REGISTERED NUMBER: 07415775 (England and Wales)

FINANCIAL STATEMENTS

FOR THE PERIOD 31 MARCH 2024 TO 31 DECEMBER 2024

FOR

CODUS IT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M D Allen

P J Smith

REGISTERED OFFICE:

Hanover House

30 - 32 Charlotte Street

Manchester

M1 4FD

REGISTERED NUMBER:

07415775 (England and Wales)

AUDITORS:

Goldwyns Limited

Statutory Auditors and Chartered Accountants

Rutland House

90-92 Baxter Avenue

Southend on Sea

Essex

SS2 6HZ

FIXED ASSETS

Intangible assets

4

41,259

48,538

Tangible assets

5

7,890

9,401

49,149

57,939

CURRENT ASSETS

Stocks

-

15,507

Debtors

6

343,000

463,955

Cash at bank and in hand

122,205

123

465,205

479,585

CREDITORS

Amounts falling due within one year

7

359,763

249,854

NET CURRENT ASSETS

105,442

229,731

TOTAL ASSETS LESS CURRENT LIABILITIES

154,591

287,670

CREDITORS

Amounts falling due after more than one year

8

-

(98,575

)

PROVISIONS FOR LIABILITIES

(13,180

)

(14,485

)

NET ASSETS

141,411

174,610

CAPITAL AND RESERVES

Called up share capital

400

400

Retained earnings

141,011

174,210

SHAREHOLDERS' FUNDS

141,411

174,610

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

M D Allen - Director

1.	STATUTORY INFORMATION

Codus IT Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The financial statements cover a period of 9 months, whilst the corresponding amounts for the prior period report a full year. For this reason, the figures are not entirely comparable.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Development costs are being amortised on a 20% reducing balance basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

33% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

At the balance sheet date, the company owed £4,086 to the pension provider (year ending 30 March 2024 - £321).

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 4 (2024 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 31 March 2024

and 31 December 2024

128,327

AMORTISATION

At 31 March 2024

79,789

Charge for period

7,279

At 31 December 2024

87,068

NET BOOK VALUE

At 31 December 2024

41,259

At 30 March 2024

48,538

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 31 March 2024

-

26,044

26,044

Additions

278

657

935

At 31 December 2024

278

26,701

26,979

DEPRECIATION

At 31 March 2024

-

16,643

16,643

Charge for period

30

2,416

2,446

At 31 December 2024

30

19,059

19,089

NET BOOK VALUE

At 31 December 2024

248

7,642

7,890

At 30 March 2024

-

9,401

9,401

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2024

£

£

Trade debtors

63,695

61,337

Amounts owed by group undertakings

201,662

-

Other debtors

77,643

402,618

343,000

463,955

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2024

£

£

Bank loans and overdrafts

-

34,463

Trade creditors

15,513

468

Taxation and social security

189,505

203,309

Other creditors

154,745

11,614

359,763

249,854

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2024

£

£

Bank loans

-

98,575

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2024

£

£

Within one year

3,958

-

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Robert Howe BEng FCA (Senior Statutory Auditor)

for and on behalf of Goldwyns Limited

11.	CONTINGENT LIABILITIES

The company has given cross-guarantees in respect of its parent company's debts. At the balance sheet date, these liabilities totalled £9,837,500.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 31 December 2024 and the year ended 30 March 2024:

2024

2024

£

£

J L Hunt and Ms J M Hunt

Balance outstanding at start of period

341,436

267,398

Amounts advanced

113,228

231,046

Amounts repaid

(454,664

)

(157,008

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

-

341,436

Interest is charged on this loan at a rate of 2.25%.

13.	ULTIMATE PARENT COMPANY

As at the balance sheet date, the directors consider the ultimate parent company to be Managed IT Services Group Limited, a company registered in England and Wales.