Registration number:
TYIT Ltd
for the Period from 21 January 2016 to 31 January 2017
Suite 3, Unit 8
Kingsdale Business Centre
Regina Road
Chelmsford
Essex
CM1 1PE
TYIT Ltd
Contents
Company Information |
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Director's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
TYIT Ltd
Company Information
Director |
T Fairclough |
Company secretary |
K Fairclough |
Registered office |
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Accountants |
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Page 1 |
TYIT Ltd
Director's Report for the Period from 21 January 2016 to 31 January 2017
The director presents his report and the financial statements for the period from 21 January 2016 to 31 January 2017.
Incorporation
The company was incorporated and commenced trading on
Director of the company
The director who held office during the period was as follows:
Principal activity
The principal activity of the company is information technology consultancy
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
.........................................
T Fairclough
Director
Page 2 |
TYIT Ltd
Profit and Loss Account for the Period from 21 January 2016 to 31 January 2017
Note |
Total |
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Turnover |
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Administrative expenses |
( |
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Other operating income |
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Operating profit |
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Other interest receivable and similar income |
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|
4 |
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Profit before tax |
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Taxation |
( |
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Profit for the financial period |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the period other than the results above.
Page 3 |
TYIT Ltd
Statement of Comprehensive Income for the Period from 21 January 2016 to 31 January 2017
Note |
2017 |
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Profit for the period |
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Total comprehensive income for the period |
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Page 4 |
TYIT Ltd
(Registration number: 09963675)
Balance Sheet as at 31 January 2017
Note |
2017 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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|
|
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Creditors: Amounts falling due within one year |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial period ending 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
.........................................
T Fairclough
Director
Page 5 |
TYIT Ltd
Statement of Changes in Equity for the Period from 21 January 2016 to 31 January 2017
Share capital |
Profit and loss account |
Total |
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Profit for the period |
- |
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|
Total comprehensive income |
- |
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Dividends |
- |
( |
( |
New share capital subscribed |
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- |
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At 31 January 2017 |
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|
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Page 6 |
TYIT Ltd
Notes to the Financial Statements for the Period from 21 January 2016 to 31 January 2017
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 7 |
TYIT Ltd
Notes to the Financial Statements for the Period from 21 January 2016 to 31 January 2017
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Debtors |
Page 8 |
TYIT Ltd
Notes to the Financial Statements for the Period from 21 January 2016 to 31 January 2017
2017 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Share capital |
Allotted, called up and fully paid shares
31 January 2017 |
||
No. |
£ |
|
|
|
100 |
Creditors |
Note |
2017 |
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Due within one year |
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Bank loans and overdrafts |
|
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Taxation and social security |
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Other creditors |
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Page 9 |
TYIT Ltd
Notes to the Financial Statements for the Period from 21 January 2016 to 31 January 2017
Loans and borrowings |
2017 |
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Current loans and borrowings |
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Other borrowings |
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Dividends |
2017 |
|
£ |
|
Interim dividend of £
|
45,000 |
Related party transactions |
Transactions with directors |
2017 |
Other payments made to company by director |
At 31 January 2017 |
T Fairclough |
||
Loan advanced by the director |
10,990 |
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Directors' remuneration
The director's remuneration for the period was as follows:
2017 |
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Remuneration |
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Page 10 |
TYIT Ltd
Detailed Profit and Loss Account for the Period from 21 January 2016 to 31 January 2017
21 January 2016 to 31 January 2017 |
|
Turnover (analysed below) |
100,215 |
Gross profit (%) |
100% |
Administrative expenses |
|
Employment costs (analysed below) |
(20,747) |
Establishment costs (analysed below) |
(432) |
General administrative expenses (analysed below) |
(12,951) |
Finance charges (analysed below) |
(37) |
(34,167) |
|
Other operating income (analysed below) |
3,614 |
Operating profit |
69,662 |
Other interest receivable and similar income (analysed below) |
4 |
Profit before tax |
69,666 |
Page 11 |
TYIT Ltd
Detailed Profit and Loss Account for the Period from 21 January 2016 to 31 January 2017
2017 |
Turnover |
|
Sale of goods |
100,215 |
Employment costs |
|
Staff NIC (Employers) |
(1,503) |
Directors remuneration |
(19,000) |
Staff training |
(244) |
(20,747) |
Establishment costs |
|
Use of home as office |
(432) |
General administrative expenses |
|
Computer software and maintenance costs |
(483) |
Printing, postage and stationery |
(35) |
Sundry expenses |
(52) |
Travel and subsistence |
(10,216) |
Accountancy fees |
(2,040) |
Bookkeeping |
(125) |
(12,951) |
Finance charges |
|
Bank charges |
(37) |
Other operating income |
|
FRS Gain |
3,614 |
Other interest receivable and similar income |
|
Bank interest receivable |
4 |
Page 12 |