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REGISTERED NUMBER: 05694054 (England and Wales)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

ITELO LIMITED

ITELO LIMITED (REGISTERED NUMBER: 05694054)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ITELO LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTOR: A J McGrother





SECRETARY: F E McGrother





REGISTERED OFFICE: Ground Floor
Finchale House
Belmont Business Park
Durham
DH1 1TW





REGISTERED NUMBER: 05694054 (England and Wales)





ACCOUNTANTS: RMT Ribchesters
Accountants and Business Advisors
Finchale House
Belmont Business Park
Durham
DH1 1TW

ITELO LIMITED (REGISTERED NUMBER: 05694054)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,728 3,924

CURRENT ASSETS
Debtors 5 35,820 146
Cash at bank 33,756 19,248
69,576 19,394
CREDITORS
Amounts falling due within one year 6 61,686 22,136
NET CURRENT ASSETS/(LIABILITIES) 7,890 (2,742 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,618

1,182

PROVISIONS FOR LIABILITIES 703 981
NET ASSETS 9,915 201

CAPITAL AND RESERVES
Called up share capital 7 2 2
Retained earnings 9,913 199
SHAREHOLDERS' FUNDS 9,915 201

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ITELO LIMITED (REGISTERED NUMBER: 05694054)

BALANCE SHEET - continued
31 MAY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 September 2024 and were signed by:





A J McGrother - Director


ITELO LIMITED (REGISTERED NUMBER: 05694054)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Itelo Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

In respect of turnover arising from contractual arrangement, income is attributed to the profit and loss account as contractual activity progresses in a manner appropriate to the stage of completion of each individual contract.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - straight line over 3 years
Computer equipment - straight line over 3 years

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

ITELO LIMITED (REGISTERED NUMBER: 05694054)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of section 11 'Basic Financial Instruments' and Section 12
'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Going concern
The director considers the future cashflow of the company and the expected working capital available to the company for a period in excess of 12 months from the date of this report and is satisfied that the company will generate sufficient resources to continue operations. The financial statements have therefore been prepared on the going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2023 9,354
Additions 839
At 31 May 2024 10,193
DEPRECIATION
At 1 June 2023 5,430
Charge for year 2,035
At 31 May 2024 7,465
NET BOOK VALUE
At 31 May 2024 2,728
At 31 May 2023 3,924

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 35,820 -
Other debtors - 146
35,820 146

ITELO LIMITED (REGISTERED NUMBER: 05694054)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 24,121 5,316
Other creditors 37,565 16,820
61,686 22,136

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary A £1 1 1
1 Ordinary B £1 1 1
2 2

8. RELATED PARTY DISCLOSURES

During the year the director maintained an interest free loan to the company. At the 31st May 2024 the balance of the loan was £36,079. (2023: £15,423).