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REGISTERED NUMBER: 11954475 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

AcuIT Limited

AcuIT Limited (Registered number: 11954475)






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


AcuIT Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: N S Brown
L R Catmull
A W Davey





REGISTERED OFFICE: 74 Church Road
Maidstone
Kent
ME15 6QY





REGISTERED NUMBER: 11954475 (England and Wales)





ACCOUNTANTS: Berry & Company
Chartered Accountants
Sterling House
7 Ashford Road
Maidstone
Kent
ME14 5BJ

AcuIT Limited (Registered number: 11954475)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 190,565 34,594
Investment property 5 80,000 -
270,565 34,594

CURRENT ASSETS
Stocks 3,162 6,476
Debtors 6 33,829 60,225
Cash at bank and in hand 58,343 115,875
95,334 182,576
CREDITORS
Amounts falling due within one year 7 111,357 105,876
NET CURRENT (LIABILITIES)/ASSETS (16,023 ) 76,700
TOTAL ASSETS LESS CURRENT
LIABILITIES

254,542

111,294

CREDITORS
Amounts falling due after more than one
year

8

(162,500

)

(24,167

)

PROVISIONS FOR LIABILITIES 11 (8,526 ) -
NET ASSETS 83,516 87,127

CAPITAL AND RESERVES
Called up share capital 12 99 99
Revaluation reserve 13 1,109 -
Fair value reserve 13 664 -
Retained earnings 13 81,644 87,028
SHAREHOLDERS' FUNDS 83,516 87,127

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.

AcuIT Limited (Registered number: 11954475)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 August 2024 and were signed on its behalf by:




A W Davey - Director L R Catmull - Director




N S Brown - Director


AcuIT Limited (Registered number: 11954475)

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

1. STATUTORY INFORMATION

AcuIT 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Income recognition
Turnover represents the fair value of consideration received or receivable derived from the rendering of computer support services to customers during the year (excluding value added tax) and is recognised when the company becomes entitled to it, usually on the rendering of an invoice.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 33% on cost, 25% on reducing balance and 15% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

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 balance sheet date.


AcuIT Limited (Registered number: 11954475)

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

2. ACCOUNTING POLICIES - continued
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.

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 5 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 - 54,722 54,722
Additions 158,228 8,776 167,004
Revaluations 1,772 - 1,772
At 31 March 2024 160,000 63,498 223,498
DEPRECIATION
At 1 April 2023 - 20,128 20,128
Charge for year 879 12,805 13,684
Revaluation adjustments (879 ) - (879 )
At 31 March 2024 - 32,933 32,933
NET BOOK VALUE
At 31 March 2024 160,000 30,565 190,565
At 31 March 2023 - 34,594 34,594

Included in cost or valuation of land and buildings is freehold land of £ 53,333 (2023 - £ 0 ) which is not depreciated.

AcuIT Limited (Registered number: 11954475)

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

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 March 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2024 1,772 - 1,772
Cost 158,228 63,498 221,726
160,000 63,498 223,498

If Freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 158,228 -
Aggregate depreciation 874 -

Value of land in freehold land and buildings 53,333 -

Freehold land and buildings were valued on an open market basis on 31 March 2024 by the directors .

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 79,114
Revaluations 886
At 31 March 2024 80,000
NET BOOK VALUE
At 31 March 2024 80,000

Included in fair value of investment property is freehold land of £ 26,667 which is not depreciated.

The Company owns a mixed use property, the directors have stated that 66.67% of the premises is owner occupied (to which FRS 102, Section 17 will applies), and the other 33.33% of the premises is rented (to which FRS 102, Section 16 applies). As at the Balance Sheet date the directors valued the property as a whole and have apportioned the value based on an approximate square footage of floor space.

The investment property is shown at its fair value.

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 886
Cost 79,114
80,000

AcuIT Limited (Registered number: 11954475)

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

5. INVESTMENT PROPERTY - continued

If Investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 79,114 -
Aggregate depreciation (437 ) -

Investment property was valued on an open market basis on 31 March 2024 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 33,829 45,680
Other debtors - 14,545
33,829 60,225

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 7,500
Trade creditors 28,046 15,717
Taxation and social security 67,317 47,113
Other creditors 5,994 35,546
111,357 105,876

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 162,500 24,031
Other creditors - 136
162,500 24,167

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 150,000 -

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year - 9,600
Between one and five years - 9,600
- 19,200

AcuIT Limited (Registered number: 11954475)

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

9. LEASING AGREEMENTS - continued

The Company acquired the premises which it was leasing during the year.

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
The Prem Pension Plan 150,000 -

The mortgage loan is secured by Sudhen Bhayani, Bhavini Bhayani and NSS Trustees Ltd as trustees of The Prem Pension Plan who hold security by way of a fixed legal charge over the title of land and buildings known as 74 Church Road, Tovil, Maidstone, ME15 6QY as registered under the title number K300791. The security contains a negative pledge over the sale or use of the property for purposes other than agreed with the lender.

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 7,641 -
Deferred tax on property 885 -
8,526 -

Deferred
tax
£   
Accelerated capital allowances 7,641
Charge on fair valuation 222
Charge on revaluation 663
Balance at 31 March 2024 8,526

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
99 Ordinary 1 99 99

AcuIT Limited (Registered number: 11954475)

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

13. RESERVES
Fair
Retained Revaluation value
earnings reserve reserve Totals
£    £    £    £   

At 1 April 2023 87,028 - - 87,028
Profit for the year 126,679 126,679
Dividends (130,290 ) (130,290 )
Revaluation adjustment (1,109 ) 1,109 - -
Fair value adjustment (664 ) - 664 -
At 31 March 2024 81,644 1,109 664 83,417

14. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors by virtue of their shareholdings.