Iitac Limited
for the
Year Ended 31 October 2023
Registration number:
Iitac Limited
Contents
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Company Information |
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Abridged Balance Sheet |
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Notes to the Unaudited Abridged Financial Statements |
Iitac Limited
Company Information
Directors |
G R Jewell S C Duffy |
Company secretary |
G R Jewell |
Registered office |
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Business address |
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Accountants |
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Iitac Limited
(Registration number: 04579865)
Abridged Balance Sheet as at 31 October 2023
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2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Accruals and deferred income |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Retained earnings |
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Shareholders' funds |
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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:
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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
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Iitac Limited
Notes to the Unaudited Abridged Financial Statements for the
Year Ended 31 October 2023
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Iitac Limited
Notes to the Unaudited Abridged Financial Statements for the
Year Ended 31 October 2023
Profit before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
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Depreciation expense |
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Intangible assets |
The goodwill transferred on the incorporation of the business has been fully amortised in the accounts.
Tangible assets |
Total |
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Cost or valuation |
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At 1 November 2022 |
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At 31 October 2023 |
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Depreciation |
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At 1 November 2022 |
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Charge for the year |
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At 31 October 2023 |
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Carrying amount |
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At 31 October 2023 |
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At 31 October 2022 |
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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).
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.