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Registered number: 11100242
Itech Projects Ltd
Financial Statements
For The Year Ended 31 December 2024
C K R
Chartered Certified Accountants
C K R House
70 East Hill
Dartford
Kent
DA1 1RZ
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountants' Report
Report to the director on the preparation of the unaudited statutory accounts of Itech Projects Ltd for the year ended 31 December 2024
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Itech Projects Ltd which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the director of Itech Projects Ltd , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Itech Projects Ltd and state those matters that we have agreed to state to the director of Itech Projects Ltd , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Itech Projects Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Itech Projects Ltd 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 or loss of Itech Projects Ltd . You consider that Itech Projects Ltd 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 Itech Projects Ltd . 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 financial statements.
Signed
CKR & Associates
6 March 2025
C K R
Chartered Certified Accountants
C K R House
70 East Hill
Dartford
Kent
DA1 1RZ
Page 1
Page 2
Balance Sheet
Registered number: 11100242
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 15,263 12,350
Tangible Assets 5 1,589 1,421
16,852 13,771
CURRENT ASSETS
Debtors 6 80 240
Cash at bank and in hand 2,337 200
2,417 440
Creditors: Amounts Falling Due Within One Year 7 (18,425 ) (18,121 )
NET CURRENT ASSETS (LIABILITIES) (16,008 ) (17,681 )
TOTAL ASSETS LESS CURRENT LIABILITIES 844 (3,910 )
NET ASSETS/(LIABILITIES) 844 (3,910 )
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account 843 (3,911 )
SHAREHOLDERS' FUNDS 844 (3,910)
Page 2
Page 3
For the year ending 31 December 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
Mr Antony Howard
Director
6 March 2025
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Itech Projects Ltd is a private company, limited by shares, incorporated in Northern Ireland, registered number 11100242 . The registered office is CKR House, 70 East hill, Dartford, Kent, UK, DA1 1RZ.
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. Going Concern Disclosure
The financial statements have been prepared on the going concern basis. This assumes that the company will continue in operational existence for the foreseeable future.
At the balance sheet date, the company’s liability for the period ended 31 December 2023 exceeds its assets. The director of the company has sought assurance from the creditors that their debts will not be called in within the next twelve months.
The director has therefore deemed it appropriate that the financial statements be prepared on the going concern basis.
2.3. 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.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are software development. It is amortised profit and loss account based on 20% straight line method
2.5. 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:
Plant & Machinery 25% reducing balance method
Fixtures & Fittings 25% reducing balance method
Computer Equipment 25% reducing balance method
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
Page 4
Page 5
4. Intangible Assets
Other
£
Cost
As at 1 January 2024 25,370
Additions 9,984
As at 31 December 2024 35,354
Amortisation
As at 1 January 2024 13,020
Provided during the period 7,071
As at 31 December 2024 20,091
Net Book Value
As at 31 December 2024 15,263
As at 1 January 2024 12,350
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2024 417 5,810 6,227
Additions - 699 699
As at 31 December 2024 417 6,509 6,926
Depreciation
As at 1 January 2024 343 4,463 4,806
Provided during the period 19 512 531
As at 31 December 2024 362 4,975 5,337
Net Book Value
As at 31 December 2024 55 1,534 1,589
As at 1 January 2024 74 1,347 1,421
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 80 240
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Director's loan account 18,425 18,121
Page 5
Page 6
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
Page 6