACCOUNTING POLICIES (CONTINUED)

 
1.5

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
1.6

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
1.7

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.

 
1.8

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.

 
1.9

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.

 
1.10

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.

 
1.11

FINANCIAL INSTRUMENTS

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Page 4

 
ADVANCE IN IT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.ACCOUNTING POLICIES (CONTINUED)

 
1.12

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


2.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, which are described in note 1, management is required to make judgments, estimated and assumptions about the carrying values of assets and liabilities that are not readily apparent form other sources.  The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant.  Actual results may differ from these estimates.
The estimates are underlying assumptions are reviewed on an ongoing basis.  Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.


3.


OPERATING (LOSS)/PROFIT

The operating (loss)/profit is stated after charging:

2023
2022
£
£

Exchange differences
237
(125)


4.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


5.


DEBTORS

2023
2022
£
£


Trade debtors
10,413
-

Other debtors
11,860
5,903

Prepayments and accrued income
-
18,382

22,273
24,285


Page 5

 
ADVANCE IN IT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
1,645
22,503



7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Bank loans
3,300
3,300

Trade creditors
203
-

Corporation tax
10,613
15,080

Other creditors
9,666
7,915

23,782
26,295



8.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Bank loans
15,358
17,295



9.


LOANS


Analysis of the maturity of loans is given below:


2023
2022
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
3,300
3,300


AMOUNTS FALLING DUE 2-5 YEARS

Bank loans
15,358
17,295


18,658
20,595


Page 6

 
ADVANCE IN IT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1 (2022 - 1) Ordinary share of £1.00
1
1



11.


RESERVES

Profit and loss account
This includes all current and prior period retained profits and losses.


Page 7