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PERITUS SOLUTIONS LIMITED

Registered Number
07171579
(England and Wales)

Unaudited Financial Statements for the Year ended
29 February 2024

PERITUS SOLUTIONS LIMITED
Company Information
for the year from 1 March 2023 to 29 February 2024

Director

NJUGUNA, Albert

Registered Address

8 Kymes Court
Roxeth Hill
Harrow
HA2 0LA

Registered Number

07171579 (England and Wales)
PERITUS SOLUTIONS LIMITED
Balance Sheet as at
29 February 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets35,830471
5,830471
Current assets
Debtors1,0402,111
Cash at bank and on hand-2,298
1,0404,409
Creditors amounts falling due within one year4(12,498)(7,570)
Net current assets (liabilities)(11,458)(3,161)
Total assets less current liabilities(5,628)(2,690)
Creditors amounts falling due after one year5(10,642)(12,753)
Provisions for liabilities(1,458)(3,951)
Net assets(17,728)(19,394)
Capital and reserves
Called up share capital150150
Profit and loss account(17,878)(19,544)
Shareholders' funds(17,728)(19,394)
The financial statements were approved and authorised for issue by the Director on 26 November 2024, and are signed on its behalf by:
NJUGUNA, Albert
Director
Registered Company No. 07171579
PERITUS SOLUTIONS LIMITED
Notes to the Financial Statements
for the year ended 29 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The financial statements have been prepared on a going concern basis even though at the balance sheet date the company's net liabilities exceeded its net assets by £17,727 (2022 : £19,393 negative). The director considers the going concern basis to be appropriate because in his opinion, the company will obtain sufficient funding from its shareholders to enable it to pay its debts as they fall due.
Turnover policy
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are initially stated at cost and subsequently at cost less depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Reducing balance (%)
Plant and machinery25
Fixtures and fittings15
Office Equipment25
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Financial instruments
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 ontractual 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. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortized cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortized. Classification of financial liabilities 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 company after deducting all of its liabilities. Basic financial liabilities Basic financial liabilities, including creditors, loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the resent value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortized. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortized cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20242023
Average number of employees during the year11
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 March 231,627
Additions5,992
At 29 February 247,619
Depreciation and impairment
At 01 March 231,155
Charge for year634
At 29 February 241,789
Net book value
At 29 February 245,830
At 28 February 23471
4.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables-248
Bank borrowings and overdrafts6,6934,299
Other creditors4,7972,313
Accrued liabilities and deferred income1,008710
Total12,4987,570
5.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts10,64212,753
Total10,64212,753
Included in bank borrowings within one year and more than one year is the bounce back loan of £13,847 (2023 : £17,052).
6.Related party transactions
Included in other creditors is an amount of £4,797 (2023 : £2,313) owed to the director.