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Company Registration No. 10871613 (England and Wales)
Commstec-IT Ltd Unaudited accounts for the year ended 31 July 2024
Commstec-IT Ltd Statement of financial position as at 31 July 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,455 
2,061 
Current assets
Debtors
127 
1,975 
Cash at bank and in hand
42,694 
51,235 
42,821 
53,210 
Creditors: amounts falling due within one year
(4,201)
(4,965)
Net current assets
38,620 
48,245 
Total assets less current liabilities
40,075 
50,306 
Provisions for liabilities
Deferred tax
(277)
- 
Net assets
39,798 
50,306 
Capital and reserves
Called up share capital
1,000 
1,000 
Profit and loss account
38,798 
49,306 
Shareholders' funds
39,798 
50,306 
For the year ending 31 July 2024 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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 30 September 2024 and were signed on its behalf by
Marc Walker Director Company Registration No. 10871613
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Commstec-IT Ltd Notes to the Accounts for the year ended 31 July 2024
1
Statutory information
Commstec-IT Ltd is a private company, limited by shares, registered in England and Wales, registration number 10871613. The registered office is Alison Business Centre, 39-40 Alison Crescent, Sheffield, S2 1AS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% reducing balance
Computer equipment
33% straight line
Current taxation
Current tax, including UK corporation tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted, or substantively enacted, by the balance sheet date.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Commstec-IT Ltd Notes to the Accounts for the year ended 31 July 2024
4
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 August 2023
4,436 
At 31 July 2024
4,436 
Depreciation
At 1 August 2023
2,375 
Charge for the year
606 
At 31 July 2024
2,981 
Net book value
At 31 July 2024
1,455 
At 31 July 2023
2,061 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
127 
1,946 
Other debtors
- 
29 
127 
1,975 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
535 
- 
Taxes and social security
3,128 
3,255 
Other creditors
- 
1,710 
Loans from directors
189 
- 
Accruals
349 
- 
4,201 
4,965 
7
Average number of employees
During the year the average number of employees was 1 (2023: 1).
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