Savvy IT Limited 06714614 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of computer repair services. Digita Accounts Production Advanced 6.30.9574.0 true 06714614 2023-04-01 2024-03-31 06714614 2024-03-31 06714614 core:CurrentFinancialInstruments 2024-03-31 06714614 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 06714614 core:PatentsTrademarksLicencesConcessionsSimilar 2024-03-31 06714614 core:FurnitureFittingsToolsEquipment 2024-03-31 06714614 bus:SmallEntities 2023-04-01 2024-03-31 06714614 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06714614 bus:FullAccounts 2023-04-01 2024-03-31 06714614 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06714614 bus:RegisteredOffice 2023-04-01 2024-03-31 06714614 bus:Director1 2023-04-01 2024-03-31 06714614 bus:Director2 2023-04-01 2024-03-31 06714614 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06714614 core:ComputerSoftware 2023-04-01 2024-03-31 06714614 core:PatentsTrademarksLicencesConcessionsSimilar 2023-04-01 2024-03-31 06714614 core:FurnitureFittings 2023-04-01 2024-03-31 06714614 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 06714614 countries:AllCountries 2023-04-01 2024-03-31 06714614 2023-03-31 06714614 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 06714614 core:FurnitureFittingsToolsEquipment 2023-03-31 06714614 2022-04-01 2023-03-31 06714614 2023-03-31 06714614 core:CurrentFinancialInstruments 2023-03-31 06714614 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06714614 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 06714614 core:FurnitureFittingsToolsEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 06714614

Savvy IT Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

image-name
 

Savvy IT Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Savvy IT Limited

Company Information

Directors

Mr C Homer

Mrs H C Homer

Registered office

Suite 118
iCentre
Howard Way
Newport Pagnell
Buckinghamshire
MK16 9PY

Accountants

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Savvy IT Limited

(Registration number: 06714614)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

144

339

Tangible assets

5

19,280

11,091

 

19,424

11,430

Current assets

 

Stocks

6

6,347

4,558

Debtors

7

38,907

27,126

Cash at bank and in hand

 

165,441

104,644

 

210,695

136,328

Creditors: Amounts falling due within one year

8

(126,013)

(90,977)

Net current assets

 

84,682

45,351

Total assets less current liabilities

 

104,106

56,781

Provisions for liabilities

(4,639)

(2,107)

Net assets

 

99,467

54,674

Capital and reserves

 

Called up share capital

500

500

Retained earnings

98,967

54,174

Shareholders' funds

 

99,467

54,674

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Savvy IT Limited

(Registration number: 06714614)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 11 October 2024 and signed on its behalf by:
 

.........................................
Mr C Homer
Director

 

Savvy IT Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales, 06714614.

The address of its registered office is:
Suite 118
iCentre
Howard Way
Newport Pagnell
Buckinghamshire
MK16 9PY

These financial statements were authorised for issue by the Board on 11 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Savvy IT Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% on reducing balance

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Computer software

20% on cost

 

Savvy IT Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Savvy IT Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, including directors, was 16 (2023 - 14).

4

Intangible assets

Computer software
 £

Total
£

Cost or valuation

At 1 April 2023

1,140

1,140

At 31 March 2024

1,140

1,140

Amortisation

At 1 April 2023

801

801

Amortisation charge

195

195

At 31 March 2024

996

996

Carrying amount

At 31 March 2024

144

144

At 31 March 2023

339

339

 

Savvy IT Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

17,324

17,324

Additions

10,514

10,514

At 31 March 2024

27,838

27,838

Depreciation

At 1 April 2023

6,233

6,233

Charge for the year

2,325

2,325

At 31 March 2024

8,558

8,558

Carrying amount

At 31 March 2024

19,280

19,280

At 31 March 2023

11,091

11,091

6

Stocks

2024
£

2023
£

Inventory

6,347

4,558

7

Debtors

Current

2024
£

2023
£

Trade debtors

27,203

21,400

Prepayments

5,121

749

Other debtors

6,583

4,977

 

38,907

27,126

 

Savvy IT Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Directors loan account

10,152

23,098

PAYE and NIC creditor

 

11,640

16,164

VAT Control account

 

37,145

34,312

Corporation tax control

 

36,833

14,907

Accruals

 

1,090

1,556

Other creditors

 

29,153

940

 

126,013

90,977