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Registered number: 06490887
Itesting Services Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
TAG Accountants Group Limited
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06490887
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 73,138 76,875
Investment Properties 5 74,198 67,907
147,336 144,782
CURRENT ASSETS
Debtors 6 3,817 4,496
Cash at bank and in hand 203,541 231,488
207,358 235,984
Creditors: Amounts Falling Due Within One Year 7 (17,539 ) (18,170 )
NET CURRENT ASSETS (LIABILITIES) 189,819 217,814
TOTAL ASSETS LESS CURRENT LIABILITIES 337,155 362,596
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,855 ) (5,855 )
NET ASSETS 331,300 356,741
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account 331,299 356,740
SHAREHOLDERS' FUNDS 331,300 356,741
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 Marcus Haynes
Director
31st October 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Itesting Services Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06490887 . The registered office is 20 The Glade, Wolverhampton, WV8 1UU.
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:
Freehold 2% straight line
Plant & Machinery 20% reducing balance
Motor Vehicles 20% reducing balance
Fixtures & Fittings 20% reducing balance
Computer Equipment 25% Straight line
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.6. 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 years 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 assets reflect 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 February 2023 42,387 12,208 57,890 208
Additions 1,200 - - -
As at 31 January 2024 43,587 12,208 57,890 208
Depreciation
As at 1 February 2023 848 6,678 28,250 42
Provided during the period 871 1,106 5,928 33
As at 31 January 2024 1,719 7,784 34,178 75
Net Book Value
As at 31 January 2024 41,868 4,424 23,712 133
As at 1 February 2023 41,539 5,530 29,640 166
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Computer Equipment Total
£ £
Cost
As at 1 February 2023 16,527 129,220
Additions 4,002 5,202
As at 31 January 2024 20,529 134,422
Depreciation
As at 1 February 2023 16,527 52,345
Provided during the period 1,001 8,939
As at 31 January 2024 17,528 61,284
Net Book Value
As at 31 January 2024 3,001 73,138
As at 1 February 2023 - 76,875
5. Investment Property
2024
£
Fair Value
As at 1 February 2023 67,907
Additions 6,291
As at 31 January 2024 74,198
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income - 704
Corporation tax recoverable assets - 653
VAT 3,817 3,139
3,817 4,496
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other creditors 378 1,491
Accruals and deferred income 1,201 1,525
Director's loan account 15,960 15,154
17,539 18,170
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8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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