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REGISTERED NUMBER: 03404191 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

IT2 LIMITED

IT2 LIMITED (REGISTERED NUMBER: 03404191)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 7

IT2 LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTORS: Mr D C Shipman
Dr M Fretwell





REGISTERED OFFICE: Suite 4
Onsite Lodge
Mansfield Road
Eastwood
Nottinghamshire
NG16 3AR





REGISTERED NUMBER: 03404191 (England and Wales)





ACCOUNTANTS: Ian Hewertson BA (Hons) FCCA
Sandicroft 193 Limited
Chartered Certified Accountants
35 Bramley Close
Blackpool
Lancashire
FY4 5FP

IT2 LIMITED (REGISTERED NUMBER: 03404191)

ABRIDGED BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,196 8,781
Investments 5 568,119 568,119
578,315 576,900

CURRENT ASSETS
Stock and work in progress 35,030 39,545
Debtors 516,396 371,518
Cash at bank 48,149 101,232
599,575 512,295
CREDITORS
Amounts falling due within one year 125,018 95,446
NET CURRENT ASSETS 474,557 416,849
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,052,872

993,749

CREDITORS
Amounts falling due after more than one
year

21,394

39,576
NET ASSETS 1,031,478 954,173

CAPITAL AND RESERVES
Called up share capital 7 600,100 600,100
Revaluation reserve 8 165,509 165,509
Retained earnings 265,869 188,564
SHAREHOLDERS' FUNDS 1,031,478 954,173

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

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

IT2 LIMITED (REGISTERED NUMBER: 03404191)

ABRIDGED BALANCE SHEET - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2024 and were signed on its behalf by:





Dr M Fretwell - Director


IT2 LIMITED (REGISTERED NUMBER: 03404191)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

IT2 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 as modified by the revaluation of certain assets.

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

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

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 9 ) .

IT2 LIMITED (REGISTERED NUMBER: 03404191)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024


4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023 204,950
Additions 4,343
At 31 March 2024 209,293
DEPRECIATION
At 1 April 2023 196,169
Charge for year 2,928
At 31 March 2024 199,097
NET BOOK VALUE
At 31 March 2024 10,196
At 31 March 2023 8,781

5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST OR VALUATION
At 1 April 2023
and 31 March 2024 568,119
NET BOOK VALUE
At 31 March 2024 568,119
At 31 March 2023 568,119

Cost or valuation at 31 March 2024 is represented by:
Totals
£   
Valuation in 2024 568,119

6. DEFERRED TAX
£   
Balance at 1 April 2023 (37,272 )
Movement during the year (2,494 )
Balance at 31 March 2024 (39,766 )

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
600,100 Ordinary £1 600,100 600,100

IT2 LIMITED (REGISTERED NUMBER: 03404191)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024


8. RESERVES
Revaluation
reserve
£   
At 1 April 2023
and 31 March 2024 165,509

9. RELATED PARTY DISCLOSURES

The controlling party is Mr D C Shipman by virtue of his ownership of 100% of the issued share capital in the company.

The Fixed Asset Investments detailed on the Balance Sheet relate to holdings in the AFI Rentals Group and 3SM Investments Limited,companies in which Mr Shipman is a minority participator by way of shareholding or other investment.

IT2 LIMITED

REPORT OF THE ACCOUNTANTS TO THE DIRECTORS OF
IT2 LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2024 set out on pages three to eight and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Ian Hewertson BA (Hons) FCCA
Sandicroft 193 Limited
Chartered Certified Accountants
35 Bramley Close
Blackpool
Lancashire
FY4 5FP


20 August 2024