REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
FOR |
WE ARE YOUR IT LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
FOR |
WE ARE YOUR IT LIMITED |
WE ARE YOUR IT LIMITED (REGISTERED NUMBER: 10420375) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
WE ARE YOUR IT LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Business Advisors & Accountants |
Equinox House |
Clifton Park, Shipton Road |
York |
Yorkshire |
YO30 5PA |
WE ARE YOUR IT LIMITED (REGISTERED NUMBER: 10420375) |
BALANCE SHEET |
30 APRIL 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
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 |
The director acknowledges his 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. |
WE ARE YOUR IT LIMITED (REGISTERED NUMBER: 10420375) |
BALANCE SHEET - continued |
30 APRIL 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 director and authorised for issue on |
WE ARE YOUR IT LIMITED (REGISTERED NUMBER: 10420375) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
1. | STATUTORY INFORMATION |
We Are Your IT Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Motor vehicles - 25% on reducing balance |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Taxation |
Taxation for the year 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 year 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. |
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. |
WE ARE YOUR IT LIMITED (REGISTERED NUMBER: 10420375) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Cash at bank and in hand |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown with borrowings in current liabilities. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
Additions |
At 30 April 2023 |
DEPRECIATION |
Charge for year |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
5. | FIXED ASSET INVESTMENTS |
2023 | 2022 |
£ | £ |
Shares in group undertakings |
Loans to group undertakings |
WE ARE YOUR IT LIMITED (REGISTERED NUMBER: 10420375) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
5. | FIXED ASSET INVESTMENTS - continued |
Additional information is as follows: |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2022 |
and 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Equinox House, Clifton Park Avenue, York, England, YO30 5PA |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
Registered office: Equinox House, Clifton Park Avenue, York, England, YO30 5PA |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Loans to |
group |
undertakings |
£ |
At 1 May 2022 |
New in year | ( |
) |
At 30 April 2023 |
WE ARE YOUR IT LIMITED (REGISTERED NUMBER: 10420375) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
5. | FIXED ASSET INVESTMENTS - continued |
KPW Enterprises Ltd. is a wholly owned subsidiary of We Are Your IT Limited. The investment in share capital is listed at cost. |
WIFI 4 Leisure Ltd. is a wholly owned subsidiary of We Are Your IT Limited. The investment in share capital is listed at cost. |
A loan of £46,772 (2022: £110,450), which is repayable on demand, has been made to KPW Enterprises Ltd for the purpose of investment. |
A loan of £140,011 (2022: £181,400), which is repayable on demand, has been made to WIFI 4 Leisure Ltd. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
On 30 May 2020, a debenture was created in favour of Barclays Security Trustee Limited by way of a fixed and floating charge over the assets of the company. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts |
WE ARE YOUR IT LIMITED (REGISTERED NUMBER: 10420375) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
9. | RELATED PARTY DISCLOSURES |
During the year £25,920 (2022: £21,600) was invoiced from KPW Leasing Ltd for leasing of commercial assets. KPW Leasing Ltd is related to the company via the director and shareholder, Mr J Granville-Fall by way of a close family member. |
During the year the company was invoiced £15,600 (2022: £24,100) from IT 4 Home Limited for |
recharge of labour costs. |
During the year Rent of £3,450 (2022: £3,450), Telecommunications of £267 (2022: £267), Office |
administration of £3,450 (2022: £3,450) and Motor running costs of £1,080 (2022: £1,080) were recharged to IT 4 Home Limited for use of these services. As at 30 April 2022, included in 'Creditors due within one year' is a balance of £15,195 (2022: £18,720) due to IT 4 Home Limited. |
IT 4 Home Limited is related to We Are Your IT Limited by the director and shareholder Mr J Granville-Fall. |
During the year Rent of £3,450 (2022: £3,450), Telecommunications of £267 (2022: £267), Office administration of £3,450 (2022: £3,450) and Motor running costs of £930 (2022: £nil) were recharged to WIFI 4 Leisure Limited for use of these services. |
During the year £15,000 (2022: £nil) was invoiced from JGF Holdings Limited for advertising. We Are Your IT Limited is a subsidiary of JGF Holding Limited. |
Included in 'Other creditors' as at 30 April 2023 is £194 due to the director of the company from the company. (Included in 'Other debtors' as at 30 April 2022 is £591 due from the director to the company.) |