Caseware UK (AP4) 2023.0.135 2023.0.135 2024-08-312024-08-31652023-09-01falsetruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04455799 2023-09-01 2024-08-31 04455799 2022-09-01 2023-08-31 04455799 2024-08-31 04455799 2023-08-31 04455799 c:Director2 2023-09-01 2024-08-31 04455799 d:Buildings d:ShortLeaseholdAssets 2023-09-01 2024-08-31 04455799 d:Buildings d:ShortLeaseholdAssets 2024-08-31 04455799 d:Buildings d:ShortLeaseholdAssets 2023-08-31 04455799 d:OfficeEquipment 2023-09-01 2024-08-31 04455799 d:OfficeEquipment 2024-08-31 04455799 d:OfficeEquipment 2023-08-31 04455799 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 04455799 d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 04455799 d:Goodwill 2024-08-31 04455799 d:Goodwill 2023-08-31 04455799 d:CurrentFinancialInstruments 2024-08-31 04455799 d:CurrentFinancialInstruments 2023-08-31 04455799 d:CurrentFinancialInstruments d:WithinOneYear 2024-08-31 04455799 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 04455799 d:ShareCapital 2024-08-31 04455799 d:ShareCapital 2023-08-31 04455799 d:RetainedEarningsAccumulatedLosses 2024-08-31 04455799 d:RetainedEarningsAccumulatedLosses 2023-08-31 04455799 c:OrdinaryShareClass1 2023-09-01 2024-08-31 04455799 c:OrdinaryShareClass1 2024-08-31 04455799 c:OrdinaryShareClass1 2023-08-31 04455799 c:FRS102 2023-09-01 2024-08-31 04455799 c:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 04455799 c:FullAccounts 2023-09-01 2024-08-31 04455799 c:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 04455799 2 2023-09-01 2024-08-31 04455799 e:PoundSterling 2023-09-01 2024-08-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 04455799









L.I.T.S. LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2024

 
L.I.T.S. LIMITED
REGISTERED NUMBER: 04455799

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,581
1,529

Current assets
  

Debtors: amounts falling due within one year
 6 
203,808
122,241

Bank and cash balances
  
969,660
1,000,308

  
1,173,468
1,122,549

Creditors: amounts falling due within one year
 7 
(891,178)
(837,590)

Net current assets
  
 
 
282,290
 
 
284,959

  

Net assets
  
283,871
286,488


Capital and reserves
  

Called up share capital 
 8 
1,000
1,000

Profit and loss account
  
282,871
285,488

  
283,871
286,488


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R Orr
Director

Date: 9 April 2025

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
L.I.T.S. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

L.I.T.S Limited is a private company limited by shares incorporated in England and Wales. The address of
the registered office is 19 Fairway, Petts Wood, Orpington, BR5 1EF.
The financial statements are presented in sterling which is the functional currency of the company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. 
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 2

 
L.I.T.S. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
10%
straight line
Office equipment
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Page 3

 
L.I.T.S. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Page 4

 
L.I.T.S. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2023 - 5).

Page 5

 
L.I.T.S. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 September 2023
635,000



At 31 August 2024

635,000



Amortisation


At 1 September 2023
635,000



At 31 August 2024

635,000



Net book value



At 31 August 2024
-



At 31 August 2023
-



Page 6

 
L.I.T.S. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Tangible fixed assets





Short-term leasehold property
Office equipment
Total

£
£
£



Cost or valuation


At 1 September 2023
27,042
26,841
53,883


Additions
-
760
760



At 31 August 2024

27,042
27,601
54,643



Depreciation


At 1 September 2023
27,042
25,312
52,354


Charge for the year on owned assets
-
708
708



At 31 August 2024

27,042
26,020
53,062



Net book value



At 31 August 2024
-
1,581
1,581



At 31 August 2023
-
1,529
1,529


6.


Debtors

2024
2023
£
£


Trade debtors
189,262
108,560

Other debtors
1,133
4,641

Prepayments and accrued income
13,413
9,040

203,808
122,241


Page 7

 
L.I.T.S. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
81,017
81,051

Corporation tax
94,208
78,202

Other taxation and social security
56,972
32,316

Other creditors
14,335
23,725

Accruals and deferred income
644,646
622,296

891,178
837,590



8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company is an independently administered fund. The pension cost charge
represents contributions payable by the Company to the fund and amounted to £1,921 (2023 - £1,560)
Contributions totalling £482 (2023 - £686) were payable to the fund at the balance sheet date and are
included in creditors.


10.


Related party transactions

The amount due to a director at the year end was £9,280 (2023 - £9,280).


Page 8