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REGISTERED NUMBER: 08322821 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

IT1 SOURCE LIMITED

IT1 SOURCE LIMITED (REGISTERED NUMBER: 08322821)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


IT1 SOURCE LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2024







DIRECTORS: Mr B Clifton
Mr M D Shaffner





REGISTERED OFFICE: 100 Barbirolli Square
Manchester
M2 3BD





REGISTERED NUMBER: 08322821 (England and Wales)





ACCOUNTANTS: Xeinadin
100 Barbirolli Square
Manchester
M2 3BD

IT1 SOURCE LIMITED (REGISTERED NUMBER: 08322821)

BALANCE SHEET
31 December 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors 4 57,133 35,965
Cash at bank 88,285 107,664
145,418 143,629
CREDITORS
Amounts falling due within one year 5 38,027 56,844
NET CURRENT ASSETS 107,391 86,785
TOTAL ASSETS LESS CURRENT
LIABILITIES

107,391

86,785

CAPITAL AND RESERVES
Called up share capital 6 1 1
Retained earnings 107,390 86,784
SHAREHOLDERS' FUNDS 107,391 86,785

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved the Board of Directors and authorised for issue on 7 March 2025 and were signed on its behalf by:





Mr M D Shaffner - Director


IT1 SOURCE LIMITED (REGISTERED NUMBER: 08322821)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2024


1. STATUTORY INFORMATION

IT1 Source Limited is a private company, limited by shares, registered in England and Wales, registration number 08322821. The address of the registered office is KJG, 100 Barbirolli Square, Manchester, United Kingdom, M2 3BD. The principal place of business is 1869 W. University Drive, Suite 100, Tempe, Arizona.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes from wholesale of computers, computer peripheral equipment and software.

Taxation
Taxation for the year comprises current tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current 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.

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.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 57,133 35,965

IT1 SOURCE LIMITED (REGISTERED NUMBER: 08322821)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024


5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 13,207 33,516
Amounts owed to group undertakings 6,806 4,094
Taxation and social security 16,448 17,314
Other creditors 1,566 1,920
38,027 56,844

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £1.00 1 1

7. RELATED PARTY DISCLOSURES

Included in creditors is amount owed to IT1 Source LLC (USA) of £6,806 (2023 - £4,094) being the parent company of IT1 Source Limited . This loan is interest free and repayable on demand.