CIT Solutions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06419425 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2019

FOR

CIT SOLUTIONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr L Malka

Mrs H Doron-Malka

SECRETARY:

Mrs H Doron-Malka

REGISTERED OFFICE:

96 Gladstone Park Gardens

London

NW2 6JX

REGISTERED NUMBER:

06419425 (England and Wales)

ACCOUNTANTS:

Scodie Deyong LLP

Chartered Accountants

4 Prince Albert Road

London

NW1 7SN

FIXED ASSETS

Tangible assets

3

862

1,149

CURRENT ASSETS

Debtors

4

6,987

6,684

Cash at bank

11,711

6,609

18,698

13,293

CREDITORS

Amounts falling due within one year

5

6,197

5,167

NET CURRENT ASSETS

12,501

8,126

TOTAL ASSETS LESS CURRENT LIABILITIES

13,363

9,275

PROVISIONS FOR LIABILITIES

6

164

218

NET ASSETS

13,199

9,057

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

13,099

8,957

SHAREHOLDERS' FUNDS

13,199

9,057

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2019 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 21 February 2020 and were signed on its behalf by:

Mr L Malka - Director

1.	STATUTORY INFORMATION

CIT Solutions Limited 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.

Turnover

Turnover represents gross invoiced sales of services.

Tangible fixed assets

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

Computer equipment

-

25% 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.

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.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 December 2018

and 30 November 2019

5,710

DEPRECIATION

At 1 December 2018

4,561

Charge for year

287

At 30 November 2019

4,848

NET BOOK VALUE

At 30 November 2019

862

At 30 November 2018

1,149

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.19

30.11.18

£

£

Trade debtors

18

18

Other debtors

6,969

6,666

6,987

6,684

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.19

30.11.18

£

£

Taxation and social security

3,868

2,779

Other creditors

2,329

2,388

6,197

5,167

6.	PROVISIONS FOR LIABILITIES

30.11.19

30.11.18

£

£

Deferred tax

Accelerated capital allowances

164

218

Deferred

tax

£

Balance at 1 December 2018

218

Credit to Income Statement during year

(54

)

Balance at 30 November 2019

164

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.11.19

30.11.18

value:

£

£

100

Ordinary

£1

100

100

8.	PENSION COMMITMENTS

The company makes payments to a defined contribution scheme on behalf of the employees. Amounts charged

to the profit and loss account were £867 for the year (2018: £491). There were outstanding contributions at the

year end of £100 (2018: £69).