Lithe IT Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC399059 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2018

for

Lithe IT Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D Crawford

B McNabb

A G Murphy

P Canavan

REGISTERED OFFICE:

The Reel House

7 West Regent Street

Glasgow

G2 1RW

REGISTERED NUMBER:

SC399059 (Scotland)

ACCOUNTANTS:

Advantage Accounting (Scotland) Ltd

11 Somerset Place

Glasgow

G3 7JT

FIXED ASSETS

Tangible assets

4

31,449

18,011

CURRENT ASSETS

Debtors

5

305,980

490,697

Cash at bank and in hand

800,096

372,486

1,106,076

863,183

CREDITORS

Amounts falling due within one year

6

506,120

393,123

NET CURRENT ASSETS

599,956

470,060

TOTAL ASSETS LESS CURRENT LIABILITIES

631,405

488,071

PROVISIONS FOR LIABILITIES

5,975

3,422

NET ASSETS

625,430

484,649

CAPITAL AND RESERVES

Called up share capital

316

316

Retained earnings

625,114

484,333

SHAREHOLDERS' FUNDS

625,430

484,649

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 9 September 2019 and were signed on its behalf by:

D Crawford - Director

A G Murphy - Director

B McNabb - Director

1.	STATUTORY INFORMATION

Lithe IT Limited is a private company, limited by shares , registered in Scotland. The company's registered

number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost and 15% on reducing balance

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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.

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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2017 - 25 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2018

42,803

Additions

25,433

At 31 December 2018

68,236

DEPRECIATION

At 1 January 2018

24,791

Charge for year

11,996

At 31 December 2018

36,787

NET BOOK VALUE

At 31 December 2018

31,449

At 31 December 2017

18,012

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

305,980

490,697

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade creditors

(1

)

1

Taxation and social security

178,288

166,607

Other creditors

327,833

226,515

506,120

393,123