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REGISTERED NUMBER: 05478758 (England and Wales)











Unaudited Financial Statements

for the Year Ended 30 June 2023

for

IT Rec Limited

IT Rec Limited (Registered number: 05478758)

Contents of the Financial Statements
for the Year Ended 30 June 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


IT Rec Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: C R N Wilkes-Green
R J Wilkes-Green





SECRETARY: R J Wilkes-Green





REGISTERED OFFICE: 40 Sycamore Crescent
Church Crookham
Fleet
Hampshire
GU51 5NN





REGISTERED NUMBER: 05478758 (England and Wales)





ACCOUNTANTS: Butt Miller
Chartered Accountants
1 Minster Court
Tuscam Way
Camberley
Surrey
GU15 3YY

IT Rec Limited (Registered number: 05478758)

Statement of Financial Position
30 June 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 2,306 1,837
Investments 5 2 2
2,308 1,839

CURRENT ASSETS
Debtors 6 21,607 75,127
Cash at bank and in hand 189,693 100,044
211,300 175,171
CREDITORS
Amounts falling due within one year 7 (30,333 ) (65,798 )
NET CURRENT ASSETS 180,967 109,373
TOTAL ASSETS LESS CURRENT
LIABILITIES

183,275

111,212

PROVISIONS FOR LIABILITIES (576 ) (349 )
NET ASSETS 182,699 110,863

CAPITAL AND RESERVES
Called up share capital 20 20
Retained earnings 182,679 110,843
182,699 110,863

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

IT Rec Limited (Registered number: 05478758)

Statement of Financial Position - continued
30 June 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 March 2024 and were signed on its behalf by:





C R N Wilkes-Green - Director


IT Rec Limited (Registered number: 05478758)

Notes to the Financial Statements
for the Year Ended 30 June 2023


1. STATUTORY INFORMATION

IT Rec Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts receivable for IT recruitment services provided, which are recognised in the Income Statement once the service has been performed, and are included net of VAT and trade discounts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance

Investments in associates
Investments in associated undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences arising are included in the Income Statement for the period.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate.

Cash balances
The directors are actively reserving cash to fund future working capital requirements.

IT Rec Limited (Registered number: 05478758)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 July 2022 5,306
Additions 2,443
Disposals (4,633 )
At 30 June 2023 3,116
DEPRECIATION
At 1 July 2022 3,469
Charge for year 590
Eliminated on disposal (3,249 )
At 30 June 2023 810
NET BOOK VALUE
At 30 June 2023 2,306
At 30 June 2022 1,837

5. FIXED ASSET INVESTMENTS
Interest
in
associate
£   
COST
At 1 July 2022
and 30 June 2023 2
NET BOOK VALUE
At 30 June 2023 2
At 30 June 2022 2

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 21,600 28,831
Other debtors - 32,847
Accrued income - 13,442
Prepayments 7 7
21,607 75,127

IT Rec Limited (Registered number: 05478758)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Tax 16,939 20,157
Social security and other taxes 116 -
VAT 6,890 4,231
Other creditors - 1
Directors' current accounts 4,048 31,424
Accruals 2,340 9,985
30,333 65,798

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2023 and 30 June 2022:

2023 2022
£    £   
C R N Wilkes-Green and R J Wilkes-Green
Balance outstanding at start of year (31,424 ) (42,300 )
Amounts advanced 28,000 11,500
Amounts repaid (624 ) (624 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (4,048 ) (31,424 )

The above loan is unsecured, interest free and repayable on demand.

9. SECURITIES AND CHARGES

There is a debenture in place in favour of the company's bank comprising fixed and floating charges over the company's assets.