REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 AUGUST 2022 TO 31 DECEMBER 2023 |
FOR |
RETAIL IT LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 AUGUST 2022 TO 31 DECEMBER 2023 |
FOR |
RETAIL IT LIMITED |
RETAIL IT LIMITED (REGISTERED NUMBER: 04247834) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 AUGUST 2022 TO 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
RETAIL IT LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 AUGUST 2022 TO 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
4th Floor Tuition House |
27-37 St George's Road |
Wimbledon |
London |
SW19 4EU |
RETAIL IT LIMITED (REGISTERED NUMBER: 04247834) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
RETAIL IT LIMITED (REGISTERED NUMBER: 04247834) |
BALANCE SHEET - continued |
31 DECEMBER 2023 |
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 |
RETAIL IT LIMITED (REGISTERED NUMBER: 04247834) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 AUGUST 2022 TO 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Retail IT Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Due to the ongoing support of the company's principal shareholders the directors believe that it is appropriate to prepare the financial statements on the going concern basis, which assumes that the company will continue in operational existence for the forseeable future. |
If the company were unable to continue in operational existence for the forseeable future, adjustments would be necessary to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets and long term liabilities as current assets and liabilities. |
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 from the sale of goods is recognised when goods are delivered and legal title has passed. Turnover in respect of maintenance and support contracts relating to future accounting periods is carried forward as deferred income in the balance sheet and recognised in the profit and loss account of future periods over the life of the contract on a straight line basis. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Taxation |
Taxation for the period 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. |
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 period 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. |
RETAIL IT LIMITED (REGISTERED NUMBER: 04247834) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 AUGUST 2022 TO 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Intangible assets and research and development |
Research expenditure is written off to the profit and loss account in the year in which it is incurred. |
Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of the individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit. |
The amortisation charge is estimated by the directors according to the estimated future sales and total development costs. The amortisation charge per product is then expensed to the profit and loss account as the products are sold. The amortisation calculation is reviewed by the directors each year to ensure its suitability. |
Foreign currencies |
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the profit and loss account. |
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. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivables or payables 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 period was |
RETAIL IT LIMITED (REGISTERED NUMBER: 04247834) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 AUGUST 2022 TO 31 DECEMBER 2023 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 August 2022 |
Additions |
At 31 December 2023 |
AMORTISATION |
At 1 August 2022 |
Charge for period |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 July 2022 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 August 2022 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for period |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 July 2022 |
6. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
RETAIL IT LIMITED (REGISTERED NUMBER: 04247834) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 AUGUST 2022 TO 31 DECEMBER 2023 |
6. | DEBTORS - continued |
2023 | 2022 |
£ | £ |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
10. | CONTINGENT LIABILITIES |
In the period to 31 December 2023 the company was granted a Company Voluntary Arrangement (CVA). At the balance sheet date the balance bound by the arrangement was £877,552. The terms of the agreement require the company to repay £390,000 over a five year period, of which £24,000 is payable within one year and £366,000 in two to five years. If the company successfully meets the requirements of the CVA £487,552 will not be payable at the end of the agreement in December 2028 and will be treated as debt forgiveness in the income statement. If the company fails to adhere to the terms of the CVA all of the debts bound by the CVA will become payable on demand. |