Registered number
10804621
TDK Global IT Solutions Ltd
Unaudited Filleted Accounts
31 July 2024
TDK Global IT Solutions Ltd
Registered number: 10804621
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 5,746 5,269
Current assets
Debtors 4 663,777 477,363
Cash at bank and in hand 112,668 55,810
776,445 533,173
Creditors: amounts falling due within one year 5 (325,531) (199,837)
Net current assets 450,914 333,336
Net assets 456,660 338,605
Capital and reserves
Called up share capital 10 10
Profit and loss account 456,650 338,595
Shareholders' funds 456,660 338,605
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D Keshari
Director
Approved by the board on 27 September 2024
TDK Global IT Solutions Ltd
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer equipment over 3 years
Plant and machinery over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 6
3 Tangible fixed assets
Plant and machinery etc Computer Equipment Total
£ £ £
Cost
At 1 August 2023 1,678 14,908 16,586
Additions 2,323 4,713 7,036
At 31 July 2024 4,001 19,621 23,622
Depreciation
At 1 August 2023 671 10,646 11,317
Charge for the year 568 5,991 6,559
At 31 July 2024 1,239 16,637 17,876
Net book value
At 31 July 2024 2,762 2,984 5,746
At 31 July 2023 1,007 4,262 5,269
4 Debtors 2024 2023
£ £
Trade debtors 342,000 384,097
Other debtors 321,777 93,266
663,777 477,363
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 261,000 106,699
Taxation and social security costs 59,949 89,652
Other creditors 4,582 3,486
325,531 199,837
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Deepak Keshari
Loan 1 94,660 132,125 (163,585) 63,200
94,660 132,125 (163,585) 63,200
7 Related party transactions
TDK Property Investments Ltd is under the common of the director(s). TDK Global IT Solutions Ltd advanced short term finance during the year with an amount outstanding of £250,772 at year end.
8 Other information
TDK Global IT Solutions Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Mann Island
Liverpool
Merseyside
L3 1BP
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