Erimus IT Limited 07128457 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is that of the software development. Digita Accounts Production Advanced 6.30.9574.0 true 07128457 2023-02-01 2024-01-31 07128457 2024-01-31 07128457 bus:OrdinaryShareClass1 2024-01-31 07128457 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 07128457 core:OtherResidualIntangibleAssets 2024-01-31 07128457 core:FurnitureFittingsToolsEquipment 2024-01-31 07128457 bus:SmallEntities 2023-02-01 2024-01-31 07128457 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 07128457 bus:FullAccounts 2023-02-01 2024-01-31 07128457 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 07128457 bus:RegisteredOffice 2023-02-01 2024-01-31 07128457 bus:Director1 2023-02-01 2024-01-31 07128457 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 07128457 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 07128457 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-01 2024-01-31 07128457 core:OtherResidualIntangibleAssets 2023-02-01 2024-01-31 07128457 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 07128457 core:OfficeEquipment 2023-02-01 2024-01-31 07128457 countries:England 2023-02-01 2024-01-31 07128457 2023-01-31 07128457 core:OtherResidualIntangibleAssets 2023-01-31 07128457 core:FurnitureFittingsToolsEquipment 2023-01-31 07128457 2022-02-01 2023-01-31 07128457 2023-01-31 07128457 bus:OrdinaryShareClass1 2023-01-31 07128457 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 07128457 core:FurnitureFittingsToolsEquipment 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07128457

Erimus IT Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Erimus IT Limited

(Registration number: 07128457)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

2,771

-

Tangible assets

6

836

525

 

3,607

525

Current assets

 

Stocks

7

3,603

2,675

Cash at bank and in hand

 

889

2,450

 

4,492

5,125

Creditors: Amounts falling due within one year

8

(25,829)

(25,138)

Net current liabilities

 

(21,337)

(20,013)

Net liabilities

 

(17,730)

(19,488)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(17,830)

(19,588)

Shareholders' deficit

 

(17,730)

(19,488)

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

Director's 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 director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director for issue on 27 October 2024
 

.........................................

A H Byles

Director

 

Erimus IT Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
7 Caithness Road
Stamford
Lincolnshire
PE9 2TE

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.

Revenue recognition

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 sales/value added tax, 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.

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

Office equipment

25% reducing balance

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:

 

Erimus IT Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Asset class

Amortisation method and rate

Software development

3 years straight line

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 1).

 

Erimus IT Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

194

90

Amortisation expense

693

-

5

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 February 2023

19,619

19,619

Additions acquired separately

3,464

3,464

Disposals

(19,619)

(19,619)

At 31 January 2024

3,464

3,464

Amortisation

At 1 February 2023

19,619

19,619

Amortisation charge

693

693

Amortisation eliminated on disposals

(19,619)

(19,619)

At 31 January 2024

693

693

Carrying amount

At 31 January 2024

2,771

2,771

 

Erimus IT Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2023

1,519

1,519

Additions

505

505

Disposals

(554)

(554)

At 31 January 2024

1,470

1,470

Depreciation

At 1 February 2023

994

994

Charge for the year

194

194

Eliminated on disposal

(554)

(554)

At 31 January 2024

634

634

Carrying amount

At 31 January 2024

836

836

At 31 January 2023

525

525

7

Stocks

2024
£

2023
£

Other inventories

3,603

2,675

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts owed to related parties

22,796

21,401

Taxation and social security

 

1,369

2,597

Other creditors

 

1,664

1,140

 

25,829

25,138

 

Erimus IT Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100