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REGISTERED NUMBER: 06462436 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SOLUTIONS IN TECHNOLOGY (IT) LIMITED

SOLUTIONS IN TECHNOLOGY (IT) LIMITED (REGISTERED NUMBER: 06462436)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SOLUTIONS IN TECHNOLOGY (IT) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr R P Wilkins
Mrs K E Wilkins
Miss K A Hibbert
Mr S P Lacey





SECRETARY: Mr R P Wilkins





REGISTERED OFFICE: Units 9,10
Springvale Industrial Estate
Cwmbran
Gwent
NP44 5AZ





REGISTERED NUMBER: 06462436 (England and Wales)





ACCOUNTANTS: Graham Paul Limited
Court House
Court Road
Bridgend
CF31 1BE

SOLUTIONS IN TECHNOLOGY (IT) LIMITED (REGISTERED NUMBER: 06462436)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,488 1,633

CURRENT ASSETS
Stocks 20,000 20,000
Debtors 5 332,336 248,004
Cash at bank 87,169 102,634
439,505 370,638
CREDITORS
Amounts falling due within one year 6 277,971 236,143
NET CURRENT ASSETS 161,534 134,495
TOTAL ASSETS LESS CURRENT
LIABILITIES

164,022

136,128

CREDITORS
Amounts falling due after more than one
year

7

-

(25,000

)

PROVISIONS FOR LIABILITIES (622 ) (310 )
NET ASSETS 163,400 110,818

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 163,300 110,718
163,400 110,818

SOLUTIONS IN TECHNOLOGY (IT) LIMITED (REGISTERED NUMBER: 06462436)

BALANCE SHEET - continued
31 DECEMBER 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 August 2024 and were signed on its behalf by:





Mr S P Lacey - Director


SOLUTIONS IN TECHNOLOGY (IT) LIMITED (REGISTERED NUMBER: 06462436)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Solutions In Technology (IT) 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 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 the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 20% on cost

Stocks
Stocks 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.

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.

SOLUTIONS IN TECHNOLOGY (IT) LIMITED (REGISTERED NUMBER: 06462436)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

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.

The company operates an auto enrolment pension scheme. Contributions payable to the pension scheme are charged to the profit and loss account in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 30,740
Additions 2,666
At 31 December 2023 33,406
DEPRECIATION
At 1 January 2023 29,107
Charge for year 1,811
At 31 December 2023 30,918
NET BOOK VALUE
At 31 December 2023 2,488
At 31 December 2022 1,633

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 44,549 27,943
Other debtors 287,787 220,061
332,336 248,004

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 10,000
Trade creditors 47,570 42,281
Taxation and social security 127,675 81,162
Other creditors 102,726 102,700
277,971 236,143

SOLUTIONS IN TECHNOLOGY (IT) LIMITED (REGISTERED NUMBER: 06462436)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 25,000

8. RELATED PARTY DISCLOSURES

Included in debtors is an amount of £287,690 (2022: £219,984) which relates to loans to a company under common control. The loan is interest free and repayable on demand.