N-TrustIT Limited - Period Ending 2019-11-30
N-TrustIT Limited - Period Ending 2019-11-30
Registration number:
N-TrustIT Limited
for the Year Ended 30 November 2019
N-TrustIT Limited
Contents
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Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
N-TrustIT Limited
Company Information
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Director |
Mr A Moffat |
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Registered office |
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Accountants |
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Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
N-TrustIT Limited
for the Year Ended 30 November 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of N-TrustIT Limited for the year ended 30 November 2019 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the Board of Directors of N-TrustIT Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of N-TrustIT Limited and state those matters that we have agreed to state to the Board of Directors of N-TrustIT Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than N-TrustIT Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that N-TrustIT Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of N-TrustIT Limited. You consider that N-TrustIT Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of N-TrustIT Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountants
Quarrywood Court
Livingston
West Lothian
EH54 6AX
N-TrustIT Limited
(Registration number: SC369108)
Balance Sheet as at 30 November 2019
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Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Profit and loss account |
82,077 |
27,618 |
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Shareholders' funds |
82,177 |
27,718 |
For the financial year ending 30 November 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the Sections 386 and 387 of the Companies Act 2006 with respect to accounting records and the preparation of the 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. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
N-TrustIT Limited
(Registration number: SC369108)
Balance Sheet as at 30 November 2019
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Director
N-TrustIT Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2019
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General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency of the financial statements is the Pound Sterling (£).
Revenue recognition
Turnover comprises the fair value of the consideration derived from that of hardware supply and IT consultancy. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
N-TrustIT Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2019
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Furniture, fittings and equipment |
20% on cost |
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Motor vehicles |
20% reducing balance |
N-TrustIT Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2019
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
N-TrustIT Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2019
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Tangible assets |
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Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 December 2018 |
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Additions |
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At 30 November 2019 |
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Depreciation |
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At 1 December 2018 |
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Charge for the year |
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At 30 November 2019 |
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Carrying amount |
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At 30 November 2019 |
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At 30 November 2018 |
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Debtors |
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2019 |
2018 |
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Trade debtors |
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Other debtors |
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N-TrustIT Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2019
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Creditors |
Creditors: amounts falling due within one year
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2019 |
2018 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
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2019 |
2018 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
N-TrustIT Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2019
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Related party transactions |
During the year, the company repaid loans totalling £14,298 to the director. At the year end, the balance due to/(from) the director was £(2,581) (2018 - £11,717). This loan is unsecured, interest free and has no fixed repayment terms.
Directors' remuneration
The director's remuneration for the year was as follows:
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2019 |
2018 |
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Renumeration |
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