IRIS Accounts Production v25.1.0.734 10696045 director 1.4.23 31.3.24 31.3.24 false true false false false true false Ordinary 0.01000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh106960452023-03-31106960452024-03-31106960452023-04-012024-03-31106960452022-03-31106960452022-04-012023-03-31106960452023-03-3110696045ns15:EnglandWales2023-04-012024-03-3110696045ns14:PoundSterling2023-04-012024-03-3110696045ns10:Director12023-04-012024-03-3110696045ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3110696045ns10:SmallEntities2023-04-012024-03-3110696045ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3110696045ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3110696045ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3110696045ns10:FullAccounts2023-04-012024-03-311069604512023-04-012024-03-3110696045ns10:OrdinaryShareClass12023-04-012024-03-3110696045ns5:CurrentFinancialInstruments2024-03-3110696045ns5:CurrentFinancialInstruments2023-03-3110696045ns5:Non-currentFinancialInstruments2024-03-3110696045ns5:Non-currentFinancialInstruments2023-03-3110696045ns5:ShareCapital2024-03-3110696045ns5:ShareCapital2023-03-3110696045ns5:RetainedEarningsAccumulatedLosses2024-03-3110696045ns5:RetainedEarningsAccumulatedLosses2023-03-3110696045ns10:RegisteredOffice2023-04-012024-03-3110696045ns5:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3110696045ns5:ComputerSoftware2023-04-012024-03-3110696045ns5:FurnitureFittings2023-04-012024-03-3110696045ns5:ComputerEquipment2023-04-012024-03-3110696045ns5:ComputerSoftware2023-03-3110696045ns5:ComputerSoftware2024-03-3110696045ns5:ComputerSoftware2023-03-3110696045ns5:FurnitureFittings2023-03-3110696045ns5:ComputerEquipment2023-03-3110696045ns5:FurnitureFittings2024-03-3110696045ns5:ComputerEquipment2024-03-3110696045ns5:FurnitureFittings2023-03-3110696045ns5:ComputerEquipment2023-03-3110696045ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-3110696045ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-3110696045ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-03-3110696045ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-03-3110696045ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-03-3110696045ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-3110696045ns10:OrdinaryShareClass12024-03-31
REGISTERED NUMBER: 10696045 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2024

FOR

INTO IT SUPPORT LTD

INTO IT SUPPORT LTD (REGISTERED NUMBER: 10696045)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


INTO IT SUPPORT LTD (REGISTERED NUMBER: 10696045)

BALANCE SHEET
31 MARCH 2024

2024 2023
as restated
Notes £    £    £   
FIXED ASSETS
Intangible assets 5 70,696 76,594
Tangible assets 6 27,796 30,311
98,492 106,905

CURRENT ASSETS
Stocks 89,436 99,970
Debtors 7 6,289 5,840
Cash at bank 4,196 12,543
99,921 118,353
CREDITORS
Amounts falling due within one year 8 378,231 426,187
NET CURRENT LIABILITIES (278,310 ) (307,834 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(179,818

)

(200,929

)

CREDITORS
Amounts falling due after more than
one year

9

7,731

11,402
NET LIABILITIES (187,549 ) (212,331 )

INTO IT SUPPORT LTD (REGISTERED NUMBER: 10696045)

BALANCE SHEET - continued
31 MARCH 2024

2024 2023
as restated
Notes £    £    £   
CAPITAL AND RESERVES
Called up share capital 10 1 1
Retained earnings (187,550 ) (212,332 )
SHAREHOLDERS' FUNDS (187,549 ) (212,331 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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 Profit and Loss account has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 May 2025 and were signed by:





Mr T J Cosson - Director


INTO IT SUPPORT LTD (REGISTERED NUMBER: 10696045)

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


1. STATUTORY INFORMATION

Into IT Support Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 10696045

Registered office: 48 St Leonards Road
Bexhill-On-Sea
East Sussex
TN40 1JB

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The accounts have been prepared on a going concern basis, not withstanding the net liability shown on the balance sheet. The director, Mr T Cosson, who is a major creditor of the company, has confirmed his intention to continue to support the company for at least the next 12 months.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance
Computer equipment - 20% on cost

All fixed assets are initially recorded at cost.

INTO IT SUPPORT LTD (REGISTERED NUMBER: 10696045)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

INTO IT SUPPORT LTD (REGISTERED NUMBER: 10696045)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities, like trade and other accounts receivable and payable, loans from banks and other third parties and loans to / from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted transaction price less any impairment.

If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of the estimated cash flows discounted at the asset's original effective rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet and measured as detailed above.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Finance costs are charged to the profit and loss over the term of the financial asset / liability using the effective interest method so that the amount charged is at a constant rate on the carrying amount.


INTO IT SUPPORT LTD (REGISTERED NUMBER: 10696045)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 2 ) .

5. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 April 2023 113,819
Additions 11,296
At 31 March 2024 125,115
AMORTISATION
At 1 April 2023 37,225
Amortisation for year 17,194
At 31 March 2024 54,419
NET BOOK VALUE
At 31 March 2024 70,696
At 31 March 2023 76,594

INTO IT SUPPORT LTD (REGISTERED NUMBER: 10696045)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


6. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2023 696 65,433 66,129
Additions - 11,576 11,576
At 31 March 2024 696 77,009 77,705
DEPRECIATION
At 1 April 2023 431 35,387 35,818
Charge for year 53 14,038 14,091
At 31 March 2024 484 49,425 49,909
NET BOOK VALUE
At 31 March 2024 212 27,584 27,796
At 31 March 2023 265 30,046 30,311

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 6,099 5,650
Prepayments and accrued income 190 190
6,289 5,840

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Bank loans and overdrafts 3,935 4,200
Trade creditors 1,304 711
PAYE and social security 5,221 4,218
VAT 17,550 860
Other creditors 127 113,949
Directors' current accounts 346,327 298,663
Accrued expenses 3,767 3,586
378,231 426,187

INTO IT SUPPORT LTD (REGISTERED NUMBER: 10696045)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
as restated
£    £   
Bank loans - 1-2 years 3,935 4,200
Bank loans - 2-5 years 3,796 7,202
7,731 11,402

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: as
restated
£    £   
100 Ordinary 0.01 1 1