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Company registration number: 09209700
Astute IT Limited
Unaudited filleted financial statements
30 September 2024
Astute IT Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Astute IT Limited
Directors and other information
Directors Nick Francis
Colin Woodford
Company number 09209700
Registered office Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
Accountant Murphy Collins Limited
Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
Astute IT Limited
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of Astute IT Limited
Year ended 30 September 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Astute IT Limited for the year ended 30 September 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Astute IT Limited, as a body, in accordance with the terms of my engagement letter dated 15 July 2019. My work has been undertaken solely to prepare for your approval the financial statements of Astute IT Limited and state those matters that we have agreed to state to the board of directors of Astute IT Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Astute IT Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Astute IT Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Astute IT Limited. You consider that Astute IT Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Astute IT Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Murphy Collins Limited
Chartered Accountants
Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
29 November 2024
Astute IT Limited
Statement of financial position
30 September 2024
2024 2023
Note £ £ £ £
Current assets
Debtors 7 104,590 51,608
Cash at bank and in hand 99,315 138,618
_______ _______
203,905 190,226
Creditors: amounts falling due
within one year 8 ( 129,895) ( 122,589)
_______ _______
Net current assets 74,010 67,637
_______ _______
Total assets less current liabilities 74,010 67,637
_______ _______
Net assets 74,010 67,637
_______ _______
Capital and reserves
Called up share capital 9 60 60
Capital redemption reserve 40 40
Profit and loss account 73,910 67,537
_______ _______
Shareholders funds 74,010 67,637
_______ _______
For the year ending 30 September 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 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 financial statements.
These 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
Nick Francis Colin Woodford
Director Director
Company registration number: 09209700
Astute IT Limited
Statement of changes in equity
Year ended 30 September 2024
Called up share capital Capital redemption reserve Profit and loss account Total
£ £ £ £
At 1 October 2022 60 40 121,516 121,616
Profit/(loss) for the year ( 53,979) ( 53,979)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 53,979) ( 53,979)
_______ _______ _______ _______
At 30 September 2023 and 1 October 2023 60 40 67,537 67,637
Profit/(loss) for the year 6,373 6,373
_______ _______ _______ _______
Total comprehensive income for the year - - 6,373 6,373
_______ _______ _______ _______
At 30 September 2024 60 40 73,910 74,010
_______ _______ _______ _______
Astute IT Limited
Notes to the financial statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Sovereign House, 82 West Street, Rochford, Essex, SS4 1AS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 33.33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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 in finance costs 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 2 (2023: 2 ).
5. Tax on profit/loss
Major components of tax expense/income
2024 2023
£ £
Current tax:
UK current tax expense/income - ( 6,810)
_______ _______
Tax on profit/loss - ( 6,810)
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 October 2023 and 30 September 2024 6,751 6,751
_______ _______
Depreciation
At 1 October 2023 and 30 September 2024 6,751 6,751
_______ _______
Carrying amount
At 30 September 2024 - -
_______ _______
At 30 September 2023 - -
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors - 30,900
Other debtors 104,590 20,708
_______ _______
104,590 51,608
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 7,715 9,377
Corporation tax - 2
Social security and other taxes 9,015 2,109
Other creditors 113,165 111,101
_______ _______
129,895 122,589
_______ _______
9. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 60 60 60 60
_______ _______ _______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Nick Francis ( 1,202) ( 675) - ( 1,877)
Colin Woodford ( 261) ( 519) - ( 780)
_______ _______ _______ _______
( 1,463) ( 1,194) - ( 2,657)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Nick Francis ( 302) ( 900) - ( 1,202)
Colin Woodford ( 223) ( 900) 862 ( 261)
_______ _______ _______ _______
( 525) ( 1,800) 862 ( 1,463)
_______ _______ _______ _______
11. Controlling party
Nick Francis and Colin Woodford jointly control the company.