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Registration number: 06650426

B2B IT Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

B2B IT Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

B2B IT Ltd

Company Information

Director

Mr Ian James Hudson

Registered office

67 Bolton Road
Ashton-In-Makerfield
Wigan
Lancashire
WN4 8AA

 

B2B IT Ltd

(Registration number: 06650426)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

371,098

411,206

Current assets

 

Stocks

5

63,335

52,068

Debtors

6

729,264

785,190

Other financial assets

-

15,000

Cash at bank and in hand

 

73,383

94,162

 

865,982

946,420

Creditors: Amounts falling due within one year

7

(489,430)

(468,483)

Net current assets

 

376,552

477,937

Total assets less current liabilities

 

747,650

889,143

Creditors: Amounts falling due after more than one year

7

(84,150)

(148,915)

Provisions for liabilities

(47,235)

(48,555)

Net assets

 

616,265

691,673

Capital and reserves

 

Called up share capital

50

50

Retained earnings

616,215

691,623

Shareholders' funds

 

616,265

691,673

For the financial 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 12 August 2024
 

 

B2B IT Ltd

(Registration number: 06650426)
Balance Sheet as at 31 December 2023

.........................................
Mr Ian James Hudson
Director

 

B2B IT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
67 Bolton Road
Ashton-In-Makerfield
Wigan
Lancashire
WN4 8AA

These financial statements were authorised for issue by the director on 12 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

B2B IT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

10% straight line

Plant & Machinery

5% straight line

Fixtures & Fittings

20% straight line

Computer Equipment

15% straight line

Motor Vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

B2B IT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 23 (2022 - 27).

 

B2B IT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Equipment, Fixtures & Fittings
£

Motor vehicles
 £

Plant and Machinery
£

Total
£

Cost or valuation

At 1 January 2023

218,146

515,927

37,043

825

771,941

Additions

44,297

13,611

-

-

57,908

Disposals

-

-

(27,875)

-

(27,875)

At 31 December 2023

262,443

529,538

9,168

825

801,974

Depreciation

At 1 January 2023

38,523

306,551

14,836

825

360,735

Charge for the year

23,371

55,158

906

-

79,435

Eliminated on disposal

-

-

(9,294)

-

(9,294)

At 31 December 2023

61,894

361,709

6,448

825

430,876

Carrying amount

At 31 December 2023

200,549

167,829

2,720

-

371,098

At 31 December 2022

179,623

209,376

22,207

-

411,206

Included within the net book value of land and buildings above is £200,549 (2022 - £179,623) in respect of short leasehold land and buildings.
 

 

B2B IT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Stocks

2023
£

2022
£

Work in progress

60,000

24,350

Other inventories

3,335

27,718

63,335

52,068

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

202,659

232,018

Amounts owed by related parties

9

509,801

476,888

Accrued income

 

6,193

6,000

Prepayments

 

5,980

27,183

Other debtors

 

4,631

43,101

   

729,264

785,190

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

66,556

58,195

trade creditors

 

159,085

195,901

Taxation and social security

 

100,744

149,668

Accruals and deferred income

 

6,800

7,000

Other creditors

 

156,245

57,719

 

489,430

468,483

 

B2B IT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

84,150

148,915

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

84,150

148,915

2023
£

2022
£

Current loans and borrowings

Bank borrowings

64,765

57,969

Bank overdrafts

1,791

226

66,556

58,195

9

Related party transactions

Key management personnel

At the balance sheet date the amount due from the director was £64,781 (2022: £4,581).

Summary of transactions with other related parties

Amounts written off related to associated companies:
£12,279 balance with B2B Secure (company dissolved 19th January 2024).
£7,800 balance with CSE Vitman (company in liquidation).
£57,413 balance with B2B Promote (company in liquidation).