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Iitac Limited

Unaudited Abridged Financial Accounts

for the Year Ended 31 October 2023

Registration number: 04579865

 

Iitac Limited

Contents

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Unaudited Abridged Financial Statements

3 to 4

 

Iitac Limited

Company Information

Directors

G R Jewell

S C Duffy

Company secretary

G R Jewell

Registered office

Stanmore House
64-68 Blackburn Street
Radcliffe
Manchester
M26 2JS

Business address

409-410 Kingfisher Centre
Burnley Road
Rawtenstall
Rossendale
Lancashire
BB4 8EQ

Accountants

Gortons
 Chartered Accountants
Stanmore House
64-68 Blackburn Street
Radcliffe
Manchester
M26 2JS

 

Iitac Limited

(Registration number: 04579865)
Abridged Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

753

1,507

Current assets

 

Stocks

27,056

15,445

Debtors

91,927

127,643

Cash at bank and in hand

 

209,622

235,922

 

328,605

379,010

Prepayments and accrued income

 

9,823

6,867

Creditors: Amounts falling due within one year

(117,258)

(128,892)

Net current assets

 

221,170

256,985

Total assets less current liabilities

 

221,923

258,492

Accruals and deferred income

 

(209,548)

(181,665)

Net assets

 

12,375

76,827

Capital and reserves

 

Called up share capital

179

200

Capital redemption reserve

21

-

Retained earnings

12,175

76,627

Shareholders' funds

 

12,375

76,827

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial accounts have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 

.........................................
G R Jewell
Director

   

   
 

Iitac Limited

Notes to the Unaudited Abridged Financial Statements for the
Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales, and the company's registration number is 04579865. The registered office address is Stanmore House, 64-68 Blackburn Street, Radcliffe, Manchester, M26 2JS.

These financial statements were authorised for issue by the Board on 29 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial accounts are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention.

Going concern

The financial accounts have been prepared on a going concern basis.

Turnover

Turnover represents the invoiced value of goods sold and services provided, net of Value Added Tax.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33% on cost

Office equipment

33% on cost

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 5).

 

Iitac Limited

Notes to the Unaudited Abridged Financial Statements for the
Year Ended 31 October 2023

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

754

3,291

5

Intangible assets

The goodwill transferred on the incorporation of the business has been fully amortised in the accounts.

6

Tangible assets

Total
£

Cost or valuation

At 1 November 2022

52,654

At 31 October 2023

52,654

Depreciation

At 1 November 2022

51,147

Charge for the year

754

At 31 October 2023

51,901

Carrying amount

At 31 October 2023

753

At 31 October 2022

1,507

7

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are employer pension contributions paid after date of £474 (2022 - £353).

8

Related party transactions

During the year a director had a loan with the company which, although in credit at the start and end of the period, became overdrawn to a maximum of £29,175 during the period (2022 - not overdrawn). Interest of £96 has been charged on this loan at a commercial basis, and it is repayable on demand.

Another director (until 8 December 2022, when he retired) and shareholder of the company had a loan account with the company which was cleared by the year end, but went overdrawn to a maximum of £171 during the year (not overdrawn at all in the previous year).

The company purchased the director's 20 ordinary £1 A shares and 1 ordinary £1 C share for total consideration of £69,300 on 3 August 2023.