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REGISTERED NUMBER: 03774967 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Seamless IT Ltd.

Seamless IT Ltd. (Registered number: 03774967)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

Seamless IT Ltd.

Company Information
for the year ended 31 December 2023







DIRECTORS: L J Kerr
S Jordan





REGISTERED OFFICE: St Georges Court
Winnington Avenue
Northwich
Cheshire
CW8 4EE





REGISTERED NUMBER: 03774967 (England and Wales)





ACCOUNTANTS: Bennett Brooks & Co Limited
Chartered Accountants
St George's Court
Winnington Avenue
Northwich
Cheshire
CW8 4EE

Seamless IT Ltd. (Registered number: 03774967)

Balance Sheet
31 December 2023

2023 2022
Notes £ £
FIXED ASSETS
Intangible assets 4 20,000 30,000
Tangible assets 5 219,792 256,246
239,792 286,246

CURRENT ASSETS
Stocks 433,743 460,012
Debtors 6 595,232 719,824
Cash at bank 124,993 319,289
1,153,968 1,499,125
CREDITORS
Amounts falling due within one year 7 (744,603 ) (843,700 )
NET CURRENT ASSETS 409,365 655,425
TOTAL ASSETS LESS CURRENT
LIABILITIES

649,157

941,671

CREDITORS
Amounts falling due after more than one year 8 (488,282 ) (286,849 )

PROVISIONS FOR LIABILITIES (16,858 ) (18,801 )
NET ASSETS 144,017 636,021

CAPITAL AND RESERVES
Called up share capital 100 100
Non distributable reserve 10 56,000 78,000
Retained earnings 87,917 557,921
SHAREHOLDERS' FUNDS 144,017 636,021

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

Seamless IT Ltd. (Registered number: 03774967)

Balance Sheet - continued
31 December 2023


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 19 September 2024 and were signed on its behalf by:





S Jordan - Director


Seamless IT Ltd. (Registered number: 03774967)

Notes to the Financial Statements
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Seamless IT Ltd. 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.

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

Revenue for the sale of goods is recognised upon delivery.

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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use.

Depreciation on all assets is calculated to allocate the depreciable amount to their residual values on a systematic basis over their estimated useful lives as follows:

Fixtures and fittings - 10% on cost
Computer equipment - 10% on cost
Plant and machinery - 10% on cost
Improvements to property - 20% 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.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.


Seamless IT Ltd. (Registered number: 03774967)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Share capital
Ordinary shares are classed as equity.

Dividends
The company paid dividends of £895,290 in the year.

Whilst recognised as dividends, these are contributions towards the company's EOT.

Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, cash held with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 January 2023
and 31 December 2023 100,000
AMORTISATION
At 1 January 2023 70,000
Charge for year 10,000
At 31 December 2023 80,000
NET BOOK VALUE
At 31 December 2023 20,000
At 31 December 2022 30,000

Seamless IT Ltd. (Registered number: 03774967)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST OR VALUATION
At 1 January 2023 348,083
Additions 10,746
At 31 December 2023 358,829
DEPRECIATION
At 1 January 2023 91,837
Charge for year 47,200
At 31 December 2023 139,037
NET BOOK VALUE
At 31 December 2023 219,792
At 31 December 2022 256,246

Cost or valuation at 31 December 2023 is represented by:

Plant and
machinery
etc
£
Cost 358,829

If Computer equipment had not been revalued they would have been included at the following historical cost:

2023 2022
£ £
Cost 2,885 2,885
Aggregate depreciation 2,204 1,909

Computer equipment was valued on an open market value for existing use basis on 1 January 2016 by the directors.

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:

Plant and
machinery
etc
£
COST OR VALUATION
At 1 January 2023
and 31 December 2023 194,469
DEPRECIATION
At 1 January 2023 6,492
Charge for year 29,934
At 31 December 2023 36,426
NET BOOK VALUE
At 31 December 2023 158,043
At 31 December 2022 187,977

Seamless IT Ltd. (Registered number: 03774967)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 493,100 448,515
Other debtors 102,132 271,309
595,232 719,824

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts - 40,000
Hire purchase contracts and finance leases 33,565 33,565
Trade creditors 310,191 576,421
Taxation and social security 186,272 118,542
Other creditors 214,575 75,172
744,603 843,700

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£ £
Bank loans - 133,333
Hire purchase contracts and finance leases 120,363 153,516
Other creditors 367,919 -
488,282 286,849

Amounts falling due in more than five years:

Repayable by instalments
Hire purchase and finance leases 83,950 117,103

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£ £
Hire purchase contracts and finance leases 153,928 187,081
Other creditors 68,985 -
222,913 187,081

The company's receivables finance agreement is secured by a fixed and floating charge over current and future assets of the company, dated 27 May 2016. This is within other creditors.

FW Capital loan is secured with a debenture and personal guarantee's from both directors. The personal guarantor amount is 10% of the outstanding loan value for both directors.

Seamless IT Ltd. (Registered number: 03774967)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

10. RESERVES
Non
distributable
reserve
£
At 1 January 2023 78,000
Transfer (22,000 )

At 31 December 2023 56,000

11. OTHER FINANCIAL COMMITMENTS

At the balance sheet date the company has non cancellable operating lease commitments totalling £120,000. (2022: £114,990).

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£ £
S Jordan
Balance outstanding at start of year 97,600 52,800
Amounts advanced 35,000 97,600
Amounts repaid (132,600 ) (52,800 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 97,600

L J Kerr
Balance outstanding at start of year 42,200 -
Amounts advanced 527,430 42,200
Amounts repaid (569,630 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 42,200

The Directors repaid their loan accounts in full within 9 months of the year end.

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Seamless IT EOT Limited.

The group has taken the option under Sections 383 and 384(2) of the Companies Act 2006 not to prepare group consolidated financial statements.

14. EMPLOYEE OWNERSHIP TRUST

On 24 April 2023, the shareholders elected to sell 100% of their shares to the company's employees through the mechanism of a Employee Ownership Trust. As a result of this transaction Seamless IT Limited have made a contribution of £895,290 to the former shareholders.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Seamless IT Ltd.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Seamless IT Ltd. for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Seamless IT Ltd., as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Seamless IT Ltd. and state those matters that we have agreed to state to the Board of Directors of Seamless IT Ltd., as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Seamless IT Ltd. and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Seamless IT Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Seamless IT Ltd.. You consider that Seamless IT Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Seamless IT Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Bennett Brooks & Co Limited
Chartered Accountants
St George's Court
Winnington Avenue
Northwich
Cheshire
CW8 4EE


19 September 2024