REGISTERED NUMBER:
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INFORMATION TECHNOLOGY INTEGRATION |
LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2019 |
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REGISTERED NUMBER:
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INFORMATION TECHNOLOGY INTEGRATION |
LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2019 |
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INFORMATION TECHNOLOGY INTEGRATION |
LIMITED (REGISTERED NUMBER: 04118892) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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INFORMATION TECHNOLOGY INTEGRATION |
LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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INFORMATION TECHNOLOGY INTEGRATION |
LIMITED (REGISTERED NUMBER: 04118892) |
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BALANCE SHEET |
31 DECEMBER 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
( |
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( |
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PROVISIONS FOR LIABILITIES | 11 | ( |
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NET (LIABILITIES)/ASSETS | ( |
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CAPITAL AND RESERVES |
Called up share capital | 12 |
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Retained earnings | 13 | ( |
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SHAREHOLDERS' FUNDS | ( |
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The director acknowledges his 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. |
INFORMATION TECHNOLOGY INTEGRATION |
LIMITED (REGISTERED NUMBER: 04118892) |
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BALANCE SHEET - continued |
31 DECEMBER 2019 |
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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 director and authorised for issue on
were signed by: |
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INFORMATION TECHNOLOGY INTEGRATION |
LIMITED (REGISTERED NUMBER: 04118892) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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1. | STATUTORY INFORMATION |
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Information Technology Integration Limited is a
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England and Wales. The company's registered number and registered office address can be found on |
the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements have been prepared on a going concern basis which assumes that the |
company will continue in operational existence for the foreseeable future. |
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The company is trading with the support of its its bankers with whom it has an overdraft of £9,411 as |
at 31 December 2019 together with loans due to its related businesses of £32,420. The company |
remains confident that sufficient monies generated by the trading activities and the continued support |
of its director to continue to provide support until the forecasted profits are realised. |
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If the company were unable to continue in operational existence for the foreseeable future, |
adjustments would have to be made to reduce the balance sheet values 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. The directors believe that it is appropriate for the |
financial statements to be prepared on the going concern basis. |
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Significant judgements and estimates |
In the application of the company's accounting policies, which are described in note 2, management is |
required to make judgements, estimates and assumptions about the carrying values of assets and |
liabilities that are not readily apparent from other sources. The estimates and underlying assumptions |
are based on historical experience and other factors that are considered to be relevant. Actual results |
may differ from these estimates. The estimates and underlying assumptions are reviewed on a ongoing |
basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised |
if the revision affects only that period, or in the period of the revision and future periods if the |
revision affects both current and future periods. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and |
discounts. The policies adopted for the recognition of turnover are as follows: |
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Rendering of services: |
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When rendering services, turnover is recognised by reference to the stage of completion at the balance |
sheet date |
INFORMATION TECHNOLOGY INTEGRATION |
LIMITED (REGISTERED NUMBER: 04118892) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Computer equipment | - |
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Financial instruments |
Basic financial liabilities including bank loans that are classified as debt, are initially recognised at |
transaction price, unless the arrangement constitutes a financing transaction, where the debt |
instrument is measured at the present value of the future receipts discounted at a market rate of |
interest. |
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Debt instruments are subsequently carried at amortized cost, using the effective interest rate method. |
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Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the |
extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is |
deferred until the drawdown occurs. To the extent there is no evidence that it is probable that some or |
all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity services and |
amortized over the period of the facility to which it relates. |
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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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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 |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period |
of the lease. |
INFORMATION TECHNOLOGY INTEGRATION |
LIMITED (REGISTERED NUMBER: 04118892) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of |
a past event, it is probable that an outflow of economic benefit will be required in settlement and the |
amount can be reliable estimated. |
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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 assets |
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. |
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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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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2019 |
and 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Amounts owed by participating interests | 39,382 | 44,892 |
Section 455 tax | 309 | - |
Directors' current accounts | 952 | 952 |
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INFORMATION TECHNOLOGY INTEGRATION |
LIMITED (REGISTERED NUMBER: 04118892) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts (see note 8) |
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Other loans (see note 8) |
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Trade creditors |
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Amounts owed to participating interests | 32,420 | 18,220 |
Social security and other taxes |
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Section 455 tax | 309 | - |
Accrued expenses |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
2019 | 2018 |
£ | £ |
Other loans (see note 8) |
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8. | LOANS |
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An analysis of the maturity of loans is given below: |
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2019 | 2018 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
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Loan | 2,090 | 2,094 |
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Amounts falling due between one and two years: |
Loan | 2,612 |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2019 | 2018 |
£ | £ |
Within one year |
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Between one and five years |
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INFORMATION TECHNOLOGY INTEGRATION |
LIMITED (REGISTERED NUMBER: 04118892) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Bank overdraft |
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Other loan | 4,702 | 6,796 |
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All bank loans and other loans are stated at fair value. |
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The bank overdraft with HSBC Bank PLC has been secured by a fixed and floating charge over the |
property and undertakings of the Company, whilst the loan with the Funding Circle business loan, has |
been secured by way of a personal guarantee from the Director K Bailey. |
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11. | PROVISIONS FOR LIABILITIES |
2019 | 2018 |
£ | £ |
Deferred tax | 121 | 239 |
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Deferred |
tax |
£ |
Balance at 1 January 2019 |
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Accelerated capital allowances | (118 | ) |
Balance at 31 December 2019 |
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12. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £1 | 1 | 1 |
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13. | RESERVES |
Retained |
earnings |
£ |
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At 1 January 2019 |
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Deficit for the year | ( |
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At 31 December 2019 | ( |
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INFORMATION TECHNOLOGY INTEGRATION |
LIMITED (REGISTERED NUMBER: 04118892) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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14. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 December 2019 |
and 31 December 2018: |
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2019 | 2018 |
£ | £ |
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Balance outstanding at start of year |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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15. | RELATED PARTY DISCLOSURES |
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Included in debtors are loans owed from the following related company's: |
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CB9 Limited - £38,310 (2018 £44,450) |
K2BZ Limited - £1,072 (2018 - £442) |
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Included in creditors is a loan owed to the following related company: |
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Computers for Flooring Limited - £32,420 (2018 - £18,220) |
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All of the above loans are interest free and repayable on demand. |
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Included in the profit and loss account are £33,329 (2018 - £36,464) of sales made to Computers for |
Flooring Limited and £9,600 (2018 - £19,200) of sales made to CB9 Limited in respect of hardware |
and computer software maintenance.. |
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Also included in the profit and loss is a management charge of £8,000 (2018 - £8,000) from |
Computers for Flooring Limited. All transactions have been carried out on an arms length basis. |
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Computers for Flooring Limited and CB9 Limited are wholly owned by the Director K Bailey whilst |
K2BZ Limited is equally owned by the Director K Bailey and his wife. |
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16. | ULTIMATE CONTROLLING PARTY |
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The controlling party is K Bailey. |