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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
Page
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Thought System Ltd Company Information for the year ended 30 November 2023
Director
Jawad Bhatti
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
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Thought System Ltd Statement of financial position as at 30 November 2023
2023 
2022 
Notes
£ 
£ 
Current assets
Debtors
51,425 
49,061 
Cash at bank and in hand
61,456 
71,169 
112,881 
120,230 
Creditors: amounts falling due within one year
(49,802)
(31,725)
Net current assets
63,079 
88,505 
Net assets
63,079 
88,505 
Capital and reserves
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
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Thought System Ltd Notes to the Accounts for the year ended 30 November 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover
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.
Taxation
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.
Presentation currency
The accounts are presented in £ sterling.
4
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
10,921 
5,348 
Trade debtors
34,502 
43,713 
Amounts due from group undertakings etc.
234 
- 
Other debtors
5,768 
- 
51,425 
49,061 
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Thought System Ltd Notes to the Accounts for the year ended 30 November 2023
5
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Trade creditors
- 
7,670 
Taxes and social security
48,882 
21,000 
Other creditors
920 
- 
Loans from directors
- 
905 
Accruals
- 
2,150 
49,802 
31,725 
6
Average number of employees
During the year the average number of employees was 1 (2022: 2).
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