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COMPANY REGISTRATION NUMBER: 08667768
COMPUSOLVE IT SOLUTIONS LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 September 2024
COMPUSOLVE IT SOLUTIONS LTD
FINANCIAL STATEMENTS
YEAR ENDED 30th SEPTEMBER 2024
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
COMPUSOLVE IT SOLUTIONS LTD
STATEMENT OF FINANCIAL POSITION
30 September 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
1,668
2,497
CURRENT ASSETS
Debtors
6
54,948
52,791
Cash at bank and in hand
22,091
3,528
---------
---------
77,039
56,319
CREDITORS: amounts falling due within one year
7
60,771
37,546
---------
---------
NET CURRENT ASSETS
16,268
18,773
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
17,936
21,270
CREDITORS: amounts falling due after more than one year
8
7,440
10,395
PROVISIONS
Taxation including deferred tax
417
624
---------
---------
NET ASSETS
10,079
10,251
---------
---------
CAPITAL AND RESERVES
Called up share capital
10
10,000
10,000
Profit and loss account
79
251
---------
---------
SHAREHOLDERS FUNDS
10,079
10,251
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30th September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
COMPUSOLVE IT SOLUTIONS LTD
STATEMENT OF FINANCIAL POSITION (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 12 June 2025 , and are signed on behalf of the board by:
D. Bailey
Director
Company registration number: 08667768
COMPUSOLVE IT SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30th SEPTEMBER 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Post Office, 63 Saville Street, North Shields, Tyne and Wear, NE30 1AY.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on the going concern basis. The directors consider that this basis is appropriate following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements and the continued support of the company's directors, bankers and other lending agents during this time.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment
-
25% reducing balance
Computer equipment
-
33% reducing balance
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. TANGIBLE ASSETS
Office Equipment
Computer Equipment
Total
£
£
£
Cost
At 1st October 2023 and 30th September 2024
442
6,687
7,129
----
-------
-------
Depreciation
At 1st October 2023
406
4,226
4,632
Charge for the year
9
820
829
----
-------
-------
At 30th September 2024
415
5,046
5,461
----
-------
-------
Carrying amount
At 30th September 2024
27
1,641
1,668
----
-------
-------
At 30th September 2023
36
2,461
2,497
----
-------
-------
6. DEBTORS
2024
2023
£
£
Trade debtors
9,626
22,774
Prepayments and accrued income
5,172
5,880
Director's loan account
30,019
18,046
Section 455 tax recoverable
10,131
6,091
---------
---------
54,948
52,791
---------
---------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loan
6,824
5,000
Trade creditors
1,772
4,028
Accruals and deferred income
10,989
1,200
Corporation tax
20,360
15,991
Social security and other taxes
15,437
8,894
Company credit card
5,389
2,433
---------
---------
60,771
37,546
---------
---------
8. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loan
7,440
10,395
-------
---------
9. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
417
624
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
417
624
----
----
10. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary 'A' shares of £ 1 each
4,500
4,500
4,500
4,500
Ordinary 'B' shares of £ 1 each
4,500
4,500
4,500
4,500
Ordinary 'C' shares of £ 1 each
1,000
1,000
1,000
1,000
---------
---------
---------
---------
10,000
10,000
10,000
10,000
---------
---------
---------
---------
11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
D. Bailey
8,638
32,559
( 29,583)
11,614
A. P. Burnett
9,408
38,580
( 29,583)
18,405
---------
---------
---------
---------
18,046
71,139
( 59,166)
30,019
---------
---------
---------
---------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
D. Bailey
4,020
28,798
( 24,180)
8,638
A. P. Burnett
1,302
37,520
( 29,414)
9,408
-------
---------
---------
---------
5,322
66,318
( 53,594)
18,046
-------
---------
---------
---------
12. RELATED PARTY TRANSACTIONS
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A small entities.