Company Registration No. 13751592 (England and Wales)
Thought System Ltd
Unaudited accounts
for the year ended 30 November 2023
Thought System Ltd
Unaudited accounts
Contents
Thought System Ltd
Company Information
for the year ended 30 November 2023
Company Number
13751592 (England and Wales)
Registered Office
77a Richmond Road
Twickenham
Middlesex
TW1 3AW
England
Accountants
P10 Accountancy Ltd
77A Richmond Road
Twickenham
TW1 3AW
Thought System Ltd
Statement of financial position
as at 30 November 2023
Cash at bank and in hand
61,456
71,169
Creditors: amounts falling due within one year
(49,802)
(31,725)
Net current assets
63,079
88,505
Called up share capital
100
100
Profit and loss account
62,979
88,405
Shareholders' funds
63,079
88,505
For the year ending 30 November 2023 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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 22 November 2024 and were signed on its behalf by
Jawad Bhatti
Director
Company Registration No. 13751592
Thought System Ltd
Notes to the Accounts
for the year ended 30 November 2023
Thought System Ltd is a private company, limited by shares, registered in England and Wales, registration number 13751592. The registered office is 77a Richmond Road, Twickenham, Middlesex, TW1 3AW, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
The accounts are presented in £ sterling.
Amounts falling due within one year
Trade debtors
34,502
43,713
Amounts due from group undertakings etc.
234
-
Thought System Ltd
Notes to the Accounts
for the year ended 30 November 2023
5
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
48,882
21,000
Loans from directors
-
905
6
Average number of employees
During the year the average number of employees was 1 (2022: 2).