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No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
03323042
2023-04-01
2024-03-31
03323042
2024-03-31
03323042
2023-03-31
03323042
2022-04-01
2023-03-31
03323042
2023-03-31
03323042
2022-03-31
03323042
core:NetGoodwill
2023-04-01
2024-03-31
03323042
core:PlantMachinery
2023-04-01
2024-03-31
03323042
core:MotorVehicles
2023-04-01
2024-03-31
03323042
bus:LeadAgentIfApplicable
2023-04-01
2024-03-31
03323042
bus:Director2
2023-04-01
2024-03-31
03323042
core:WithinOneYear
2024-03-31
03323042
core:WithinOneYear
2023-03-31
03323042
core:AfterOneYear
2024-03-31
03323042
core:AfterOneYear
2023-03-31
03323042
core:ShareCapital
2024-03-31
03323042
core:ShareCapital
2023-03-31
03323042
core:RetainedEarningsAccumulatedLosses
2024-03-31
03323042
core:RetainedEarningsAccumulatedLosses
2023-03-31
03323042
core:BetweenOneFiveYears
2024-03-31
03323042
core:BetweenOneFiveYears
2023-03-31
03323042
core:MoreThanFiveYears
2023-03-31
03323042
bus:SmallEntities
2023-04-01
2024-03-31
03323042
bus:AuditExemptWithAccountantsReport
2023-04-01
2024-03-31
03323042
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
03323042
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-03-31
03323042
bus:AbridgedAccounts
2023-04-01
2024-03-31
03323042
core:IntangibleAssetsOtherThanGoodwill
2023-04-01
2024-03-31
03323042
core:ComputerEquipment
2023-04-01
2024-03-31
STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS |
|
All of the members of I C T Express Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
03323042
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS |
|
REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF
I C T EXPRESS LIMITED |
|
YEAR ENDED 31 MARCH 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of I C T Express Limited for the year ended 31 March 2024, which comprise the abridged 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.
LANGARD LIFFORD HALL LIMITED
Accountants & Registered Auditors
Lifford Hall
Lifford Lane
Kings Norton
Birmingham
B30 3JN
20 November 2024
ABRIDGED STATEMENT OF FINANCIAL POSITION |
|
31 March 2024
Fixed assets
Intangible assets |
5 |
|
14,610 |
|
31,456 |
Tangible assets |
6 |
|
88,771 |
|
118,361 |
|
|
------------ |
|
------------ |
|
|
103,381 |
|
149,817 |
|
|
|
|
|
|
Current assets
Debtors |
1,035,220 |
|
1,145,778 |
|
Cash at bank and in hand |
45,736 |
|
101,292 |
|
|
-------------- |
|
-------------- |
|
|
1,080,956 |
|
1,247,070 |
|
|
|
|
|
|
Creditors: amounts falling due within one year |
1,148,405 |
|
951,645 |
|
|
-------------- |
|
-------------- |
|
Net current (liabilities)/assets |
|
(
67,449) |
|
295,425 |
|
|
------------ |
|
------------ |
Total assets less current liabilities |
|
35,932 |
|
445,242 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
|
1,210 |
|
34,521 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
23,728 |
|
27,621 |
|
|
------------ |
|
------------ |
Net assets |
|
10,994 |
|
383,100 |
|
|
------------ |
|
------------ |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
2 |
|
2 |
Profit and loss account |
|
10,992 |
|
383,098 |
|
|
------------ |
|
------------ |
Shareholders funds |
|
10,994 |
|
383,100 |
|
|
------------ |
|
------------ |
|
|
|
|
|
These abridged 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 abridged statement of income and retained earnings has not been delivered.
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued) |
|
31 March 2024
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.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged 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 abridged financial statements
.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
20 November 2024
, and are signed on behalf of the board by:
Company registration number:
03323042
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS |
|
YEAR ENDED 31 MARCH 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 North 4 Channel Close, Stanford-Le-Hope, Essex, SS17 9FJ.
2.
Statement of Compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The Turnover shown in the profit and loss account represents the realisable value of work undertaken during the year, exclusive of Value Added Tax.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill |
- |
10% straight line |
|
Stamp Duty |
- |
10% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
|
Plant and Machinery |
- |
25% reducing balance |
|
Motor Vehicles |
- |
25% reducing balance |
|
Office Equipment |
- |
25% 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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
35
(2023:
36
).
5.
Intangible Assets
|
£ |
Cost |
|
At 1 April 2023 and 31 March 2024 |
258,472 |
|
------------ |
Amortisation |
|
At 1 April 2023 |
227,016 |
Charge for the year |
16,846 |
|
------------ |
At 31 March 2024 |
243,862 |
|
------------ |
Carrying amount |
|
At 31 March 2024 |
14,610 |
|
------------ |
At 31 March 2023 |
31,456 |
|
------------ |
|
|
6.
Tangible Assets
|
£ |
Cost |
|
At 1 April 2023 and 31 March 2024 |
1,036,119 |
|
-------------- |
Depreciation |
|
At 1 April 2023 |
917,758 |
Charge for the year |
29,590 |
|
-------------- |
At 31 March 2024 |
947,348 |
|
-------------- |
Carrying amount |
|
At 31 March 2024 |
88,771 |
|
-------------- |
At 31 March 2023 |
118,361 |
|
-------------- |
|
|
7.
Operating Leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
|
Not later than 1 year |
404,006 |
451,057 |
|
Later than 1 year and not later than 5 years |
1,225,358 |
1,509,685 |
|
Later than 5 years |
– |
119,678 |
|
|
-------------- |
-------------- |
|
|
1,629,364 |
2,080,420 |
|
|
-------------- |
-------------- |
|
|
|
|
8.
Contingencies
HSBC Invoice Finance UK Ltd and HSBC Bank PLC hold a fixed and floating charge over certain assets of the company. Hire purchase agreements are secured against the asset to which they relate.
9.
Directors' Advances, Credits and Guarantees
Amounts owed to the director at the balance sheet date were included in creditors and totalled £1,364 (2022: £1,564).