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REGISTERED NUMBER: 09983126 (England and Wales)
























FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

ITSOL MANAGED SERVICES LIMITED

ITSOL MANAGED SERVICES LIMITED (REGISTERED NUMBER: 09983126)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ITSOL MANAGED SERVICES LIMITED

COMPANY INFORMATION
For The Year Ended 31 March 2024







DIRECTORS: Mr R A Hedley
Mr D M Littleboy





REGISTERED OFFICE: 5&6 Manor Court
Manor Garth
Scarborough
North Yorkshire
YO11 3TU





REGISTERED NUMBER: 09983126 (England and Wales)





ACCOUNTANTS: Fortus Limited
Business Advisors & Accountants
5&6 Manor Court
Manor Garth
Scarborough
North Yorkshire
YO11 3TU

ITSOL MANAGED SERVICES LIMITED (REGISTERED NUMBER: 09983126)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3,000 4,500
Tangible assets 5 8,523 9,188
11,523 13,688

CURRENT ASSETS
Stocks 1,774 1,183
Debtors 6 200,355 174,421
Cash at bank 63,185 128,583
265,314 304,187
CREDITORS
Amounts falling due within one year 7 206,238 224,687
NET CURRENT ASSETS 59,076 79,500
TOTAL ASSETS LESS CURRENT LIABILITIES 70,599 93,188

CREDITORS
Amounts falling due after more than
one year

8

(14,115

)

(23,333

)

PROVISIONS FOR LIABILITIES (2,131 ) (1,746 )
NET ASSETS 54,353 68,109

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 54,253 68,009
SHAREHOLDERS' FUNDS 54,353 68,109

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.

ITSOL MANAGED SERVICES LIMITED (REGISTERED NUMBER: 09983126)

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.

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 30 August 2024 and were signed on its behalf by:





Mr D M Littleboy - Director


ITSOL MANAGED SERVICES LIMITED (REGISTERED NUMBER: 09983126)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024


1. STATUTORY INFORMATION

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment - 25% on reducing balance
Computer equipment - 33% 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 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.

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.

ITSOL MANAGED SERVICES LIMITED (REGISTERED NUMBER: 09983126)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


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.

Debtors and creditors receivable / payable 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 15,000
AMORTISATION
At 1 April 2023 10,500
Charge for year 1,500
At 31 March 2024 12,000
NET BOOK VALUE
At 31 March 2024 3,000
At 31 March 2023 4,500

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 141,351
Additions 7,580
At 31 March 2024 148,931
DEPRECIATION
At 1 April 2023 132,163
Charge for year 8,245
At 31 March 2024 140,408
NET BOOK VALUE
At 31 March 2024 8,523
At 31 March 2023 9,188

ITSOL MANAGED SERVICES LIMITED (REGISTERED NUMBER: 09983126)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 53,768 28,277
Other debtors 113,957 113,514
167,725 141,791

Amounts falling due after more than one year:
Other debtors 32,630 32,630

Aggregate amounts 200,355 174,421

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loan 10,000 10,000
Payments on account 50,912 79,675
Trade creditors 24,290 27,180
Taxation and social security 93,462 88,156
Other creditors 27,574 19,676
206,238 224,687

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 14,115 23,333

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
50 Ordinary A 1 50 50
50 Ordinary B 1 50 50
100 100

ITSOL MANAGED SERVICES LIMITED (REGISTERED NUMBER: 09983126)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


10. 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
£    £   
Mr R A Hedley
Balance outstanding at start of year 48,837 49,804
Amounts advanced 112,877 84,033
Amounts repaid (113,265 ) (85,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 48,449 48,837

Mr D M Littleboy
Balance outstanding at start of year 49,007 49,571
Amounts advanced 142,102 124,086
Amounts repaid (142,254 ) (124,650 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 48,855 49,007