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Aspect IT Limited

Unaudited Abridged Financial Accounts

for the Year Ended 30 June 2024

Registration number: 04793847

 

Aspect IT Limited

Contents

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Unaudited Abridged Financial Statements

3 to 4

 

Aspect IT Limited

Company Information

Directors

I Howarth

P Dorotiak

Registered office

Unit 4
County End Business Centre
Jackson Street
Springhead
Oldham
OL4 4TZ

Accountants

Gortons
Chartered AccountantsStanmore House
64-68 Blackburn Street
Radcliffe
Manchester
M26 2JS

 

Aspect IT Limited

(Registration number: 04793847)
Abridged Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

9,871

13,168

Current assets

 

Stocks

5

1,300

1,300

Debtors

107,933

119,588

Cash at bank and in hand

 

170,465

198,676

 

279,698

319,564

Creditors: Amounts falling due within one year

(116,276)

(115,748)

Net current assets

 

163,422

203,816

Total assets less current liabilities

 

173,293

216,984

Creditors: Amounts falling due after more than one year

-

(19,167)

Accruals and deferred income

 

(27,475)

(27,475)

Net assets

 

145,818

170,342

Capital and reserves

 

Called up share capital

6

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 March 2025, and confirmed on the Board's behalf by:
 

.........................................
P Dorotiak
Director

 

Aspect IT Limited

Notes to the Unaudited Abridged Financial Accounts for the Year Ended 30 June 2024

1

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 Board on 26 March 2025.

2

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 11).

4

Tangible assets

Total
£

Cost or valuation

At 1 July 2023

99,068

At 30 June 2024

99,068

Depreciation

At 1 July 2023

85,900

Charge for the year

3,297

At 30 June 2024

89,197

Carrying amount

At 30 June 2024

9,871

At 30 June 2023

13,168

5

Stocks

2024
£

2023
£

Stocks

1,300

1,300

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

7

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 £58,403 (2023 - £52,830).

Amounts disclosed in the balance sheet

Included in the balance sheet are employer pension contributions paid after date of £364 (2023 - £356).

8

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.