Aspect IT Limited
for the
Year Ended 30 June 2024
Registration number:
Aspect IT Limited
Contents
Page
Company Information |
|
Abridged Balance Sheet |
|
Notes to the Unaudited Abridged Financial Statements |
Aspect IT Limited
Company Information
Directors |
I Howarth P Dorotiak |
Registered office |
|
Accountants |
|
Aspect IT Limited
(Registration number: 04793847)
Abridged Balance Sheet as at 30 June 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
Accruals and deferred income |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Retained earnings |
145,718 |
170,242 |
|
Shareholders' funds |
145,818 |
170,342 |
For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
......................................... |
Aspect IT Limited
Notes to the Unaudited Abridged Financial Accounts for the Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales. The company's registration number is 04793847 and the registered office address is Unit 4, County End Business Park, Jackson Street, Springhead, Oldham, OL4 4TZ.
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial accounts are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged 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 abridged financial accounts have been prepared using the historical cost convention.
Turnover
Turnover represents the invoiced value of goods and services supplied in the year, net of Value Added Tax.
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.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Property alterations |
10% straight line method |
Fixtures and fittings |
10% straight line method |
Office equipment (within fixtures and fittings) |
25% reducing balance method |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion, and selling costs.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Aspect IT Limited
Notes to the Unaudited Abridged Financial Accounts for the Year Ended 30 June 2024
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Total |
|
Cost or valuation |
|
At 1 July 2023 |
|
At 30 June 2024 |
|
Depreciation |
|
At 1 July 2023 |
|
Charge for the year |
|
At 30 June 2024 |
|
Carrying amount |
|
At 30 June 2024 |
|
At 30 June 2023 |
|
Stocks |
2024 |
2023 |
|
Stocks |
1,300 |
1,300 |
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
Ordinary shares of £ |
|
100 |
|
100 |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Amounts disclosed in the balance sheet
Included in the balance sheet are employer pension contributions paid after date of £364 (2023 - £356).
Related party transactions |
At the year end the company was owed £4,940 in respect of a joint loan held between one of the directors and his wife (2023 - £2,010 owed to the company). This loan was overdrawn to a maximum of £33,836 in the year (2023 - £32,305). During the year the company made total advances to the director of £63,531 and received credits of £60,601.
At the year end the company was owed £5,249 in respect of a joint loan held between another director and his wife (2023 - £232 owed to the company). This loan was overdrawn to a maximum of £31,979 in the year (2023 - £32,384). During the year the company made total advances to the director of £69,153 and received credits of £64,136.
Interest is charged on these loans on a commercial basis and they are repayable on demand.