ITS (Aylesbury) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02117129 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

ITS (AYLESBURY) LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S G Dixon

P J Knight

J Hill

C East

SECRETARY:

S G Dixon

REGISTERED OFFICE:

286 Kings Road

Reading

Berkshire

RG1 4HP

REGISTERED NUMBER:

02117129 (England and Wales)

ACCOUNTANTS:

Wilkins Kennedy

Accountants

Griffins Court

24-32 London Road

NEWBURY

Berkshire

RG14 1JX

FIXED ASSETS

Tangible assets

4

6,120

12,722

CURRENT ASSETS

Debtors

5

674,566

563,367

CREDITORS

Amounts falling due within one year

6

555,180

488,748

NET CURRENT ASSETS

119,386

74,619

TOTAL ASSETS LESS CURRENT LIABILITIES

125,506

87,341

PROVISIONS FOR LIABILITIES

648

1,835

NET ASSETS

124,858

85,506

CAPITAL AND RESERVES

Called up share capital

8

1,000

1,000

Retained earnings

9

123,858

84,506

SHAREHOLDERS' FUNDS

124,858

85,506

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 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 Board of Directors on 24 September 2019 and were signed on its behalf by:

P J Knight - Director

1.	STATUTORY INFORMATION

ITS (Aylesbury) Ltd is a private company, limited by shares , registered in England and Wales. 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the

nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies

have been consistently applied to all years presented unless otherwise stated.

Significant judgements and estimates

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect

the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and

expenses during the period. However, the nature of estimation means that actual outcomes could differ from those

estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts

recognised in the financial statements.

Revenue recognition

The key judgement made by management in respect of revenue is the point at which that revenue should be recognised.

Management consider the underlying contract terms and conclude upon the most appropriate point of the cycle at which

to recognise revenue based upon these terms and in particular where the risks and rewards of ownership transfer.

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The

actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual

value assessments consider issues such as the remaining life of the asset and projected disposal values.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Turnover relates to the sales within the UK market. The policies adopted for the recognition of turnover are as follows:

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from the rendering of services is recognised as the

service is performed.

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

-

25% on reducing balance, Straight line over 7 years and Straight line over 4 years

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet

date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction.

Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account 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.

Impairments

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 asset's 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.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the report date as a result of a past

event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be

reliably estimated.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Short-term employee benefits

Short-term employee benefits are recognised as an expense in the period in which they are incurred.

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 administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2017 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2018

33,900

Additions

230

At 31 December 2018

34,130

DEPRECIATION

At 1 January 2018

21,178

Charge for year

6,832

At 31 December 2018

28,010

NET BOOK VALUE

At 31 December 2018

6,120

At 31 December 2017

12,722

5.

DEBTORS

31/12/18

31/12/17

£

£

Amounts falling due within one year:

Trade debtors

643,049

529,279

Other debtors

16,827

19,398

659,876

548,677

Amounts falling due after more than one year:

Other debtors

14,690

14,690

Aggregate amounts

674,566

563,367

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/18

31/12/17

£

£

Bank loans and overdrafts

2,226

2,060

Trade creditors

23,644

25,172

Taxation and social security

217,801

197,834

Other creditors

311,509

263,682

555,180

488,748

7.	SECURED DEBTS

The following secured debts are included within creditors:

31/12/18

31/12/17

£

£

Bank overdrafts

2,226

2,060

Invoice discounting

30,328

52,331

32,554

54,391

The overdraft facility and confidential invoice discounting facility are both secured by a fixed and floating charge over the

company assets.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/12/18

31/12/17

value:

£

£

1,000

Ordinary

£1

1,000

1,000

9.

RESERVES

Retained

earnings

£

At 1 January 2018

84,506

Profit for the year

130,352

Dividends

(91,000

)

At 31 December 2018

123,858

10.	CONTINGENT LIABILITIES

Contingent liabilities exist in the form of composite cross company guarantees and indemnities in respect of bank overdraft

and confidential invoice discounting facilities involving the following companies:

ITS (Holdings) Ltd, Serrate Limited, ITS (Chelmsford) Ltd, ITS (Croydon) Ltd, ITS (Plymouth) Ltd, ITS (Western) Ltd, ITS

(Exeter) Ltd, ITS (Asbestos) Ltd, ITS (Southampton) Ltd, ITS (Cymru) Ltd, ITS (Guildford) Ltd, ITS (Midlands) Ltd, ITS

(Technical Recruitment) Ltd, ITS (Engineering) Ltd, ITS (Bristol) Ltd, ITS (M&E) Ltd, ITS (Financial Services) Limited, ITS

(Cheltenham) Ltd and ITS (National) Ltd.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2018 and

31 December 2017:

31/12/18

31/12/17

£

£

G C Hanreck

Balance outstanding at start of year

11,335

30,535

Amounts repaid

-

(19,200

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

11,335

11,335

The amount outstanding at 31 December 2018 was repaid during February 2019.