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Registered Number: 11758859
England and Wales

 

 

 

SAK IT SOLUTIONS LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 July 2023

End date: 30 June 2024
Director Mr. Srikanth Reddy KOLAN
Registered Number 11758859
Registered Office 28 WHEELER CLOSE
DARTFORD
DA1 5UL
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 1,616   
1,616   
Current assets      
Debtors 4 4,351    13,460 
Cash at bank and in hand 20,044    22,118 
24,395    35,578 
Creditors: amount falling due within one year 5 (11,571)   (22,344)
Net current assets 12,824    13,234 
 
Total assets less current liabilities 14,440    13,234 
Creditors: amount falling due after more than one year 6 (7,275)   (11,097)
Net assets 7,165    2,137 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 7,065    2,037 
Shareholders' funds 7,165    2,137 
 


For the year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 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. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 22 August 2024 and were signed by:


-------------------------------
Mr. Srikanth Reddy KOLAN
Director
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General Information
SAK IT SOLUTIONS LTD is a private company, limited by shares, registered in England and Wales, registration number 11758859, registration address 28 WHEELER CLOSE, DARTFORD, DA1 5UL.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Group accounts
The company is a parent company subject to the small companies regime. The company and its subsidiary comprise a small group. The company has, therefore, taken advantage of the option provided by section 398 of the Companies Act 2006 not to prepare group accounts.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Research and development expenditure
Research and development expenditure is charged to the income statement in the period in which it is incurred.
Preference dividends
Where preference shares are classed as liabilities rather than equity any preference dividends paid are included in interest payable and similar charges within the income statement.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 3 Straight Line
2.

Average number of employees

Average number of employees during the year was 4 (2023 : 2).
3.

Tangible fixed assets

Cost or valuation Computer Equipment   Total
  £   £
At 01 July 2023  
Additions 2,046    2,046 
Disposals  
At 30 June 2024 2,046    2,046 
Depreciation
At 01 July 2023  
Charge for year 430    430 
On disposals  
At 30 June 2024 430    430 
Net book values
Closing balance as at 30 June 2024 1,616    1,616 
Opening balance as at 01 July 2023  


4.

Debtors: amounts falling due within one year

2024
£
  2023
£
Other Debtors 800   
PAYE & Social Security   17 
Directors' Current Accounts 3,551    13,443 
4,351    13,460 

5.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 313   
Corporation Tax 8,704    16,773 
Wages & Salaries Control Account 1,000   
VAT 1,554    5,571 
11,571    22,344 

6.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 7,275    11,097 
7,275    11,097 

7.

Ultimate Control

Mr. SRIKANTH REDDY is the Director and 100% shareholder with significant control  in the company.
3