Silverfin false false 31/07/2024 01/08/2023 31/07/2024 S Smoothy 09/02/2024 L Smoothy 18/07/2011 17 March 2025 The principal activity of the company is the provision of manufacturing consultancy services. 07707730 2024-07-31 07707730 bus:Director1 2024-07-31 07707730 bus:Director2 2024-07-31 07707730 2023-07-31 07707730 core:CurrentFinancialInstruments 2024-07-31 07707730 core:CurrentFinancialInstruments 2023-07-31 07707730 core:ShareCapital 2024-07-31 07707730 core:ShareCapital 2023-07-31 07707730 core:RetainedEarningsAccumulatedLosses 2024-07-31 07707730 core:RetainedEarningsAccumulatedLosses 2023-07-31 07707730 core:ComputerSoftware 2023-07-31 07707730 core:ComputerSoftware 2024-07-31 07707730 core:LeaseholdImprovements 2023-07-31 07707730 core:FurnitureFittings 2023-07-31 07707730 core:ComputerEquipment 2023-07-31 07707730 core:LeaseholdImprovements 2024-07-31 07707730 core:FurnitureFittings 2024-07-31 07707730 core:ComputerEquipment 2024-07-31 07707730 2023-08-01 2024-07-31 07707730 bus:FilletedAccounts 2023-08-01 2024-07-31 07707730 bus:SmallEntities 2023-08-01 2024-07-31 07707730 bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 07707730 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 07707730 bus:Director1 2023-08-01 2024-07-31 07707730 bus:Director2 2023-08-01 2024-07-31 07707730 core:ComputerSoftware core:TopRangeValue 2023-08-01 2024-07-31 07707730 core:LeaseholdImprovements core:TopRangeValue 2023-08-01 2024-07-31 07707730 core:FurnitureFittings core:TopRangeValue 2023-08-01 2024-07-31 07707730 core:ComputerEquipment core:TopRangeValue 2023-08-01 2024-07-31 07707730 2022-08-01 2023-07-31 07707730 core:ComputerSoftware 2023-08-01 2024-07-31 07707730 core:LeaseholdImprovements 2023-08-01 2024-07-31 07707730 core:FurnitureFittings 2023-08-01 2024-07-31 07707730 core:ComputerEquipment 2023-08-01 2024-07-31 07707730 1 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Company No: 07707730 (England and Wales)

GET IT MADE LTD

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

GET IT MADE LTD

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

GET IT MADE LTD

COMPANY INFORMATION

For the financial year ended 31 July 2024
GET IT MADE LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 July 2024
DIRECTORS S Smoothy (Appointed 09 February 2024)
L Smoothy
REGISTERED OFFICE Unit 1 Southbrook Mews
London
England
SE12 8LG
London
United Kingdom
COMPANY NUMBER 07707730 (England and Wales)
GET IT MADE LTD

BALANCE SHEET

As at 31 July 2024
GET IT MADE LTD

BALANCE SHEET (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 16,189 21,454
Tangible assets 4 17,010 5,444
33,199 26,898
Current assets
Debtors 5 180,115 169,119
Cash at bank and in hand 763,190 981,845
943,305 1,150,964
Creditors: amounts falling due within one year 6 ( 94,928) ( 141,619)
Net current assets 848,377 1,009,345
Total assets less current liabilities 881,576 1,036,243
Provision for liabilities ( 4,654) ( 1,361)
Net assets 876,922 1,034,882
Capital and reserves
Called-up share capital 1 1
Profit and loss account 876,921 1,034,881
Total shareholder's funds 876,922 1,034,882

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Get It Made Ltd (registered number: 07707730) were approved and authorised for issue by the Board of Directors on 17 March 2025. They were signed on its behalf by:

L Smoothy
Director
GET IT MADE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
GET IT MADE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Get It Made Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 1 Southbrook Mews, London, SE12 8LG.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 8 years straight line
Fixtures and fittings 3 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Intangible assets

Computer software Total
£ £
Cost
At 01 August 2023 35,015 35,015
Additions 4,000 4,000
At 31 July 2024 39,015 39,015
Accumulated amortisation
At 01 August 2023 13,561 13,561
Charge for the financial year 9,265 9,265
At 31 July 2024 22,826 22,826
Net book value
At 31 July 2024 16,189 16,189
At 31 July 2023 21,454 21,454

4. Tangible assets

Leasehold improve-
ments
Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 August 2023 0 8,295 8,561 16,856
Additions 15,603 123 1,179 16,905
Disposals 0 ( 502) ( 3,225) ( 3,727)
At 31 July 2024 15,603 7,916 6,515 30,034
Accumulated depreciation
At 01 August 2023 0 5,458 5,954 11,412
Charge for the financial year 646 2,014 2,616 5,276
Disposals 0 ( 503) ( 3,161) ( 3,664)
At 31 July 2024 646 6,969 5,409 13,024
Net book value
At 31 July 2024 14,957 947 1,106 17,010
At 31 July 2023 0 2,837 2,607 5,444

5. Debtors

2024 2023
£ £
Trade debtors 166,340 165,637
Other debtors 13,775 3,482
180,115 169,119

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 3,064 2,023
Taxation and social security 86,889 134,542
Other creditors 4,975 5,054
94,928 141,619

7. Related party transactions

At the end of the year, the company was owed £nil (2023 : £900), by Xomzo Ltd, the parent company, in respect of an interest free loan which is repayable on demand.

8. Ultimate controlling party

The parent company of Get IT Made Limited is Xomzo Limited, a company registered in the UK.

The ultimate controlling party of the company are the directors.