Foundation Information Technology Ltd - Accounts to registrar (filleted) - small 18.2

Foundation Information Technology Ltd - Accounts to registrar (filleted) - small 18.2

FOUNDATION INFORMATION TECHNOLOGY LIMITED - Company Information

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REGISTERED NUMBER: 07235229 (England and Wales)















FOUNDATION INFORMATION TECHNOLOGY
LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018





DTE Business Advisers Limited
Chartered Accountants
The Exchange
5 Bank Street
Bury
BL9 0DN








FOUNDATION INFORMATION TECHNOLOGY
LIMITED (REGISTERED NUMBER: 07235229)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


FOUNDATION INFORMATION TECHNOLOGY
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2018







DIRECTOR: A D Sellers





REGISTERED OFFICE: 5th Floor
55 King Street
Manchester
Lancashire
M2 4LQ





REGISTERED NUMBER: 07235229 (England and Wales)





ACCOUNTANTS: DTE Business Advisers Limited
Chartered Accountants
The Exchange
5 Bank Street
Bury
BL9 0DN
1
FOUNDATION INFORMATION TECHNOLOGY
LIMITED (REGISTERED NUMBER: 07235229)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2018

2018 2017
Notes £    £   
FIXED ASSETS
Intangible assets 4 7 7
Property, plant and equipment 5 87,669 81,254
Investments 6 88 88
87,764 81,349

CURRENT ASSETS
Debtors 7 708,019 202,826
Cash at bank 668,053 564,956
1,376,072 767,782
CREDITORS
Amounts falling due within one year 8 (788,095 ) (458,152 )
NET CURRENT ASSETS 587,977 309,630
TOTAL ASSETS LESS CURRENT
LIABILITIES
675,741
390,979

PROVISIONS FOR LIABILITIES (12,745 ) (12,259 )
NET ASSETS 662,996 378,720

CAPITAL AND RESERVES
Called up share capital 923 923
Retained earnings 662,073 377,797
SHAREHOLDERS' FUNDS 662,996 378,720

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 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.

The notes form part of these financial statements

2 continued...
FOUNDATION INFORMATION TECHNOLOGY
LIMITED (REGISTERED NUMBER: 07235229)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2018


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the director on 25 September 2019 and were signed by:





A D Sellers - Director


The notes form part of these financial statements

3
FOUNDATION INFORMATION TECHNOLOGY
LIMITED (REGISTERED NUMBER: 07235229)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018


1. STATUTORY INFORMATION

Foundation Information Technology Limited is a private company, limited by shares, registered in England and
Wales. The company's registered number is 07235229 and the registered office address is 5th Floor 55 King
Street, Manchester, Lancashire, M2 4LQ

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.

Significant judgements and estimates
There are currently no significant accounting judgements or estimates applied by the director which are
considered key to the preparation of the financial statements.

Revenue
Revenue comprises the aggregate of the fair value of the sale of goods and services provided, net of value added
tax. Revenue is recognised as follows:-

Sale of goods
Sales of goods are recognised when the company has delivered products to the customer.

Sale of services
Service revenues are recognised as those services are provided to customers.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost
less any accumulated amortisation and any accumulated impairment losses.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - over 2 - 10 years

The residual values, estimated useful lives and depreciation method of property, plant and equipment are
reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision
are recognised in the income statement when the change arises.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial
assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third
parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for
objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised
in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost,
being the transaction price less any amounts settled.


4 continued...
FOUNDATION INFORMATION TECHNOLOGY
LIMITED (REGISTERED NUMBER: 07235229)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2018


2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
statement of financial position 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.

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 the income statement in the period to which they relate.

Fixed asset investments
The fixed asset investment in the subsidiary undertaking is stated at cost, unless in the opinion of the director
there has been a permanent diminution in value, in which case an appropriate adjustment is made.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2017 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
Cost
At 1 January 2018
and 31 December 2018 7
Net book value
At 31 December 2018 7
At 31 December 2017 7

5 continued...
FOUNDATION INFORMATION TECHNOLOGY
LIMITED (REGISTERED NUMBER: 07235229)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2018


5. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
Cost
At 1 January 2018 273,516
Additions 39,778
At 31 December 2018 313,294
Depreciation
At 1 January 2018 192,262
Charge for year 33,363
At 31 December 2018 225,625
Net book value
At 31 December 2018 87,669
At 31 December 2017 81,254

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
Cost
At 1 January 2018
and 31 December 2018 88
Net book value
At 31 December 2018 88
At 31 December 2017 88

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Trade debtors 48,865 126,268
Other debtors 659,154 76,558
708,019 202,826

6 continued...
FOUNDATION INFORMATION TECHNOLOGY
LIMITED (REGISTERED NUMBER: 07235229)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2018


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Trade creditors 402,003 68,576
Taxation and social security 141,587 167,478
Other creditors 244,505 222,098
788,095 458,152

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Included within debtors falling due within one year is a balance due from the director amounting to £63,000
(2017 - £nil). This advance is unsecured, interest free and repayable upon demand. The closing balance is the
maximum overdrawn balance in the year.

Subsequent to the year end date, the balance has been repaid in full.

10. SUBSEQUENT EVENTS

Subsequent to the year end date, interim dividends totalling £69,765 have been voted and paid.

7