General Information
GARANTIS IT SOLUTIONS LTD. is a private company, limited by shares, registered in England and Wales, registration number 09553916, registration address 11 Send Road, Reading, Berkshire, RG4 8EH.
The presentation currency is £ sterling.
| 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.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Fixtures and Fittings |
25% Reducing Balance
|
| Computer Equipment |
25% Reducing Balance
|
|
| 2. |
Average number of employees
Average number of employees during the year was 2 (2024 : 1).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Fixtures and Fittings |
|
Computer Equipment |
|
Total |
| |
£ |
|
£ |
|
£ |
| At 01 May 2024 |
- |
|
23,720 |
|
23,720 |
| Additions |
677 |
|
- |
|
677 |
| Disposals |
- |
|
- |
|
- |
| At 30 April 2025 |
677 |
|
23,720 |
|
24,397 |
| Depreciation |
| At 01 May 2024 |
- |
|
9,696 |
|
9,696 |
| Charge for year |
169 |
|
3,876 |
|
4,045 |
| On disposals |
- |
|
- |
|
- |
| At 30 April 2025 |
169 |
|
13,572 |
|
13,741 |
| Net book values |
| Closing balance as at 30 April 2025 |
508 |
|
10,148 |
|
10,656 |
| Opening balance as at 01 May 2024 |
- |
|
14,024 |
|
14,024 |
|
| 4. |
Creditors: amount falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Creditors |
0 |
|
43 |
| Corporation Tax |
108 |
|
35,177 |
| PAYE & Social Security |
739 |
|
2,605 |
| VAT |
(9,091) |
|
1,896 |
| Accrued Expenses |
750 |
|
750 |
| Other Creditors |
6,562 |
|
256 |
| Directors' Current Accounts |
7,978 |
|
7,978 |
|
7,046 |
|
48,705 |
|
| 5. |
Share Capital
Allotted, called up and fully paid
|
2025
£ |
|
2024
£ |
|
100
Ordinary shares of £1.00 each |
100 |
|
100 |
|
100 |
|
100 |
|
3
|