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REGISTERED NUMBER: 04477162 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 August 2023

for

IT Sports Limited

IT Sports Limited (Registered number: 04477162)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IT Sports Limited

Company Information
for the Year Ended 31 August 2023







DIRECTOR: Mr I Tooms





SECRETARY: Mrs J E Tooms





REGISTERED OFFICE: 2 Clifton Moor Business Village
James Nicolson Link
York
North Yorkshire
YO30 4XG





REGISTERED NUMBER: 04477162 (England and Wales)





ACCOUNTANTS: Beckingtons
2 Clifton Moor Business
Village
James Nicolson Link
York
North Yorkshire
YO30 4XG

IT Sports Limited (Registered number: 04477162)

Balance Sheet
31 August 2023

31.8.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 35,000 40,000
Tangible assets 5 74,361 6,390
109,361 46,390

CURRENT ASSETS
Stocks 54,000 48,600
Debtors 6 3,442 2,153
Cash at bank and in hand 1,381 4,139
58,823 54,892
CREDITORS
Amounts falling due within one year 7 87,997 88,857
NET CURRENT LIABILITIES (29,174 ) (33,965 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

80,187

12,425

CREDITORS
Amounts falling due after more than one year 8 (63,036 ) -

PROVISIONS FOR LIABILITIES (9,921 ) -
NET ASSETS 7,230 12,425

CAPITAL AND RESERVES
Called up share capital 9 1 1
Retained earnings 7,229 12,424
SHAREHOLDERS' FUNDS 7,230 12,425

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Sports Limited (Registered number: 04477162)

Balance Sheet - continued
31 August 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 director and authorised for issue on 11 April 2024 and were signed by:





Mr I Tooms - Director


IT Sports Limited (Registered number: 04477162)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

IT Sports 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.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business, is being amortised over its estimated useful life.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on reducing balance, 20% on reducing balance and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 3 ) .

IT Sports Limited (Registered number: 04477162)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2022
and 31 August 2023 105,000
AMORTISATION
At 1 September 2022 65,000
Charge for year 5,000
At 31 August 2023 70,000
NET BOOK VALUE
At 31 August 2023 35,000
At 31 August 2022 40,000

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2022 19,531
Additions 79,137
At 31 August 2023 98,668
DEPRECIATION
At 1 September 2022 13,141
Charge for year 11,166
At 31 August 2023 24,307
NET BOOK VALUE
At 31 August 2023 74,361
At 31 August 2022 6,390

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Other debtors 3,442 2,153

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Bank loans and overdrafts 43 -
Hire purchase contracts 9,718 -
Trade creditors 47,361 73,330
Taxation and social security 10,321 11,893
Other creditors 20,554 3,634
87,997 88,857

IT Sports Limited (Registered number: 04477162)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.23 31.8.22
£    £   
Hire purchase contracts 63,036 -

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.23 31.8.22
value: £    £   
1 Ordinary £1 1 1