REGISTERED NUMBER: 04247834 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

RETAIL IT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J S S Rodger

L H Wolf

SECRETARY:

J S S Rodger

REGISTERED OFFICE:

4th Floor Tuition House

27-37 St George's Road

Wimbledon

London

SW19 4EU

REGISTERED NUMBER:

04247834 (England and Wales)

ACCOUNTANTS:

Hartley Fowler LLP

Chartered Accountants

4th Floor Tuition House

27-37 St George's Road

Wimbledon

London

SW19 4EU

FIXED ASSETS

Intangible assets

4

708,242

717,975

Tangible assets

5

14,119

10,455

722,361

728,430

CURRENT ASSETS

Debtors

6

119,360

114,154

Cash at bank and in hand

91,726

125,589

211,086

239,743

CREDITORS

Amounts falling due within one year

7

229,514

73,042

NET CURRENT (LIABILITIES)/ASSETS

(18,428

)

166,701

TOTAL ASSETS LESS CURRENT LIABILITIES

703,933

895,131

CREDITORS

Amounts falling due after more than one year

8

786,052

853,552

NET (LIABILITIES)/ASSETS

(82,119

)

41,579

CAPITAL AND RESERVES

Called up share capital

102

102

Retained earnings

(82,221

)

41,477

SHAREHOLDERS' FUNDS

(82,119

)

41,579

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 29 December 2025 and were signed on its behalf by:

J S S Rodger - Director

1.	STATUTORY INFORMATION

Retail 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 presentation currency of the financial statements is the Pound Sterling (£).

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.

Due to the ongoing support of the company's principal shareholders the directors believe that it is appropriate to prepare the financial statements on the going concern basis, which assumes that the company will continue in operational existence for the forseeable future.

If the company were unable to continue in operational existence for the forseeable future, adjustments would be necessary to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets and long term liabilities as current assets and liabilities.

Turnover

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

Revenue from the sale of goods is recognised when goods are delivered and legal title has passed. Turnover in respect of maintenance and support contracts relating to future accounting periods is carried forward as deferred income in the balance sheet and recognised in the profit and loss account of future periods over the life of the contract on a straight line basis.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Taxation

Taxation for the year 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 year 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.

Intangible assets and research and development

Research expenditure is written off to the profit and loss account in the year in which it is incurred.

Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of the individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.

The amortisation charge is estimated by the directors according to the estimated future sales and total development costs. The amortisation charge per product is then expensed to the profit and loss account as the products are sold. The amortisation calculation is reviewed by the directors each year to ensure its suitability.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the profit and loss account.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

848,002

Additions

70,000

Disposals

(62,500

)

At 31 December 2024

855,502

AMORTISATION

At 1 January 2024

130,027

Charge for year

19,578

Eliminated on disposal

(2,345

)

At 31 December 2024

147,260

NET BOOK VALUE

At 31 December 2024

708,242

At 31 December 2023

717,975

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2024

52,579

144,077

196,656

Additions

6,576

2,158

8,734

At 31 December 2024

59,155

146,235

205,390

DEPRECIATION

At 1 January 2024

52,090

134,111

186,201

Charge for year

1,420

3,650

5,070

At 31 December 2024

53,510

137,761

191,271

NET BOOK VALUE

At 31 December 2024

5,645

8,474

14,119

At 31 December 2023

489

9,966

10,455

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

116,118

112,752

Other debtors

3,242

1,402

119,360

114,154

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

92,934

29,676

Taxation and social security

53,789

11,691

Other creditors

82,791

31,675

229,514

73,042

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Other creditors

786,052

853,552

9.	CONTINGENT LIABILITIES

In the period to 31 December 2023 the company was granted a Company Voluntary Arrangement (CVA). At 31 December 2023 the balance bound by the arrangement was £877,552. The terms of the agreement require the company to repay £390,000 over a five year period, of which £29,000 has been paid and £62,500 is payable within one year and £298,500 in two to four years. If the company successfully meets the requirements of the CVA £487,552 will not be payable at the end of the agreement in December 2028 and will be treated as debt forgiveness in the income statement. If the company fails to adhere to the terms of the CVA all of the debts bound by the CVA will become payable on demand.