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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 2017 |
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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 2017 |
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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 2017 |
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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 2017 |
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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 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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CURRENT ASSETS |
Stocks | 4 |
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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 ASSETS |
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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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( |
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PROVISIONS FOR LIABILITIES | 11 | ( |
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NET ASSETS |
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INFORMATION TECHNOLOGY INTEGRATION |
LIMITED (REGISTERED NUMBER: 04118892) |
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BALANCE SHEET - continued |
31 DECEMBER 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
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. |
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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 on
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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 2017 |
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1. | STATUTORY INFORMATION |
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Information Technology Integration Limited is a
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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. The validity of this assumption depends upon the |
continuing support of the bankers to whom the Company is indebted to the sum of £19,959. 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 |
director believes that it is appropriate for the financial statements to be prepared on a 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 1, 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 |
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Tangible fixed assets |
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Computer equipment | - |
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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 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in |
bringing stocks to their present location and condition. |
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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. |
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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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Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the profit and loss account in other |
administration expenses. |
INFORMATION TECHNOLOGY INTEGRATION |
LIMITED (REGISTERED NUMBER: 04118892) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
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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. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
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COST |
At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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4. | STOCKS |
2017 | 2016 |
£ | £ |
Work-in-progress |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Amounts owed by participating interests | 34,450 | 19,490 |
Directors' current accounts | 952 | - |
Tax |
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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 2017 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
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 | 3,305 | 4,453 |
Social security and other taxes |
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Directors' current accounts | - | 48 |
Accrued expenses |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Bank loans (see note 8) |
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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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2017 | 2016 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
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Bank loan |
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Loan | 2,452 | 1,085 |
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Amounts falling due between one and two years: |
Bank loan |
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Loan | 7,154 |
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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 2017 |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2017 | 2016 |
£ | £ |
Within one year |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank loans |
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Other loans | 8,882 | - |
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All bank loans and other loans are stated at fair value. |
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The bank loan has been secured by a fixed and floating charge over the property or undertakings of the |
Company whilst other loans have been secured personally by the Director K Bailey. |
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11. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax | 166 | 655 |
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Deferred |
tax |
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Balance at 1 January 2017 |
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Accelerated capital allowances | (489 | ) |
Balance at 31 December 2017 |
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12. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1 | 1 | 1 |
INFORMATION TECHNOLOGY INTEGRATION |
LIMITED (REGISTERED NUMBER: 04118892) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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13. | RESERVES |
Retained |
earnings |
£ |
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At 1 January 2017 |
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Profit for the year |
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At 31 December 2017 |
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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 2017 and |
31 December 2016: |
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2017 | 2016 |
£ | £ |
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Balance outstanding at start of year | ( |
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Amounts advanced |
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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 amounts owed from CB9 Limited £33,750 (2016 £19,490) and K2BZ Limited £700 |
(2016 creditor £200). There is an amount included in creditors due to Computers for Flooring Limited of |
£3,305 (2016 £4,253). |
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Included in the profit and loss account is £19,200 (2016 £18,000) of sales made to CB9 Limited in respect of |
hardware and computer software maintenance together with £35,470 (2016 £33,744) of sales made to |
Computers for Flooring Limited. Also included in the profit and loss is a management charge of £8,000 from |
Computers for Flooring Limited. All transactions have been carried out on an arms length basis. |
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All of the above Company's are wholly or partly owned by the Director K Bailey. |
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16. | ULTIMATE CONTROLLING PARTY |
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The controlling party is K Bailey. |