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COMPANY REGISTRATION NUMBER: 09518416
ITINSELL LIMITED
Filleted Unaudited Financial Statements
31 December 2023
ITINSELL LIMITED
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Current assets
Debtors
4
711,266
693,723
Cash at bank and in hand
4,177
11,678
---------
---------
715,443
705,401
Creditors: amounts falling due within one year
5
1,337,987
1,245,756
------------
------------
Net current liabilities
622,544
540,355
---------
---------
Total assets less current liabilities
( 622,544)
( 540,355)
---------
---------
Net liabilities
( 622,544)
( 540,355)
---------
---------
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss account
( 632,544)
( 550,355)
---------
---------
Shareholders deficit
( 622,544)
( 540,355)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 15 August 2024 , and are signed on behalf of the board by:
Mr. J. FIETTE
Director
Company registration number: 09518416
ITINSELL LIMITED
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Wilberforce House, Station Road, London, NW4 4QE, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of (enter name of group financial statements) which can be obtained from (enter detail). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
4. Debtors
2023
2022
£
£
Trade debtors
264,431
108,727
Amounts owed by group undertakings and undertakings in which the company has a participating interest
446,135
584,033
Other debtors
700
963
---------
---------
711,266
693,723
---------
---------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,200,584
1,272,680
Social security and other taxes
20,748
4,905
Other creditors
116,655
( 31,829)
------------
------------
1,337,987
1,245,756
------------
------------
6. Controlling party
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Wilbeforce House, Station Road, London England, NW4 4QE. ITINSELL LTD is a subsidiary of ITINSELL SOFTWARE a limited company registered in France with principal office at 61 Rue Sully, Lyon 69006, France .