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Registration number: 13609540

Sydo IT Services Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Sydo IT Services Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Sydo IT Services Ltd

Company Information

Directors

Mr Neil Gavin Platts

Mrs Claire Louise Platts

Registered office

C/O Smith Butler,
Sapper Jordan Rossi Park
Otley Road
Baildon
West Yorkshire
BD17 7AX

Accountants

Smith Butler
Accountants & Business AdvisorsSapper Jordan Rossi Park
Otley Road
Baildon
West Yorkshire
BD17 7AX

 

Sydo IT Services Ltd

(Registration number: 13609540)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

11,193

12,592

Tangible assets

5

11,574

14,753

 

22,767

27,345

Current assets

 

Debtors

6

23,269

17,005

Cash at bank and in hand

 

5,398

3,602

 

28,667

20,607

Creditors: Amounts falling due within one year

7

(44,615)

(32,656)

Net current liabilities

 

(15,948)

(12,049)

Net assets

 

6,819

15,296

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

6,719

15,196

Shareholders' funds

 

6,819

15,296

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 February 2025 and signed on its behalf by:
 

.........................................
Mr Neil Gavin Platts
Director

 

Sydo IT Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
C/O Smith Butler,
Sapper Jordan Rossi Park
Otley Road
Baildon
West Yorkshire
BD17 7AX
United Kingdom

These financial statements were authorised for issue by the Board on 22 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Sydo IT Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% Straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other intangible assets

10% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Sydo IT Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Sydo IT Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 October 2023

13,991

13,991

At 30 September 2024

13,991

13,991

Amortisation

At 1 October 2023

1,399

1,399

Amortisation charge

1,399

1,399

At 30 September 2024

2,798

2,798

Carrying amount

At 30 September 2024

11,193

11,193

At 30 September 2023

12,592

12,592

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

15,894

15,894

At 30 September 2024

15,894

15,894

Depreciation

At 1 October 2023

1,141

1,141

Charge for the year

3,179

3,179

At 30 September 2024

4,320

4,320

Carrying amount

At 30 September 2024

11,574

11,574

At 30 September 2023

14,753

14,753

 

Sydo IT Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

16,721

17,005

Other debtors

6,548

-

 

23,269

17,005

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

12,153

6,602

Taxation and social security

30,601

23,812

Accruals and deferred income

1,575

1,500

Other creditors

286

742

44,615

32,656

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

85

85

85

85

Ordinary B shares of £1 each

15

15

15

15

100

100

100

100