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Registered number: 02563646
Business I.T. Systems Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—7
Page 1
Statement of Financial Position
Registered number: 02563646
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 701,063 701,679
701,063 701,679
CURRENT ASSETS
Stocks 5 5,000 5,000
Debtors 6 43,899 53,831
Cash at bank and in hand 162,748 170,310
211,647 229,141
Creditors: Amounts Falling Due Within One Year 7 (546,283 ) (539,401 )
NET CURRENT ASSETS (LIABILITIES) (334,636 ) (310,260 )
TOTAL ASSETS LESS CURRENT LIABILITIES 366,427 391,419
PROVISIONS FOR LIABILITIES
Deferred Taxation (8,432 ) (8,586 )
NET ASSETS 357,995 382,833
CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 10 235,236 235,236
Income Statement 122,659 147,497
SHAREHOLDERS' FUNDS 357,995 382,833
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For the year ending 31 December 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
V J Hull
Director
9 May 2025
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Business I.T. Systems Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02563646 . The registered office is 104a Roebuck Road, Chessington, Surrey, KT9 1EU.
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 and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The balance sheet shows net current liabilities. Included within current liabilities are the amounts due to the directors, without which the balance sheet would show a stronger position.
There are no formal terms attaching to these loans which are repayable on demand however the directors have confirmed that they will continue to give financial suport to the company. The directors therefore consider that it is appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result if the financial support was withdrawn.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Sale of goods
Turnover from the sale of computer supplies is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.
Rendering of services
When the outcome of a transaction can be estimated reliably, turnover from computer services is recognised by reference to the date of sale.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less accumulated depreciation or valuation. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation is provided at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
Freehold 0% on cost
Fixtures & Fittings 20% on cost
Computer Equipment 33% on cost
At each balance sheet date assets are reviewed for any indication that the residual value or the useful life of the asset has changed.
Freehold land and buildings were valued at 31 December 2024. The valuation was undertaken by the directors on an open market basis.
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2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Financial Instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.
Financial instruments include debtors and creditors receivable or payable within one year and cash and bank balances.
Financial assets that are measured at cost and amortised cost are assessed at each balance sheet date for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in profit and loss.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.
2.9. Employee benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
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2.10. Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, and impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 7)
7 7
4. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost or Valuation
As at 1 January 2024 700,000 8,423 9,971 718,394
Additions - - 1,208 1,208
As at 31 December 2024 700,000 8,423 11,179 719,602
Depreciation
As at 1 January 2024 - 8,321 8,394 16,715
Provided during the period - 102 1,722 1,824
As at 31 December 2024 - 8,423 10,116 18,539
Net Book Value
As at 31 December 2024 700,000 - 1,063 701,063
As at 1 January 2024 700,000 102 1,577 701,679
Cost or valuation as at 31 December 2024 represented by:
Land & Property
Freehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
At cost 700,000 8,423 11,179 719,602
700,000 8,423 11,179 719,602
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5. Stocks
2024 2023
£ £
Stock 5,000 5,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 37,101 38,996
Other debtors 6,798 14,835
43,899 53,831
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 87,910 159,263
Other creditors 397,676 318,357
Taxation and social security 60,697 61,781
546,283 539,401
8. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 7,934 -
Later than one year and not later than five years 19,175 -
27,109 -
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2024 Amounts advanced Amounts repaid Amounts written off As at 31 December 2024
£ £ £ £ £
Mr Bryan Stone 8,440 - (8,440 ) - -
The above loan is unsecured, interest free and repayable on demand.
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10. Reserves
Fair Value Reserve
£
As at 1 January 2024 235,236
As at 31 December 2024 235,236
Page 7