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REGISTERED NUMBER: 05284021 (England and Wales)








Unaudited Financial Statements

for the Year Ended 31 May 2024

for

ResourceiT Consulting Limited

ResourceiT Consulting Limited (Registered number: 05284021)

Contents of the Financial Statements
for the Year Ended 31 May 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ResourceiT Consulting Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: Mrs J T Simpson
M A Simpson
Miss V A Simpson





SECRETARY: Mrs J T Simpson





REGISTERED OFFICE: First Floor Unit 4
Elmwood
Crockford Lane, Chineham Business Park
Basingstoke
Hampshire
RG24 8WG





REGISTERED NUMBER: 05284021 (England and Wales)





ACCOUNTANTS: Lane Monnington Welton
Chartered Accountants
Riverside View
Basing Road
Old Basing
Basingstoke
Hampshire
RG24 7AL

ResourceiT Consulting Limited (Registered number: 05284021)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 46,153 83,139

CURRENT ASSETS
Debtors 5 875,452 652,257
Cash at bank and in hand 908,403 793,966
1,783,855 1,446,223
CREDITORS
Amounts falling due within one year 6 1,225,812 633,277
NET CURRENT ASSETS 558,043 812,946
TOTAL ASSETS LESS CURRENT
LIABILITIES

604,196

896,085

PROVISIONS FOR LIABILITIES 8 9,159 13,193
NET ASSETS 595,037 882,892

CAPITAL AND RESERVES
Called up share capital 9 167 167
Capital redemption reserve 33 33
Retained earnings 594,837 882,692
SHAREHOLDERS' FUNDS 595,037 882,892

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 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.

ResourceiT Consulting Limited (Registered number: 05284021)

Balance Sheet - continued
31 May 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:





M A Simpson - Director


ResourceiT Consulting Limited (Registered number: 05284021)

Notes to the Financial Statements
for the Year Ended 31 May 2024


1. STATUTORY INFORMATION

ResourceiT Consulting 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 represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost
Computer equipment - 33% on cost

Financial instruments
Debtors and creditors payable/receivable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price, including transaction costs. Subsequently they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, adjusted for indexation where applicable.

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.

ResourceiT Consulting Limited (Registered number: 05284021)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Impairment
Assets not measured at fair value are reviewed for any indication that an asset may be impaired at each balance sheet date. The directors review the carrying amount of the relevant assets and compare them to their market values and recoverable amounts. Where the carrying amount exceeds this, an impairment loss is recognised in profit or loss, unless the asset is carried at a revalued amount, where the impairment loss is a revaluation decrease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2023 - 22 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 June 2023 112,948 25,050 137,998
Additions - 7,126 7,126
Disposals (2,090 ) - (2,090 )
At 31 May 2024 110,858 32,176 143,034
DEPRECIATION
At 1 June 2023 37,273 17,586 54,859
Charge for year 37,273 6,839 44,112
Eliminated on disposal (2,090 ) - (2,090 )
At 31 May 2024 72,456 24,425 96,881
NET BOOK VALUE
At 31 May 2024 38,402 7,751 46,153
At 31 May 2023 75,675 7,464 83,139

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 651,896 382,603
Other debtors 223,556 269,654
875,452 652,257

ResourceiT Consulting Limited (Registered number: 05284021)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade creditors 1,609 5,594
Taxation and social security 317,478 181,041
Other creditors 906,725 446,642
1,225,812 633,277

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.5.24 31.5.23
£    £   
Within one year 45,747 8,222
Between one and five years 182,988 131,556
In more than five years 137,241 131,556
365,976 271,334

8. PROVISIONS FOR LIABILITIES
31.5.24 31.5.23
£    £   
Deferred tax
Accelerated capital allowances 9,159 13,193

Deferred
tax
£   
Balance at 1 June 2023 13,193
Provided during year (4,034 )
Balance at 31 May 2024 9,159

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
16,700 Ordinary A 0.01 167 167

ResourceiT Consulting Limited (Registered number: 05284021)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


10. SHARE OPTION SCHEME

The company operates a share option plan for selected employees of the company. The options vest on the occurrence of a sale of the company and may be exercised within the period beginning with the date of sale and ending 90 days thereafter and shall lapse and cease to be exercisable at the end of that period.

If the options remain unexercised after a period of 10 years from the date of grant, the options expire. Options may not be exercised if the employee leaves the company before the options vest except where the Board permits it under certain clauses or the employment terminates for certain reasons.

In 2020 the company granted 7 employees an option to purchase a total of 400 Ordinary A shares in the company with an exercise price of £10 per share. These options expire in March 2030.

11. EXTRAORDINARY ITEMS

The company moved office and invested in people and practices during the two years ended 31st May 2024 which required funds from the balance sheet. There was a share restructure on 1st June 2024 which resulted in distributions being made which reduced retained earnings. The directors deem the company is in a strong position for future growth.