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Registration number: 07415775

Codus IT Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 March 2024

 

Codus IT Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Codus IT Limited

Company Information

Directors

Mrs J M Hunt

Mr J L Hunt

Registered office

Under Pendle House
Barley
Nelson
Lancashire
BB9 6LQ

Accountants

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Codus IT Limited
for the Year Ended 30 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Codus IT Limited for the year ended 30 March 2024 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Codus IT Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Codus IT Limited and state those matters that we have agreed to state to the Board of Directors of Codus IT Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Codus IT Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Codus IT Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Codus IT Limited. You consider that Codus IT Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Codus IT Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

22 October 2024

 

Codus IT Limited

(Registration number: 07415775)
Balance Sheet as at 30 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

48,538

60,674

Tangible assets

5

9,401

9,484

 

57,939

70,158

Current assets

 

Stocks

6

15,507

7,529

Debtors

7

463,956

408,957

Cash at bank and in hand

 

123

123

 

479,586

416,609

Creditors: Amounts falling due within one year

8

(249,855)

(234,108)

Net current assets

 

229,731

182,501

Total assets less current liabilities

 

287,670

252,659

Creditors: Amounts falling due after more than one year

8

(98,575)

(81,545)

Provisions for liabilities

(14,485)

(13,330)

Net assets

 

174,610

157,784

Capital and reserves

 

Called up share capital

400

400

Retained earnings

174,210

157,384

Shareholders' funds

 

174,610

157,784

 

Codus IT Limited

(Registration number: 07415775)
Balance Sheet as at 30 March 2024

For the financial year ending 30 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 October 2024 and signed on its behalf by:
 

.........................................
Mr J L Hunt
Director

 

Codus IT Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2024

1

General information

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

The address of its registered office is:
Under Pendle House
Barley
Nelson
Lancashire
BB9 6LQ

The principal place of business is:
Under Pendle House
Barley
Nelson
Lancashire
BB9 6LQ

These financial statements were authorised for issue by the Board on 22 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Codus IT Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2024

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.

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

Office equipment

33% reducing balance

Motor vehicles

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:

Asset class

Amortisation method and rate

Development costs

20% reducing balance

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.

 

Codus IT Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2024

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Codus IT Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 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 (including directors) during the year was 4 (2023 - 5).

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 31 March 2023

128,327

128,327

At 30 March 2024

128,327

128,327

Amortisation

At 31 March 2023

67,653

67,653

Amortisation charge

12,136

12,136

At 30 March 2024

79,789

79,789

Carrying amount

At 30 March 2024

48,538

48,538

At 30 March 2023

60,674

60,674

 

Codus IT Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 31 March 2023

21,493

21,493

Additions

4,551

4,551

At 30 March 2024

26,044

26,044

Depreciation

At 31 March 2023

12,009

12,009

Charge for the year

4,634

4,634

At 30 March 2024

16,643

16,643

Carrying amount

At 30 March 2024

9,401

9,401

At 30 March 2023

9,484

9,484

6

Stocks

2024
£

2023
£

Work in progress

15,507

7,529

7

Debtors

2024
£

2023
£

Trade debtors

61,337

73,493

Prepayments

13,122

9,527

Other debtors

389,497

325,937

463,956

408,957

 

Codus IT Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

34,463

25,502

Trade creditors

 

468

9,228

Taxation and social security

 

203,310

190,018

Accruals and deferred income

 

10,923

3,230

Other creditors

 

691

6,130

 

249,855

234,108

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

98,575

81,545

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

98,575

81,545

Current loans and borrowings

2024
£

2023
£

Bank borrowings

33,905

21,688

Bank overdrafts

558

3,814

34,463

25,502

 

Codus IT Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2024

10

Related party transactions

Transactions with directors

2024

At 31 March 2023
£

Advances to director
£

Repayments by director
£

At 30 March 2024
£

Repayable on demand - statutory interest has been charged

267,398

231,045

(157,007)

341,436

 

2023

At 31 March 2022
£

Advances to director
£

Repayments by director
£

At 30 March 2023
£

Repayable on demand - statutory interest has been charged

163,243

217,469

(113,314)

267,398