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Registered number: 09075329
Advanced It Systems Ltd
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 09075329
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 196 261
196 261
CURRENT ASSETS
Investments 5 1,003 1,005
Cash at bank and in hand 119,140 125,804
120,143 126,809
Creditors: Amounts Falling Due Within One Year 6 (5,614 ) (6,609 )
NET CURRENT ASSETS (LIABILITIES) 114,529 120,200
TOTAL ASSETS LESS CURRENT LIABILITIES 114,725 120,461
Creditors: Amounts Falling Due After More Than One Year 7 (5,806 ) (10,377 )
NET ASSETS 108,919 110,084
CAPITAL AND RESERVES
Called up share capital 8 4 4
Profit and Loss Account 108,915 110,080
SHAREHOLDERS' FUNDS 108,919 110,084
Page 1
Page 2
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.
The member has 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
A K Gogna
Director
29 January 2025
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Advanced It Systems Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09075329 . The registered office is 103 Coopers Road, Handworth Wood, Birmingham, B20 2JX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 25% on reducing balance
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 April 2023 2,000
As at 31 March 2024 2,000
Depreciation
As at 1 April 2023 1,739
Provided during the period 65
As at 31 March 2024 1,804
Net Book Value
As at 31 March 2024 196
As at 1 April 2023 261
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5. Current Asset Investments
2024 2023
£ £
Listed investments 1,003 1,005
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 4,898 4,898
Other creditors 716 1,711
5,614 6,609
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 5,806 10,377
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 4 4
Page 4