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REGISTERED NUMBER: 04247834 (England and Wales)









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: J S S Rodger
L H Wolf





SECRETARY: J S S Rodger





REGISTERED OFFICE: 4th Floor Tuition House
27-37 St George's Road
Wimbledon
London
SW19 4EU





REGISTERED NUMBER: 04247834 (England and Wales)





ACCOUNTANTS: Hartley Fowler LLP
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 4 717,975 734,575
Tangible assets 5 10,455 10,252
728,430 744,827

CURRENT ASSETS
Debtors 6 114,154 153,838
Cash at bank and in hand 125,589 68,467
239,743 222,305
CREDITORS
Amounts falling due within one year 7 73,042 738,899
NET CURRENT ASSETS/(LIABILITIES) 166,701 (516,594 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

895,131

228,233

CREDITORS
Amounts falling due after more than one
year

8

853,552

137,607
NET ASSETS 41,579 90,626

CAPITAL AND RESERVES
Called up share capital 102 102
Retained earnings 41,477 90,524
SHAREHOLDERS' FUNDS 41,579 90,626

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

The members have not required the company to obtain an audit of its financial statements for the period 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.

RETAIL IT LIMITED (REGISTERED NUMBER: 04247834)

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 25 September 2024 and were signed on its behalf by:





J S S Rodger - Director


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 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.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on reducing balance

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 9 (2022 - 11 ) .

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 838,002
Additions 10,000
At 31 December 2023 848,002
AMORTISATION
At 1 August 2022 103,427
Charge for period 26,600
At 31 December 2023 130,027
NET BOOK VALUE
At 31 December 2023 717,975
At 31 July 2022 734,575

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 August 2022 52,579 134,859 187,438
Additions - 9,218 9,218
At 31 December 2023 52,579 144,077 196,656
DEPRECIATION
At 1 August 2022 51,823 125,363 177,186
Charge for period 267 8,748 9,015
At 31 December 2023 52,090 134,111 186,201
NET BOOK VALUE
At 31 December 2023 489 9,966 10,455
At 31 July 2022 756 9,496 10,252

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 112,752 107,401
Other debtors 1,402 20,953
114,154 128,354

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 - 25,484

Aggregate amounts 114,154 153,838

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 29,676 169,742
Taxation and social security 11,691 386,533
Other creditors 31,675 182,624
73,042 738,899

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 853,552 137,607

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year - 86,250
Between one and five years - 309,062
- 395,312

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.