Trust IT Services Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 04408900

Trust IT Services Limited

Filleted Unaudited Financial Statements

31 December 2024

Trust IT Services Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	€	€

Fixed assets

Tangible assets	5	–	90
Investments	6	10,000	10,000
		--------	--------
		10,000	10,090

Current assets

Debtors	7	55,660	54,670
Cash at bank and in hand		260,636	316,108
		---------	---------
		316,296	370,778

Creditors: amounts falling due within one year	8	320,102	369,303
		---------	---------
Net current (liabilities)/assets		( 3,806)	1,475
		--------	--------
Total assets less current liabilities		6,194	11,565
		-------	--------
Net assets		6,194	11,565
		-------	--------

Capital and reserves

Called up share capital	1,132	1,132
Profit and loss account	5,062	10,433
	-------	--------
Shareholders funds	6,194	11,565
	-------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;

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

Trust IT Services Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 30 September 2025 , and are signed on behalf of the board by:

Michele Nannipieri

Director

Company registration number: 04408900

Trust IT Services Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 159a Chase Side, Enfield, Middlesex, EN2 0PW.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical costs basis. The financial statements are prepared in euros, which is the functional currency of the entity.

Going concern

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

In preparation of the financial statements, the Directors are required to make significant judgements and estimates. The principal areas of the financial statements where judgements and estimates have been made are: Impairment of fixed assets At each reporting date, fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. In determining whether there is any indication of impairment, a number of judgemental factors must be considered including an estimate of the future economic benefits that can be derived from the assets and current market conditions. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Useful economic life of fixed assets Fixed assets are depreciated over their useful economic lives. Useful lives are based on managements estimates of the period over which the assets will generate income. Useful lives are periodically reviewed for their continuous appropriateness. Changes to estimates can result in changes in carrying values and, hence, change the amount charged to the income statement in particular period, which could be significant.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Computer Equipment	-	25% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financial transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).

5. Tangible assets

	Equipment
	€
Cost
At 1 January 2024 and 31 December 2024	13,561
	--------
Depreciation
At 1 January 2024	13,471
Charge for the year	90
	--------
At 31 December 2024	13,561
	--------
Carrying amount
At 31 December 2024	–
	--------
At 31 December 2023	90
	--------

6. Investments

	Shares in group undertakings
	€
Cost
At 1 January 2024 and 31 December 2024	10,000
	--------
Impairment
At 1 January 2024 and 31 December 2024	–
	--------

Carrying amount
At 31 December 2024	10,000
	--------
At 31 December 2023	10,000
	--------

7. Debtors

	2024	2023
	€	€
Other debtors	55,660	54,670
	--------	--------

8. Creditors: amounts falling due within one year

	2024	2023
	€	€
Other creditors	320,102	369,303
	---------	---------

9. Related party transactions

Other creditors includes amount payable to Trust IT SRL of €52,197 (2023: €52,197) COMMpla SRL €262,961 (2023: €137,511). These companies are under the control of Silvana Muscella, Paolo Lombardi and Michele Nannipiere.

10. Controlling party

S Muscella exercises control over the company by virtue of her ordinary shareholding.