Acorah Software Products - Accounts Production 16.0.110 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 06090409 Mr J P Abrahams Mr P F Taylor Mr C J Rumsey iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 06090409 2023-03-31 06090409 2024-03-31 06090409 2023-04-01 2024-03-31 06090409 frs-core:CurrentFinancialInstruments 2024-03-31 06090409 frs-core:Non-currentFinancialInstruments 2024-03-31 06090409 frs-core:BetweenOneFiveYears 2024-03-31 06090409 frs-core:ComputerEquipment 2024-03-31 06090409 frs-core:ComputerEquipment 2023-04-01 2024-03-31 06090409 frs-core:ComputerEquipment 2023-03-31 06090409 frs-core:FurnitureFittings 2024-03-31 06090409 frs-core:FurnitureFittings 2023-04-01 2024-03-31 06090409 frs-core:FurnitureFittings 2023-03-31 06090409 frs-core:WithinOneYear 2024-03-31 06090409 frs-core:CapitalRedemptionReserve 2024-03-31 06090409 frs-core:ShareCapital 2024-03-31 06090409 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 06090409 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06090409 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 06090409 frs-bus:SmallEntities 2023-04-01 2024-03-31 06090409 frs-bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06090409 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06090409 frs-bus:Director1 2023-04-01 2024-03-31 06090409 frs-bus:Director2 2023-04-01 2024-03-31 06090409 frs-bus:Director3 2023-04-01 2024-03-31 06090409 frs-countries:EnglandWales 2023-04-01 2024-03-31 06090409 2022-03-31 06090409 2023-03-31 06090409 2022-04-01 2023-03-31 06090409 frs-core:CurrentFinancialInstruments 2023-03-31 06090409 frs-core:Non-currentFinancialInstruments 2023-03-31 06090409 frs-core:BetweenOneFiveYears 2023-03-31 06090409 frs-core:WithinOneYear 2023-03-31 06090409 frs-core:CapitalRedemptionReserve 2023-03-31 06090409 frs-core:ShareCapital 2023-03-31 06090409 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 06090409
IT Managed Services Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Accountant's Report
Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of IT Managed Services Limited for the year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of IT Managed Services Limited for the year ended 31 March 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member 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/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of IT Managed Services Limited , as a body, in accordance with the terms of our engagement letter dated 16 January 2024. Our work has been undertaken solely to prepare for your approval the accounts of IT Managed Services Limited and state those matters that we have agreed to state to the directors of IT Managed Services 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 IT Managed Services Limited and its directors, as a body, for our work or for this report.
It is your duty to ensure that IT Managed Services 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 or loss of IT Managed Services Limited . You consider that IT Managed Services Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of IT Managed Services 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 financial statements.
Signed
ERC Accountants and Business Advisers
4 October 2024
ERC Accountants & Business Advisers Limited
Chartered Accountants
Hanover Buildings, 11-13 Hanover Street
Liverpool
Merseyside
L1 3DN
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Balance Sheet
Registered number: 06090409
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 411 140
411 140
CURRENT ASSETS
Stocks 5 2,500 2,500
Debtors 6 154,535 96,365
Cash at bank and in hand 70,492 85,723
227,527 184,588
Creditors: Amounts Falling Due Within One Year 7 (136,619 ) (100,979 )
NET CURRENT ASSETS (LIABILITIES) 90,908 83,609
TOTAL ASSETS LESS CURRENT LIABILITIES 91,319 83,749
Creditors: Amounts Falling Due After More Than One Year 8 (13,305 ) (22,388 )
NET ASSETS 78,014 61,361
CAPITAL AND RESERVES
Called up share capital 10 210 210
Capital redemption reserve 195 195
Profit and Loss Account 77,609 60,956
SHAREHOLDERS' FUNDS 78,014 61,361
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 P F Taylor
Director
4 October 2024
The notes on pages 4 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
IT Managed Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06090409 . The registered office is West Lancashire Investment Centre Maple View, White Moss Business Park, Skelmersdale, Lancashire, WN8 9TG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
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.
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'.
2.2. Turnover
Revenue from product sales is recognised on delivery of the equipment. Revenue from software support is recognised as the services are performed.
2.3. Tangible Fixed Assets and Depreciation
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.
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:
Fixtures and fittings - 25% Straight Line
Equipment - 33% and 10% Straight Line
Fixtures and fittings 25% straight line
Computer equipment 33% straight line
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. Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
2.6. 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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2.7. 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.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2023: 9)
10 9
4. Tangible Assets
Fixtures and fittings Computer equipment Total
£ £ £
Cost
As at 1 April 2023 4,875 119,802 124,677
Additions 548 - 548
As at 31 March 2024 5,423 119,802 125,225
Depreciation
As at 1 April 2023 4,735 119,802 124,537
Provided during the period 277 - 277
As at 31 March 2024 5,012 119,802 124,814
Net Book Value
As at 31 March 2024 411 - 411
As at 1 April 2023 140 - 140
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5. Stocks
2024 2023
£ £
Stock 2,500 2,500
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 151,548 92,070
Other debtors 2,987 4,295
154,535 96,365
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 49,291 47,159
Bank loans and overdrafts 10,000 10,000
Other creditors 14,106 10,187
Taxation and social security 63,222 33,633
136,619 100,979
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 13,305 22,388
9. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Bank loans and overdrafts 23,305 32,389
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 210 210
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 7,419 13,312
Later than one year and not later than five years 9,275 -
16,694 13,312
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12. Directors Advances, Credits and Guarantees
No director received advances, credits or guarantees during the current or previous accounting periods.
13. Related Party Transactions
The following related party transactions were undertaken during the year:
Dividends were paid to the directors in respect of their shareholders totalling £80,310 (2023: £Nil).
The aggregate remuneration paid to key management personnel for the year was £27,300.
No further transactions with related parties were undertaken, other than those under normal market conditions, such as are required to be disclosed in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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