Laurie IT Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC400829 (Scotland)

Unaudited Financial Statements

for the Period 1 August 2018 to 31 December 2019

for

Laurie IT Ltd.

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Tangible assets

4

-

718

CURRENT ASSETS

Debtors

5

2,224

-

Cash at bank

40,489

46,933

42,713

46,933

CREDITORS

Amounts falling due within one year

6

(17,579

)

(18,829

)

NET CURRENT ASSETS

25,134

28,104

TOTAL ASSETS LESS CURRENT LIABILITIES

25,134

28,822

PROVISIONS FOR LIABILITIES

(256

)

(256

)

NET ASSETS

24,878

28,566

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

24,876

28,564

SHAREHOLDERS' FUNDS

24,878

28,566

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2019 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 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 4 February 2020 and were signed by:

Mr J T Laurie - Director

1.	STATUTORY INFORMATION

Laurie IT Ltd is a private company, limited by shares, domiciled in Scotland, registration number SC400829.

The registered office is Unit 5 Gateway Business Park, Beancross Road, Grangemouth, Stirlingshire, FK3 8WX.

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 net invoiced services in respect of computer and software consultancy, excluding value

added tax. Sales are recognised at the point at which the service is complete.

Tangible fixed assets and depreciation

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

Computer equipment

-

33% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any

incidental costs of acquisition.

Taxation

Taxation for the period 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 period 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.

Provisions

Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is

probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably

estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time

value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is

determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of

an outflow with respect to any one item included in the same class of obligations may be small.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 (2018 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 August 2018

3,714

Disposals

(3,714

)

At 31 December 2019

-

DEPRECIATION

At 1 August 2018

2,996

Charge for period

179

Eliminated on disposal

(3,175

)

At 31 December 2019

-

NET BOOK VALUE

At 31 December 2019

-

At 31 July 2018

718

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.7.18

£

£

Amounts owed by associates

510

-

VAT

1,714

-

2,224

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.7.18

£

£

Tax

14,128

13,355

VAT

-

4,227

Directors' current accounts

2,252

48

Accruals and deferred income

1,199

1,199

17,579

18,829