Custom IT Hardware Ltd Filleted accounts for Companies House (small and micro)

CUSTOM IT HARDWARE LTD - Company Information

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COMPANY REGISTRATION NUMBER: 04513034

Custom IT Hardware Ltd

Filleted Unaudited Financial Statements

31 March 2020

Custom IT Hardware Ltd

Financial Statements

Year ended 31 March 2020

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Custom IT Hardware Ltd

Statement of Financial Position

31 March 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5	868	842
Investments	6	–	55,140
		----	--------
		868	55,982

Current assets

Debtors	7	32,010	30,378
Cash at bank and in hand		30,645	17,635
		--------	--------
		62,655	48,013

Creditors: amounts falling due within one year	8	17,099		22,024
		--------		--------
Net current assets			45,556	25,989
			--------	--------
Total assets less current liabilities			46,424	81,971

Provisions

Taxation including deferred tax	–	4,962
	--------	--------
Net assets	46,424	77,009
	--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	46,324	76,909
	--------	--------
Shareholders funds	46,424	77,009
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Custom IT Hardware Ltd

Statement of Financial Position (continued)

31 March 2020

These financial statements were approved by the board of directors and authorised for issue on 26 October 2020 , and are signed on behalf of the board by:

Mr R A Dixon	Miss L Meeks
Director	Director

Company registration number: 04513034

Custom IT Hardware Ltd

Notes to the Financial Statements

Year ended 31 March 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 9 Kingswell Road, Ensbury Park, Bournemouth, BH10 5DF, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & machinery	-	3 year straight line
Fixtures & fittings	-	5 year straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2019: 2 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Total
	£	£	£
Cost
At 1 April 2019	1,333	17,437	18,770
Additions	–	583	583
	-------	--------	--------
At 31 March 2020	1,333	18,020	19,353
	-------	--------	--------
Depreciation
At 1 April 2019	1,333	16,595	17,928
Charge for the year	–	557	557
	-------	--------	--------
At 31 March 2020	1,333	17,152	18,485
	-------	--------	--------
Carrying amount
At 31 March 2020	–	868	868
	-------	--------	--------
At 31 March 2019	–	842	842
	-------	--------	--------

6. Investments

	Other investments other than loans
	£
Cost
At 1 April 2019	55,140
Disposals	( 58,643)
Revaluations	3,503
	--------
At 31 March 2020	–
	--------
Impairment
At 1 April 2019 and 31 March 2020	–
	--------

Carrying amount
At 31 March 2020	–
	--------
At 31 March 2019	55,140
	--------

7. Debtors

	2020	2019
	£	£
Trade debtors	4,628	28,085
Other debtors	27,382	2,293
	--------	--------
	32,010	30,378
	--------	--------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	3,309	5,598
Corporation tax	12,290	12,188
Social security and other taxes	–	2,738
Other creditors	1,500	1,500
	--------	--------
	17,099	22,024
	--------	--------

9. Financial instruments

The carrying amount for each category of financial instrument is as follows:

	2020	2019
	£	£

Financial assets measured at fair value through profit or loss

Investments measured at fair value through profit or loss	–	55,140
	----	--------

10. Directors' advances, credits and guarantees

During the year there were advances including interest charged of £58,251 (2019: £2,292) and repayments of £34,951 (2019: £nil) made to/by directors. Interest was charged at 2.5% on this loan. At the year end the company was owed £25,592 from directors (2019: £2,292).