REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 August 2024 |
for |
Itexact Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 August 2024 |
for |
Itexact Limited |
Itexact Limited (Registered number: 06946307) |
Contents of the Financial Statements |
for the Year Ended 31 August 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Itexact Limited |
Company Information |
for the Year Ended 31 August 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants & Registered Auditors |
Richmond House |
Lawnswood Business Park |
Redvers Close |
Leeds |
West Yorkshire |
LS16 6QY |
Itexact Limited (Registered number: 06946307) |
Balance Sheet |
31 August 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Itexact Limited (Registered number: 06946307) |
Balance Sheet - continued |
31 August 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Itexact Limited (Registered number: 06946307) |
Notes to the Financial Statements |
for the Year Ended 31 August 2024 |
1. | STATUTORY INFORMATION |
Itexact Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the |
Company and the revenue can be reliably measured. Revenue is measured as the fair value of the |
consideration received or receivable, excluding discounts, rebates, value added tax and other sales |
taxes. |
The following criteria must also be met before revenue is recognised: |
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are |
provided in accordance with the stage of completion of the contract when all of the following |
conditions are satisfied: |
• the amount of revenue can be measured reliably; |
• it is probable that the Company will receive the consideration due under the contract; |
• the stage of completion of the contract at the end of the reporting period can be measured |
reliably; and |
• the costs incurred and the costs to complete the contract can be measured reliably. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Itexact Limited (Registered number: 06946307) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Research and development |
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives. |
If it is not possible to distinguish between the research phase and the development phase of an internal project , the expenditure is treated as if it were all incurred in the research phase only. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Itexact Limited (Registered number: 06946307) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
4. | INTANGIBLE FIXED ASSETS |
Development |
costs |
£ |
COST OR VALUATION |
At 1 September 2023 |
Additions |
At 31 August 2024 |
AMORTISATION |
At 1 September 2023 |
Amortisation for year |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 September 2023 |
Additions |
At 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
Itexact Limited (Registered number: 06946307) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertaking |
£ |
COST |
At 1 September 2023 |
and 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: 4 Vilnius, Lithuania |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
Registered office: 31920 Del Obispo Street, STE 180, San Juan Capistrano, California, CA92675 |
Nature of business: |
% |
Class of shares: | holding |
31.8.24 |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( |
) |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Trade debtors |
Other debtors |
Itexact Limited (Registered number: 06946307) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Bank loans |
Other creditors |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.8.24 | 31.8.23 |
£ | £ |
Within one year |