General Information
As it is Limited is a private company, limited by shares, registered in England and Wales, registration number 10733034, registration address Flat 2 Hill House, 55 Ladder Hill, Wheatley, England, OX33 1HY.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern
The accounts are prepared on a going concern basis. The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Hire purchase and leasing agreements
Assets held under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income, 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 statement of financial position date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year and 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.
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery - 20% on cost
Furniture & Fixture - 15% on cost
Motor Vehicle - 20% on cost
Computer Equipment - 20% on cost
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Debtors
Short term debtors are measured at transaction price less any impairment. Loans receivable are measured at initially at fair value, net of transaction costs, and are measured subsequently at amortised costs using the effective interest method.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are subsequently measured at amortised costs using the effective interest method.
|
| 2. |
Average number of employees
Average number of employees during the year was 1 (2024 : 1).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Plant and Machinery |
|
Motor Vehicles |
|
Fixtures and Fittings |
|
Computer Equipment |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
|
£ |
| At 01 July 2024 |
1,637 |
|
32,250 |
|
4,246 |
|
7,095 |
|
45,228 |
| Additions |
- |
|
- |
|
5,775 |
|
- |
|
5,775 |
| Disposals |
- |
|
- |
|
- |
|
- |
|
- |
| At 30 June 2025 |
1,637 |
|
32,250 |
|
10,021 |
|
7,095 |
|
51,003 |
| Depreciation |
| At 01 July 2024 |
1,637 |
|
25,800 |
|
2,548 |
|
5,453 |
|
35,438 |
| Charge for year |
- |
|
6,450 |
|
1,388 |
|
1,289 |
|
9,127 |
| On disposals |
- |
|
- |
|
- |
|
- |
|
- |
| At 30 June 2025 |
1,637 |
|
32,250 |
|
3,936 |
|
6,742 |
|
44,565 |
| Net book values |
| Closing balance as at 30 June 2025 |
- |
|
- |
|
6,085 |
|
353 |
|
6,438 |
| Opening balance as at 01 July 2024 |
- |
|
6,450 |
|
1,698 |
|
1,642 |
|
9,790 |
|
| 4. |
Advances and Credits
J Sharples The following advances and credits to the director subsisted during the years ended 30 June 2025 and 30 June 2024. The loan is interest free and repayable on demand. | Brought Forward
£ | Amount
£ | Interest
£ | Repaid
£ | Written Off
£ | Waived
£ | Carry Forward
£ |
|---|
| J Sharples | (25,950) | | (28,317) | | 0 | | (60,060) | | 0 | | 0 | | 5,793 | | -25950 | | -28317 | | 0 | | -60060 | | 0 | | 0 | | 5793 |
| Brought Forward
£ | Amount
£ | Interest
£ | Repaid
£ | Written Off
£ | Waived
£ | Carry Forward
£ |
|---|
| J Sharples | (64,008) | | 65,069 | | 0 | | 27,011 | | 0 | | 0 | | (25,950) | | -64008 | | 65069 | | 0 | | 27011 | | 0 | | 0 | | -25950 |
|
| 5. |
Debtors: amounts falling due within one year
| . |
|
2025
£ |
|
2024
£ |
| Trade Debtors |
|
17,526 |
|
7,536 |
| Prepayments & Accrued Income |
|
211 |
|
3,532 |
| Other Debtors |
|
- |
|
11,193 |
| Director's Current Accounts |
|
- |
|
25,950 |
| VAT |
|
- |
|
696 |
|
|
17,737 |
|
48,907 |
|
| 6. |
Creditors: amounts falling due within one year
| . |
|
2025
£ |
|
2024
£ |
| Trade Creditors |
|
19,901 |
|
29,183 |
| Bank Loans & Overdrafts |
|
4,745 |
|
4,628 |
| Corporation Tax |
|
5,314 |
|
30,375 |
| PAYE & Social Security |
|
- |
|
192 |
| Accrued Expenses |
|
3,450 |
|
3,736 |
| Other Creditors |
|
1,998 |
|
- |
| Director's Current Account |
|
5,793 |
|
- |
| VAT |
|
9,517 |
|
- |
|
|
50,718 |
|
68,114 |
|
| 7. |
Creditors: amounts falling due after more than one year
| . |
|
2025
£ |
|
2024
£ |
| Bank Loans & Overdrafts |
|
21,579 |
|
26,324 |
|
|
21,579 |
|
26,324 |
|
| 8. |
Provision for liabilities
| . |
|
2025
£ |
|
2024
£ |
| Deferred Tax |
|
1,610 |
|
1,321 |
|
|
1,610 |
|
1,321 |
|
2
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