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
Fair IT Ltd
Company Information
for the period from 1 April 2023 to 30 September 2024
Company Number
10511398 (England and Wales)
Registered Office
164 New Cavendish Street
London
W1W 6YT
England
Fair IT Ltd
Statement of financial position
as at 30 September 2024
Tangible assets
6,586
10,342
Cash at bank and in hand
5,285
71,736
Creditors: amounts falling due within one year
(3,121)
(36,379)
Net current assets
12,350
104,300
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
Fair IT Ltd
Notes to the Accounts
for the period from 1 April 2023 to 30 September 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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 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.
Expenditure on research and development is written off in the year in which it is incurred.
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 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.
Fair IT Ltd
Notes to the Accounts
for the period from 1 April 2023 to 30 September 2024
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Tangible fixed assets
Computer equipment
At 30 September 2024
27,407
Charge for the period
6,822
At 30 September 2024
20,821
At 30 September 2024
6,586
Amounts falling due within one year
Other debtors
9,980
47,343
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Creditors: amounts falling due within one year
2024
2023
Taxes and social security
-
24,789
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).