Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312024-12-312024-01-01falseNo description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13584420 2024-01-01 2024-12-31 13584420 2022-09-01 2023-12-31 13584420 2024-12-31 13584420 2023-12-31 13584420 c:Director1 2024-01-01 2024-12-31 13584420 c:Director2 2024-01-01 2024-12-31 13584420 c:Director2 2024-12-31 13584420 c:RegisteredOffice 2024-01-01 2024-12-31 13584420 d:CurrentFinancialInstruments 2024-12-31 13584420 d:CurrentFinancialInstruments 2023-12-31 13584420 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 13584420 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 13584420 d:ShareCapital 2024-12-31 13584420 d:ShareCapital 2023-12-31 13584420 d:RetainedEarningsAccumulatedLosses 2024-12-31 13584420 d:RetainedEarningsAccumulatedLosses 2023-12-31 13584420 c:FRS102 2024-01-01 2024-12-31 13584420 c:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 13584420 c:FullAccounts 2024-01-01 2024-12-31 13584420 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure
Company registration number: 13584420







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024


IT LABS GROUP LTD






































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IT LABS GROUP LTD
 


 
COMPANY INFORMATION


Directors
V Ilievski 
J J Abadom (resigned 1 March 2024)




Registered number
13584420



Registered office
20-22 Wenlock Road

London

N1 7GU




Accountants
Menzies LLP
Chartered Accountants

Richmond House

Walkern Road

Stevenage

SG1 3QP





 


IT LABS GROUP LTD
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 5


 


IT LABS GROUP LTD
REGISTERED NUMBER:13584420



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
124,462
47,464

Cash at bank and in hand
  
57,273
19,660

  
181,735
67,124

Creditors: amounts falling due within one year
 5 
(51,044)
(21,605)

Net current assets
  
 
 
130,691
 
 
45,519

Total assets less current liabilities
  
130,691
45,519

  

Net assets
  
130,691
45,519


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Profit and loss account
  
120,691
35,519

  
130,691
45,519


Page 1

 


IT LABS GROUP LTD
REGISTERED NUMBER:13584420


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

The director considers 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 director acknowledges his 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: 




................................................
V Ilievski
Director

Date: 15 April 2025

The notes on pages 3 to 5 form part of these financial statements.

Page 2

 


IT LABS GROUP LTD
 


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

1.


General information

IT Labs Group Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
The presentation currency of the financial statements is the Pound Sterling (£).

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 


IT LABS GROUP LTD
 


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

2.Accounting policies (continued)

 
2.4

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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.5

Financial instruments

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


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Debtors

2024
2023
£
£


Trade debtors
83,474
29,016

Amounts owed by group undertakings
29,454
10,000

Other debtors
346
-

Prepayments and accrued income
11,188
8,448

124,462
47,464


Page 4

 


IT LABS GROUP LTD
 


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

5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
-
1,209

Amounts owed to group undertakings
-
138

Corporation tax
28,869
11,238

Other taxation and social security
19,350
6,562

Accruals and deferred income
2,825
2,458

51,044
21,605



6.


Related party transactions

At the reporting date the company was owed £29,454 (2023: owed £138 to) from companies under common control. The balance can be found within debtors (2023: creditors) due within one year.


7.


Controlling party

The immediate parent company is IT Labs BV, a company incorporated in the Netherlands at Kapteynstraat 1, Suite 150, Noordwijk, 2201BB.

 
Page 5