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REGISTERED NUMBER:
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ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST JULY 2017 |
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BIT SOLUTIONS LIMITED |
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REGISTERED NUMBER:
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ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST JULY 2017 |
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FOR |
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BIT SOLUTIONS LIMITED |
BIT SOLUTIONS LIMITED (REGISTERED NUMBER: 06652504) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JULY 2017 |
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Page |
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Abridged Balance Sheet | 1 |
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Notes to the Financial Statements | 3 |
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BIT SOLUTIONS LIMITED (REGISTERED NUMBER: 06652504) |
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ABRIDGED BALANCE SHEET |
31ST JULY 2017 |
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31.7.17 | 31.7.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
BIT SOLUTIONS LIMITED (REGISTERED NUMBER: 06652504) |
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ABRIDGED BALANCE SHEET - continued |
31ST JULY 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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BIT SOLUTIONS LIMITED (REGISTERED NUMBER: 06652504) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JULY 2017 |
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1. | STATUTORY INFORMATION |
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BIT Solutions Limited is a
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company's registered number and registered office address are as below: |
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Registered number: | 06652504 |
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Registered office: | 9 Park Lane |
Puckeridge |
Ware |
Hertfordshire |
SG11 1RL |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents net invoiced sales of services and goods together with the sales value of work |
undertaken but not invoiced at the balance sheet date, stated net of value added tax. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Computer equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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BIT SOLUTIONS LIMITED (REGISTERED NUMBER: 06652504) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2017 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed |
at the balance sheet date. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. |
Those held under hire purchase contracts are depreciated over their estimated useful lives. Those |
held under finance leases are depreciated over their estimated useful lives or the lease term, |
whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The |
capital element of the future payments is treated as a liability. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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BIT SOLUTIONS LIMITED (REGISTERED NUMBER: 06652504) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2017 |
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4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1st August 2016 |
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Additions |
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At 31st July 2017 |
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DEPRECIATION |
At 1st August 2016 |
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Charge for year |
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At 31st July 2017 |
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NET BOOK VALUE |
At 31st July 2017 |
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At 31st July 2016 |
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Fixed assets, included in the above, which are held under finance leases are as follows: |
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Totals |
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COST |
At 1st August 2016 |
and 31st July 2017 | 65,456 |
DEPRECIATION |
At 1st August 2016 | 1,109 |
Charge for year | 12,869 |
At 31st July 2017 | 13,978 |
NET BOOK VALUE |
At 31st July 2017 | 51,478 |
At 31st July 2016 | 64,347 |
BIT SOLUTIONS LIMITED (REGISTERED NUMBER: 06652504) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2017 |
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5. | LOANS |
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An analysis of the maturity of loans is given below: |
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31.7.17 | 31.7.16 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans - less than 1 yr |
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Other loans - less than 1 yr |
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Amounts falling due between one and two years: |
Bank loans - 1-2 years |
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Other loans - 1-2 years | 31,000 |
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Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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Other loans - 2-5 years |
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6. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.7.17 | 31.7.16 |
£ | £ |
Bank overdraft |
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Bank loans |
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Finance leases | 32,729 | 54,548 |
Other loans | 93,333 | 93,333 |
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The bank loan is secured by a fixed and floating charge over the assets of the company and by a |
personal guarantee by Mr S Prior. |
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7. | ULTIMATE CONTROLLING PARTY |
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The controlling party is S Prior. |
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The ultimate controlling party is
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