CONTACT_IT_SOLUTIONS_LIMI - Accounts

CONTACT_IT_SOLUTIONS_LIMI - Accounts

CONTACT IT SOLUTIONS LIMITED - Company Information

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Company Registration No. 06948650 (England and Wales)
CONTACT IT SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
PAGES FOR FILING WITH REGISTRAR
CONTACT IT SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CONTACT IT SOLUTIONS LIMITED
BALANCE SHEET
AS AT
31 JULY 2018
31 July 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
200
400
Tangible assets
4
7,108
13,389
7,308
13,789
Current assets
Stocks
102,450
113,174
Debtors
5
86,921
110,911
Cash at bank and in hand
38,733
21,795
228,104
245,880
Creditors: amounts falling due within one year
6
(103,448)
(129,173)
Net current assets
124,656
116,707
Total assets less current liabilities
131,964
130,496
Creditors: amounts falling due after more than one year
7
-
(15,185)
Provisions for liabilities
(2,544)
(2,544)
Net assets
129,420
112,767
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
129,320
112,667
Total equity
129,420
112,767

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The notes on pages 6-9 form an integral part of these financial statements.

 

For the financial year ended 31 July 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and FRS102 Section 1A.

CONTACT IT SOLUTIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2018
31 July 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 April 2019 and are signed on its behalf by:
Mrs M Townsend
Mr M I Townsend
Director
Director
Company Registration No. 06948650
CONTACT IT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
- 3 -
1
Accounting policies
Company information

Contact IT Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 7 Trade City, Lyon Way, Frimley, Surrey, GU16 7EX.

1.1
Accounting convention

These financial statements for the year ended 31 July 2018 are the first financial statements of Contact IT Solutions Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 August 2016. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

 

The financial statements are prepared in sterling , which is the functional currency of the company.

Monetary a mounts in these financial statements are rounded to the nearest £.

 

The financial statements have been prepared under the historical cost convention.The principal accounting

policies adopted are set out below.

 

1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off  the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
25% Reducing balance
Motor vehicles
25% Straight line
1.4
Stocks
Stock is valued as lower of cost and net realisable value
1.5
Pensions
The company operates defined contribution scheme for the benefits of employees.Contributions payables are charged to the profit and loss account in the year they are payable,
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 6 (2017 - 7).

CONTACT IT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
- 4 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2017 and 31 July 2018
2,000
Amortisation and impairment
At 1 August 2017
1,600
Amortisation charged for the year
200
At 31 July 2018
1,800
Carrying amount
At 31 July 2018
200
At 31 July 2017
400
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2017
38,966
Additions
2,000
At 31 July 2018
40,966
Depreciation and impairment
At 1 August 2017
25,577
Depreciation charged in the year
8,281
At 31 July 2018
33,858
Carrying amount
At 31 July 2018
7,108
At 31 July 2017
13,389
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
48,071
94,468
Other debtors
38,850
16,443
86,921
110,911
CONTACT IT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
5
Debtors
(Continued)
- 5 -

The directors consider the carrying value of trade and other receivables approximate to their fair values

6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
51,087
80,313
Corporation tax
8,711
4,349
Other taxation and social security
18,541
23,635
Other creditors
25,109
20,876
103,448
129,173
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
-
5,914
Other creditors
-
9,271
-
15,185

The directors consider the carrying amounts of long term liabilities approximate to their fair values.

8
Provisions for liabilities
2018
2017
£
£
Deferred tax liabilities
2,544
2,544
9
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
10
Retirement benefit schemes
2018
2017
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
2,620
1,344
CONTACT IT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
- 6 -
12
Related party transactions

At the balance sheet date, included in other creditors are amounts payable to the director of £1,245 (2017 - £783).

13
Controlling party

The company is controlled by its director Mr. Mark Townsend by virtue of him holding all the share capital.

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