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Company Registration No. 10511398 (England and Wales)
Fair IT Ltd Unaudited accounts for the period from 1 April 2023 to 30 September 2024
Fair IT Ltd Unaudited accounts Contents
Page
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Fair IT Ltd Company Information for the period from 1 April 2023 to 30 September 2024
Director
R S Kalyanapu
Company Number
10511398 (England and Wales)
Registered Office
164 New Cavendish Street London W1W 6YT England
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Fair IT Ltd Statement of financial position as at 30 September 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
6,586 
10,342 
Current assets
Debtors
10,186 
68,943 
Cash at bank and in hand
5,285 
71,736 
15,471 
140,679 
Creditors: amounts falling due within one year
(3,121)
(36,379)
Net current assets
12,350 
104,300 
Net assets
18,936 
114,642 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
18,935 
114,641 
Shareholders' funds
18,936 
114,642 
For the period ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 12 May 2025 and were signed on its behalf by
R S Kalyanapu Director Company Registration No. 10511398
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Fair IT Ltd Notes to the Accounts for the period from 1 April 2023 to 30 September 2024
1
Statutory information
Fair IT Ltd is a private company, limited by shares, registered in England and Wales, registration number 10511398. The registered office is 164 New Cavendish Street, London, W1W 6YT, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
25% on costs
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Fair IT Ltd Notes to the Accounts for the period from 1 April 2023 to 30 September 2024
4
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 1 April 2023
24,341 
Additions
3,066 
At 30 September 2024
27,407 
Depreciation
At 1 April 2023
13,999 
Charge for the period
6,822 
At 30 September 2024
20,821 
Net book value
At 30 September 2024
6,586 
At 31 March 2023
10,342 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
206 
- 
Trade debtors
- 
21,600 
Other debtors
9,980 
47,343 
10,186 
68,943 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
- 
10,373 
Trade creditors
3,121 
- 
Taxes and social security
- 
24,789 
Other creditors
- 
717 
Accruals
- 
500 
3,121 
36,379 
7
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1 
1 
8
Transactions with related parties
R S Kalyanapu During the period interim dividends of £13,000 (2023: £53,900) were paid to the director.
9
Average number of employees
During the period the average number of employees was 1 (2023: 1).
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