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Registered number: 08344860
Sri Ict Solutions Ltd
Financial Statements
For The Year Ended 31 January 2023
BBK Partnership
Chartered Accountants & Statutory Auditors
1 Beauchamp Court
10 Victors Way
Barnet
Hertfordshire
EN5 5TZ
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 08344860
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 41,898 47,718
41,898 47,718
CURRENT ASSETS
Debtors 5 30,000 30,000
Investments 6 - 8,125
Cash at bank and in hand 2,981 6,668
32,981 44,793
Creditors: Amounts Falling Due Within One Year 7 (49,746 ) (37,766 )
NET CURRENT ASSETS (LIABILITIES) (16,765 ) 7,027
TOTAL ASSETS LESS CURRENT LIABILITIES 25,133 54,745
Creditors: Amounts Falling Due After More Than One Year 8 (24,900 ) (28,148 )
NET ASSETS 233 26,597
CAPITAL AND RESERVES
Called up share capital 9 100 100
Income Statement 133 26,497
SHAREHOLDERS' FUNDS 233 26,597
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Page 2
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr S Dokku
Director
23/08/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Sri Ict Solutions Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08344860 . The registered office is 4 Imperial Place, Maxwell Road, Borehamwood, Hertfordshire, WD6 1JN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20%
Motor Vehicles 20%
Fixtures & Fittings 20%
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.4. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2022: 5)
5 5
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 February 2022 - 34,908 60,336 95,244
Additions 3,990 - - 3,990
As at 31 January 2023 3,990 34,908 60,336 99,234
Depreciation
As at 1 February 2022 - 12,567 34,959 47,526
Provided during the period 266 4,468 5,076 9,810
As at 31 January 2023 266 17,035 40,035 57,336
Net Book Value
As at 31 January 2023 3,724 17,873 20,301 41,898
As at 1 February 2022 - 22,341 25,377 47,718
5. Debtors
2023 2022
£ £
Due within one year
Due after more than one year
Other debtors 30,000 30,000
6. Current Asset Investments
2023 2022
£ £
Other investments, held for sale - 8,125
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 1,026 (1 )
Business Loan - 3,205
Other creditors 9,106 8,392
Taxation and social security 39,614 26,170
49,746 37,766
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bounce Back Loan 24,900 28,148
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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