2022-11-012023-10-312023-10-31false07398656Adam Booth IT Services 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Adam Booth IT Services Limited

Registered Number
07398656
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2023

Adam Booth IT Services Limited
Company Information
for the year from 1 November 2022 to 31 October 2023

Director

Robert Adam Booth

Registered Address

18 Eastwood
Southburn Rise, Sacriston
Co Durham
DH7 6UR

Registered Number

07398656 (England and Wales)
Adam Booth IT Services Limited
Statement of Financial Position
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets32936
2936
Current assets
Cash at bank and on hand14,07224,093
14,07224,093
Creditors amounts falling due within one year5(11,084)(20,270)
Net current assets (liabilities)2,9883,823
Total assets less current liabilities3,0173,859
Net assets3,0173,859
Capital and reserves
Called up share capital100100
Profit and loss account2,9173,759
Shareholders' funds3,0173,859
The financial statements were approved and authorised for issue by the Director on 30 July 2024, and are signed on its behalf by:
Robert Adam Booth
Director
Registered Company No. 07398656
Adam Booth IT Services Limited
Notes to the Financial Statements
for the year ended 31 October 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery20-
Office Equipment-4
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in notes. Prepayments are not financial instruments. Cash at bank – is classified as a basic financial instrument and is measured at face value. Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in notes. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.
2.Average number of employees

20232022
Average number of employees during the year11
3.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 November 225575321,089
At 31 October 235575321,089
Depreciation and impairment
At 01 November 225215321,053
Charge for year7-7
At 31 October 235285321,060
Net book value
At 31 October 2329-29
At 31 October 2236-36
4.Impairment of tangible fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables39392
Taxation and social security7,3079,564
Other creditors1,7839,514
Accrued liabilities and deferred income1,6011,100
Total11,08420,270
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.