Company Registration No. 08040325 (England and Wales)
ITMS 247 Limited
Unaudited financial statements
for the year ended 30 September 2024
Pages for filing with the registrar
ITMS 247 Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
ITMS 247 Limited
Balance sheet
As at 30 September 2024
30 September 2024
1
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
763,912
349,596
Cash at bank and in hand
36,269
812,252
800,181
1,161,848
Creditors: amounts falling due within one year
5
(714,717)
(1,108,679)
Net current assets
85,464
53,169
Capital and reserves
Called up share capital
6
113
113
Profit and loss reserves
85,351
53,056
Total equity
85,464
53,169

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 23 June 2025 and are signed on its behalf by:
Neal Kearl
Sam Mason
Director
Director
Company Registration No. 08040325
ITMS 247 Limited
Notes to the financial statements
For the year ended 30 September 2024
2
1
Accounting policies
Company information

ITMS 247 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Midland House, 2 Poole Road, Bournemouth, Dorset, BH2 5QY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

ITMS 247 Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
3
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.6
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

ITMS 247 Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
4
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
7
7
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
464,874
85,293
Amounts owed by group undertakings
100,344
-
Other debtors
198,694
264,303
763,912
349,596
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
173,620
105,874
Amounts owed to group undertakings
-
0
658,165
Taxation and social security
124,120
138,272
Other creditors
416,977
206,368
714,717
1,108,679
6
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
11 Ordinary A shares of £1 each
11
11
17 Ordinary B shares of £1 each
17
17
85 Ordinary C shares of £1 each
85
85
113
113

All share classes rank pari passu in respect of capital distribution and voting rights. Each class of share shall be entitled to a dividend as determined by the directors.

ITMS 247 Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
5
7
Related party transactions
Transactions with related parties

The company has taken advantage of the exemption available in section 1AC.35 of FRS 102 from the requirement to disclose transactions with group companies on the grounds that the company is a wholly owned subsidiary within the group.

8
Parent company

The ultimate parent company of ITMS 247 Limited is Yellowthread Limited and its registered office is Midland House, 2 Poole Road, Bournemouth, Dorset, BH2 5QY.

2024-09-302023-10-01false23 June 2025CCH SoftwareCCH Accounts Production 2024.210No description of principal activityNeal KearlSam MasonHugh MasonHenry MasonKatie DickieEloise MasonCharlotte MasonDale Masonfalsefalse080403252023-10-012024-09-30080403252024-09-30080403252023-09-3008040325core:CurrentFinancialInstrumentscore:WithinOneYear2024-09-3008040325core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3008040325core:CurrentFinancialInstruments2024-09-3008040325core:CurrentFinancialInstruments2023-09-3008040325core:ShareCapital2024-09-3008040325core:ShareCapital2023-09-3008040325core:RetainedEarningsAccumulatedLosses2024-09-3008040325core:RetainedEarningsAccumulatedLosses2023-09-3008040325core:ShareCapitalOrdinaryShares2024-09-3008040325core:ShareCapitalOrdinaryShares2023-09-3008040325bus:Director12023-10-012024-09-3008040325bus:Director22023-10-012024-09-30080403252022-10-012023-09-3008040325bus:PrivateLimitedCompanyLtd2023-10-012024-09-3008040325bus:SmallCompaniesRegimeForAccounts2023-10-012024-09-3008040325bus:FRS1022023-10-012024-09-3008040325bus:AuditExemptWithAccountantsReport2023-10-012024-09-3008040325bus:Director32023-10-012024-09-3008040325bus:Director42023-10-012024-09-3008040325bus:Director52023-10-012024-09-3008040325bus:Director62023-10-012024-09-3008040325bus:Director72023-10-012024-09-3008040325bus:CompanySecretary12023-10-012024-09-3008040325bus:FullAccounts2023-10-012024-09-30xbrli:purexbrli:sharesiso4217:GBP