ITS Telecom Solutions Limited - Period Ending 2019-12-31

ITS Telecom Solutions Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 5

ITS Telecom Solutions Limited

Company Information

Directors

Mr D A S Baythorpe Mr D R A Cullen

Registered office

Elm House Farm Saighton Lane Saighton Chester Cheshire CH3 6EN

Auditors

Abrams Ashton Ltd Chartered Accountants & Statutory Auditors 7 Waterside Court St. Helens Merseyside WA9 1UA

ITS Telecom Solutions Limited

(Registration number: 07612286)
Balance Sheet as at 31 December 2019

	Note	2019 £	2018 £
Current assets
Debtors	5	287	551
Cash at bank and in hand		60	100
		347	651
Creditors: Amounts falling due within one year	6	(22,365)	(153,333)
Net liabilities		(22,018)	(152,682)
Capital and reserves
Called up share capital		1	1
Profit and loss account		(22,019)	(152,683)
Shareholders' deficit		(22,018)	(152,682)

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.

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 Board on 23 December 2020 and signed on its behalf by:
 

.........................................

Mr D A S Baythorpe
Director

ITS Telecom Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Elm House Farm
Saighton Lane
Saighton
Chester
Cheshire
CH3 6EN

2	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 Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis the validity of which depends upon future trading and the support of the directors and the parent company. Should the company be unable to continue trading, adjustments would be necessary to provide further liabilities which might arise.

Audit report

The Independent Auditor's Report was unqualified. However, the auditor drew attention to the following by way of a material uncertainty related to going concern.

We draw attention to note 6 in the financial statements, which indicate that the company had net current liabilities and net liabilities of £22,018. As stated in note 6, these events or conditions, along with other matters set forth in note 6, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

The name of the Senior Statutory Auditor who signed the audit report 23 December 2020 was Darren Leigh FCCA, who signed for and on behalf of Abrams Ashton Ltd.

ITS Telecom Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

Revenue recognition

Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customer.

Tax

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2018 - 0).

4	Profit before tax

Arrived at after charging/(crediting):

Included in administrative expenses is a group company loan written off totalling (£130,376) ( 2018 - £nil ).

5

Debtors

	2019 £	2018 £
Other debtors	287	551
	287	551

ITS Telecom Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

6

Creditors

Creditors: amounts falling due within one year

		2019 £	2018 £
Due within one year
Trade creditors		20,486	34,702
Amounts owed to group undertakings		-	115,631
Taxation and social security		379	-
Accruals and deferred income		1,500	3,000
		22,365	153,333

7	Parent and ultimate parent undertaking

The company's immediate parent is ITS Technology Group Limited, incorporated in England and Wales.

 The ultimate parent is ITS (Holdco) Limited, incorporated in England and Wales.

 

8	Going concern

Although the financial statements show current and net liabilities of £22,018 ( 2018 £152,682 ) the directors are of the opinion that the financial statements can be prepared on the going concern basis on the grounds that they and the parent company will continue to support the company and that the company will trade profitably in the future.