2 2 Select IT Trading Limited 07336082 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is IT consultancy. Digita Accounts Production Advanced 6.30.9574.0 true 07336082 2023-09-01 2024-08-31 07336082 2024-08-31 07336082 core:RetainedEarningsAccumulatedLosses 2024-08-31 07336082 core:ShareCapital 2024-08-31 07336082 core:CurrentFinancialInstruments 2024-08-31 07336082 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 07336082 core:FurnitureFittings 2024-08-31 07336082 core:MotorVehicles 2024-08-31 07336082 core:OfficeEquipment 2024-08-31 07336082 core:PlantMachinery 2024-08-31 07336082 bus:SmallEntities 2023-09-01 2024-08-31 07336082 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 07336082 bus:FilletedAccounts 2023-09-01 2024-08-31 07336082 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 07336082 bus:RegisteredOffice 2023-09-01 2024-08-31 07336082 bus:Director1 2023-09-01 2024-08-31 07336082 bus:Director2 2023-09-01 2024-08-31 07336082 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 07336082 bus:Agent1 2023-09-01 2024-08-31 07336082 core:FurnitureFittings 2023-09-01 2024-08-31 07336082 core:MotorCars 2023-09-01 2024-08-31 07336082 core:MotorVehicles 2023-09-01 2024-08-31 07336082 core:OfficeEquipment 2023-09-01 2024-08-31 07336082 core:PlantMachinery 2023-09-01 2024-08-31 07336082 countries:AllCountries 2023-09-01 2024-08-31 07336082 2023-08-31 07336082 core:FurnitureFittings 2023-08-31 07336082 core:MotorVehicles 2023-08-31 07336082 core:OfficeEquipment 2023-08-31 07336082 core:PlantMachinery 2023-08-31 07336082 2022-09-01 2023-08-31 07336082 2023-08-31 07336082 core:RetainedEarningsAccumulatedLosses 2023-08-31 07336082 core:ShareCapital 2023-08-31 07336082 core:CurrentFinancialInstruments 2023-08-31 07336082 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 07336082 core:FurnitureFittings 2023-08-31 07336082 core:MotorVehicles 2023-08-31 07336082 core:OfficeEquipment 2023-08-31 07336082 core:PlantMachinery 2023-08-31 xbrli:pure iso4217:GBP

Registration number: 07336082

Select IT Trading Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Select IT Trading Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

Accountants' Report

7

 

Select IT Trading Limited

Company Information

Directors

Mrs Loretta Claudine Bedborough

Mr Keith Bedborough

Registered office

12 Chapel Hill
St Erth
Hayle
Cornwall
TR27 6HL

Accountants

EQ Accountants Ltd Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Select IT Trading Limited

(Registration number: 07336082)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

13,162

16,823

Current assets

 

Debtors

5

14,445

31,203

Cash at bank and in hand

 

43,806

24,550

 

58,251

55,753

Creditors: Amounts falling due within one year

6

(67,863)

(61,514)

Net current liabilities

 

(9,612)

(5,761)

Total assets less current liabilities

 

3,550

11,062

Provisions for liabilities

(2,896)

(607)

Net assets

 

654

10,455

Capital and reserves

 

Called up share capital

2

2

Retained earnings

652

10,453

Shareholders' funds

 

654

10,455

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 January 2025 and signed on its behalf by:
 

.........................................
Mr Keith Bedborough
Director

 

Select IT Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland .

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Select IT Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

Reducing Balance at 25%

Office Equipment

Cost at 33%

Fixtures and Fittings

Reducing Balance at 25%

Motor vehicles

Reducing balance at 25%

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

3

Employees and Directors

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Select IT Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 September 2023

316

3,636

7,097

17,995

Additions

-

-

1,836

-

At 31 August 2024

316

3,636

8,933

17,995

Depreciation

At 1 September 2023

201

2,234

5,287

4,499

Charge for the year

72

351

1,700

3,374

At 31 August 2024

273

2,585

6,987

7,873

Carrying amount

At 31 August 2024

43

1,051

1,946

10,122

At 31 August 2023

115

1,402

1,810

13,496

Total
£

Cost or valuation

At 1 September 2023

29,044

Additions

1,836

At 31 August 2024

30,880

Depreciation

At 1 September 2023

12,221

Charge for the year

5,497

At 31 August 2024

17,718

Carrying amount

At 31 August 2024

13,162

At 31 August 2023

16,823

5

Debtors

Current

2024
£

2023
£

Trade debtors

14,283

30,536

Other debtors

162

667

 

14,445

31,203

 

Select IT Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

16,331

19,426

Other creditors

51,532

42,088

67,863

61,514

7

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2024
 £

2023
 £

Mr Keith Charles Bedborough

25,766

21,044

Mrs Loretta Claudine Bedborough

25,766

21,044

 

51,532

42,088

The maximum balance outstanding during the year amounted to £51,532.

The directors current accounts are repayable on demand.

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Select IT Trading Limited
for the Year Ended 31 August 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Select IT Trading Limited for the year ended 31 August 2024 as set out on pages 2 to 6 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Select IT Trading Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Select IT Trading Limited and state those matters that we have agreed to state to the Board of Directors of Select IT Trading Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Select IT Trading Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Select IT Trading Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Select IT Trading Limited. You consider that Select IT Trading Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Select IT Trading Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

28 January 2025