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COMPANY REGISTRATION NUMBER: 05068978
iTeam Solutions Limited
Filleted Unaudited Financial Statements
30 June 2024
iTeam Solutions Limited
Financial Statements
Year ended 30 June 2024
Contents
Pages
Report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 7
iTeam Solutions Limited
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of iTeam Solutions Limited
Year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of iTeam Solutions Limited for the year ended 30 June 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
JAY & JAY PARTNERSHIP LIMITED Chartered Certified Accountants
2 Chesterfield Buildings Westbourne Place Clifton Bristol BS8 1RU
24 September 2024
iTeam Solutions Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
26,990
31,607
Current assets
Stocks
3,332
7,271
Debtors
6
67,585
111,991
Cash at bank and in hand
207,171
247,386
---------
---------
278,088
366,648
Creditors: amounts falling due within one year
7
116,005
145,915
---------
---------
Net current assets
162,083
220,733
---------
---------
Total assets less current liabilities
189,073
252,340
---------
---------
Net assets
189,073
252,340
---------
---------
Capital and reserves
Called up share capital
200
200
Profit and loss account
188,873
252,140
---------
---------
Shareholders funds
189,073
252,340
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
iTeam Solutions Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 24 September 2024 , and are signed on behalf of the board by:
Mr D. Hewett
Mr J. Reed
Director
Director
Company registration number: 05068978
iTeam Solutions Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 45 Rookery Road, Bristol, BS4 2DX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor Vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2023: 13 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 July 2023
16,481
35,530
52,011
Additions
3,824
3,824
Disposals
( 5,782)
( 5,782)
--------
--------
--------
At 30 June 2024
16,481
33,572
50,053
--------
--------
--------
Depreciation
At 1 July 2023
7,210
13,194
20,404
Charge for the year
2,318
3,536
5,854
Disposals
( 3,195)
( 3,195)
--------
--------
--------
At 30 June 2024
9,528
13,535
23,063
--------
--------
--------
Carrying amount
At 30 June 2024
6,953
20,037
26,990
--------
--------
--------
At 30 June 2023
9,271
22,336
31,607
--------
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
57,731
100,097
Other debtors
9,854
11,894
--------
---------
67,585
111,991
--------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
30,541
31,471
Corporation tax
14,925
30,999
Social security and other taxes
17,935
24,698
Other creditors
52,604
58,747
---------
---------
116,005
145,915
---------
---------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
19,122
23,840
Later than 1 year and not later than 5 years
19,122
23,840
--------
--------
38,244
47,680
--------
--------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr D. Hewett
( 24,480)
30
( 24,450)
Mr J. Reed
( 24,430)
40
( 24,390)
--------
----
--------
( 48,910)
70
( 48,840)
--------
----
--------
2023
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr D. Hewett
( 25,325)
845
( 24,480)
Mr J. Reed
( 24,845)
415
( 24,430)
--------
-------
--------
( 50,170)
1,260
( 48,910)
--------
-------
--------
These loans are interest free and repayable on demand.