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Registered number: 02884669
INDEPENDENT TELEPHONE CO. LIMITED
Unaudited Financial Statements
For The Year Ended 31 January 2024
Nathan Associates
Chartered Certified Accountants
116 Headstone Lane
Harrow
HA2 6JN
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 02884669
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 412 549
412 549
CURRENT ASSETS
Stocks 5 475 565
Debtors 6 55,867 63,554
Cash at bank and in hand 40,324 28,315
96,666 92,434
Creditors: Amounts Falling Due Within One Year 7 (50,385 ) (48,512 )
NET CURRENT ASSETS (LIABILITIES) 46,281 43,922
TOTAL ASSETS LESS CURRENT LIABILITIES 46,693 44,471
Creditors: Amounts Falling Due After More Than One Year 8 (13,080 ) (22,943 )
NET ASSETS 33,613 21,528
CAPITAL AND RESERVES
Called up share capital 9 2,000 2,000
Share premium account 24,000 24,000
Profit and Loss Account 7,613 (4,472 )
SHAREHOLDERS' FUNDS 33,613 21,528
Page 1
Page 2
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Nicholas John Gwynne
Director
23/09/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
INDEPENDENT TELEPHONE CO. LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 02884669 . The registered office is 3rd Floor, 329-339 Putney Bridge Road, London, SW15 2PG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% on reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 February 2023 10,356
As at 31 January 2024 10,356
Depreciation
As at 1 February 2023 9,807
Provided during the period 137
As at 31 January 2024 9,944
Net Book Value
As at 31 January 2024 412
As at 1 February 2023 549
5. Stocks
2024 2023
£ £
Finished goods 475 565
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 19,796 19,349
Other debtors 25,900 25,900
Director's loan account 1,069 9,203
46,765 54,452
Due after more than one year
Corporation tax recoverable assets 9,102 9,102
55,867 63,554
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 4,014 8,654
Corporation tax 17,880 11,592
Other taxes and social security 281 251
VAT 3,876 3,242
Other creditors 349 653
Loan 10,250 10,385
Accruals and deferred income 13,735 13,735
50,385 48,512
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Page 5
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 13,080 22,943
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2,000 2,000
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 February 2023 Amounts advanced Amounts repaid Amounts written off As at 31 January 2024
£ £ £ £ £
Mr Nicholas John Gwynne 9,203 - 8,134 - 1,069
The above loan is unsecured and repayable on demand.
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