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REGISTERED NUMBER: 05366037 (England and Wales)















Financial Statements for the Year Ended 31 March 2024

for

it sO works limited

it sO works limited (Registered number: 05366037)






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




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


it sO works limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: E L Ostrowski
Mrs J D Ostrowski





SECRETARY: Mrs J D Ostrowski





REGISTERED OFFICE: 31 Walker Avenue
Wolverton Mill East
Milton Keynes
Buckinghamshire
MK12 5TW





REGISTERED NUMBER: 05366037 (England and Wales)





ACCOUNTANTS: Carrington-May
Chartered Certified Accountants
31 Walker Avenue
Wolverton Mill East
Milton Keynes
Buckinghamshire
MK12 5TW

it sO works limited (Registered number: 05366037)

Abridged Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 61,135 58,152

CURRENT ASSETS
Debtors 27,790 25,442
Cash at bank 54,120 22,400
81,910 47,842
CREDITORS
Amounts falling due within one year 68,217 45,657
NET CURRENT ASSETS 13,693 2,185
TOTAL ASSETS LESS CURRENT
LIABILITIES

74,828

60,337

PROVISIONS FOR LIABILITIES 816 17
NET ASSETS 74,012 60,320

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 73,912 60,220
SHAREHOLDERS' FUNDS 74,012 60,320

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.

it sO works limited (Registered number: 05366037)

Abridged Statement of Financial Position - 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 Statement of Financial Position 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 29 August 2024 and were signed on its behalf by:





E L Ostrowski - Director


it sO works limited (Registered number: 05366037)

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

1. STATUTORY INFORMATION

it sO works 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.

The directors have considered the cash flow and profitability of the company for the forthcoming year and consider that the company has the ability to settle its liabilities as they fall due. On this basis the directors consider that the going concern basis of preparation to be appropriate.

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.
Fixtures and fittings - 33% on cost
Computer equipment - 33% on cost

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

it sO works limited (Registered number: 05366037)

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

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023 72,020
Additions 4,223
Disposals (4,727 )
At 31 March 2024 71,516
DEPRECIATION
At 1 April 2023 13,868
Charge for year 1,151
Eliminated on disposal (4,638 )
At 31 March 2024 10,381
NET BOOK VALUE
At 31 March 2024 61,135
At 31 March 2023 58,152

5. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
E L Ostrowski and Mrs J D Ostrowski
Balance outstanding at start of year (801 ) 3,721
Amounts advanced (12,153 ) -
Amounts repaid - (4,522 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (12,954 ) (801 )

The sum of £12,954 was owed by the company to the directors (2023 £801). £12,954 was the maximum amount outstanding during the year.Interest has not been paid or accrued on the sum outstanding.