Company registration number 06023235 (England and Wales)
ADVANCE IT SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
ADVANCE IT SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ADVANCE IT SOLUTIONS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
-
0
985
Current assets
Stocks
68,038
89,081
Debtors
5
194,951
258,008
Cash at bank and in hand
74,054
53,327
337,043
400,416
Creditors: amounts falling due within one year
6
(63,223)
(87,394)
Net current assets
273,820
313,022
Net assets
273,820
314,007
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
273,818
314,005
Total equity
273,820
314,007

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

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

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

The financial statements were approved by the board of directors and authorised for issue on 1 August 2025 and are signed on its behalf by:
Stewart Braznell
Director
Company registration number 06023235 (England and Wales)
ADVANCE IT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Advance IT Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Advance House, 9 Waterfall Lane Trading Estate, Old Hill, Birmingham, B64 6PU.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Under FRS 102 development expenditure is also written off against profits in the year it is incurred.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stock is valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.

1.6
Financial instruments

The following assets and liabilities are classified as financial instruments – trade debtors, trade creditors, bank loans and directors’ loans.

Directors’ loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of cash or other consideration expected to be paid or received.

ADVANCE IT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Taxation

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

Tax deferred or accelerated is accounted for in respect of all material timing differences, in particular accelerated capital allowances. All deferred tax is charged/(credited) to the Statement of Income and Retained Earnings/Profit and Loss Account.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

2024
2023
Number
Number
Total
6
6
3
Intangible fixed assets
Other
£
Cost
At 1 January 2024 and 31 December 2024
20,000
Amortisation and impairment
At 1 January 2024 and 31 December 2024
20,000
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
-
0
ADVANCE IT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024
7,052
Disposals
(7,052)
At 31 December 2024
-
0
Depreciation and impairment
At 1 January 2024
6,067
Eliminated in respect of disposals
(6,067)
At 31 December 2024
-
0
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
985
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
70,723
167,155
Corporation tax recoverable
9,539
-
0
Other debtors
114,689
90,853
194,951
258,008
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
27,959
36,433
Corporation tax
-
0
9,001
Other taxation and social security
7,677
22,397
Other creditors
27,587
19,563
63,223
87,394
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