2023-06-012024-05-312024-05-31false04449841ITGMS 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ITGMS LIMITED

Registered Number
04449841
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

ITGMS LIMITED
Company Information
for the year from 1 June 2023 to 31 May 2024

Director

WEBB, Mark

Company Secretary

WEBB, Mark

Registered Address

Third Floor, 10 South Parade
Leeds
LS1 5QS

Registered Number

04449841 (England and Wales)
ITGMS LIMITED
Statement of Financial Position
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets33,2693,064
3,2693,064
Current assets
Debtors4108,08588,649
Cash at bank and on hand389,575409,407
497,660498,056
Creditors amounts falling due within one year5(139,070)(171,050)
Net current assets (liabilities)358,590327,006
Total assets less current liabilities361,859330,070
Provisions for liabilities6(817)(1,094)
Net assets361,042328,976
Capital and reserves
Called up share capital100100
Profit and loss account360,942328,876
Shareholders' funds361,042328,976
The financial statements were approved and authorised for issue by the Director on 19 August 2025, and are signed on its behalf by:
WEBB, Mark
Director
Registered Company No. 04449841
ITGMS LIMITED
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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/or the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in other creditors in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Plant and machinery4
Finance leases and hire purchase contracts
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease. Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Financial instruments
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year11
3.Tangible fixed assets

Plant & machinery

Total

££
Cost or valuation
At 01 June 2310,47610,476
Additions2,0002,000
At 31 May 2412,47612,476
Depreciation and impairment
At 01 June 237,4127,412
Charge for year1,7951,795
At 31 May 249,2079,207
Net book value
At 31 May 243,2693,269
At 31 May 233,0643,064
4.Debtors: amounts due within one year

2024

2023

££
Other debtors105,93386,497
Prepayments and accrued income2,1522,152
Total108,08588,649
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any costs and subsequently measured at amortised cost determined using the effective interest method.
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables15,49715,497
Taxation and social security96,80189,926
Other creditors23,21247
Accrued liabilities and deferred income3,56065,580
Total139,070171,050
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)8171,094
Total8171,094
7.Other commitments
At 31 May 2024 the company had future minimum lease payments under non-cancellable operating leases of £Nil (2023: £717).
8.Events after reporting date
In reaching their conclusion the directors have considered their cashflow position for a period of 12 months form the date of sign off, the various financial support measures have been announced by the UK government and the availability of funding. After consideration of all factors, the directors continue to adopt the going concern basis in preparing the financial statements.
9.Related party transactions
On 1 June 2023 the company owed the Director’s £47. During the period the directors were repaid £49,000 and extracted a further £25,835. At 31 May 2024 the company owed the Directors’ £23,212. No interest was charged on this loan and the loan is repayable on demand.
10.Further information regarding the company's financial position
During the year Dividends of £40,000 (2023:£55,000), were paid.