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Registered number: 06988066
Stroudy IT Limited
Unaudited Financial Statements
For The Year Ended 31 August 2023
CBS (Accounting) Ltd
Oak Business Centre
79-93 Ratcliffe Road
Sileby
Loughborough
LE12 7PU
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06988066
2023 2022
Notes £ £ £ £
FIXED ASSETS
CURRENT ASSETS
Stocks 4 1,550 1,700
Debtors 5 49,959 49,749
Cash at bank and in hand 21,056 24,763
72,565 76,212
Creditors: Amounts Falling Due Within One Year 6 (58,610 ) (56,784 )
NET CURRENT ASSETS (LIABILITIES) 13,955 19,428
TOTAL ASSETS LESS CURRENT LIABILITIES 13,955 19,428
Creditors: Amounts Falling Due After More Than One Year 7 (13,950 ) (19,350 )
NET ASSETS 5 78
CAPITAL AND RESERVES
Called up share capital 8 4 4
Profit and Loss Account 1 74
SHAREHOLDERS' FUNDS 5 78
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For the year ending 31 August 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr William Stroud
Director
15/04/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Stroudy IT Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06988066 . The registered office is 79-93 Ratcliffe Road, Sileby, Loughborough, LE12 7PU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 25% Reducing Balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Sales, marketing and distribution 1 1
Directors 1 1
2 2
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4. Stocks
2023 2022
£ £
Work in progress 1,550 1,700
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 49,559 49,349
Other debtors 400 400
49,959 49,749
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors - (253 )
Bank loans and overdrafts 5,400 5,400
Corporation tax 6,652 6,135
Other taxes and social security 277 901
VAT 6,518 6,054
Other creditors 437 195
Accruals and deferred income 226 226
Directors' loan accounts 39,100 38,126
58,610 56,784
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 13,950 19,350
13,950 19,350
8. Share Capital
2023 2022
Allotted, called up and fully paid £ £
2 Ordinary Shares of £ 1 each 2 2
1 Ordinary A shares of £ 1 each 1 1
1 Ordinary B shares of £ 1 each 1 1
4 4
Converted 1 share from Ordinary £1.00 to B Ordinary £1.00
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9. Dividends
2023 2022
£ £
On equity shares:
Interim dividend paid 28,431 26,114
28,431 26,114
10. Controlling Party
The company's controlling party is Mr Ben Stroud by virtue of his ownership of (50%) of the issued share capital in the company.
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