LIT Consulting Ltd 30/09/2020 iXBRL

LIT Consulting Ltd 30/09/2020 iXBRL

LIT CONSULTING LTD - Company Information

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Company registration number: SC609068
LIT Consulting Ltd
Unaudited filleted abridged financial statements
30 September 2020
LIT Consulting Ltd
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
LIT Consulting Ltd
Directors and other information
Directors Lesley Anne Taylor
Iain Taylor
Company number SC609068
Registered office Belmont
Ladybank Road
Pitlessie
Fife
KY15 7SP
Accountants Paterson Boyd & Co
18 North Street
Glenrothes
Fife
KY7 5NA
Bankers Royal Bank of Scotland plc
Edinburgh West End Office
142-144 Princes Street
Edinburgh
Lothian
EH2 4EQ
LIT Consulting Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of LIT Consulting Ltd
Year ended 30 September 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of LIT Consulting Ltd for the year ended 30 September 2020 which comprise the abridged statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , 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 LIT Consulting Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of LIT Consulting Ltd and state those matters that we have agreed to state to the board of directors of LIT Consulting Ltd as a body, in this report in accordance with the requirements of ICAS 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 LIT Consulting Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that LIT Consulting Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of LIT Consulting Ltd. You consider that LIT Consulting Ltd 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 financial statements of LIT Consulting Ltd. 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 financial statements.
Paterson Boyd & Co
Chartered Accountants
18 North Street
Glenrothes
Fife
KY7 5NA
12 March 2021
LIT Consulting Ltd
Abridged statement of financial position
30 September 2020
30/09/20 30/09/19
Note £ £ £ £
Fixed assets
Tangible assets 4 100 200
_______ _______
100 200
Current assets
Debtors - 443
Cash at bank and in hand 11 523
_______ _______
11 966
Creditors: amounts falling due
within one year ( 881) ( 1,028)
_______ _______
Net current liabilities ( 870) ( 62)
_______ _______
Total assets less current liabilities ( 770) 138
Provisions for liabilities ( 19) ( 38)
_______ _______
Net (liabilities)/assets ( 789) 100
_______ _______
Capital and reserves
Called up share capital 5 100 100
Profit and loss account ( 889) -
_______ _______
Shareholders (deficit)/funds ( 789) 100
_______ _______
For the year ending 30 September 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.
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 abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 30 September 2020 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 12 March 2021 , and are signed on behalf of the board by:
Lesley Anne Taylor
Director
Company registration number: SC609068
LIT Consulting Ltd
Statement of changes in equity
Year ended 30 September 2020
Called up share capital Profit and loss account Total
£ £ £
At 1 October 2018 - - -
(Loss)/profit for the year 2,500 2,500
_______ _______ _______
Total comprehensive income for the year - 2,500 2,500
Issue of shares 100 100
Dividends paid and payable ( 2,500) ( 2,500)
_______ _______ _______
Total investments by and distributions to owners 100 ( 2,500) ( 2,400)
_______ _______ _______
At 30 September 2019 and 1 October 2019 100 - 100
(Loss)/profit for the year ( 889) ( 889)
_______ _______ _______
Total comprehensive income for the year - ( 889) ( 889)
_______ _______ _______
At 30 September 2020 100 ( 889) ( 789)
_______ _______ _______
LIT Consulting Ltd
Notes to the financial statements
Year ended 30 September 2020
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Belmont, Ladybank Road, Pitlessie, Fife, KY15 7SP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 is subsequently stated at cost less any accumulated depreciation and any 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:
Computer Equipment - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.
4. Tangible assets
£
Cost
At 1 October 2019 and 30 September 2020 300
_______
Depreciation
At 1 October 2019 100
Charge for the year 100
_______
At 30 September 2020 200
_______
Carrying amount
At 30 September 2020 100
_______
At 30 September 2019 200
_______
5. Called up share capital
Issued, called up and fully paid
30/09/20 30/09/19
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
6. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Year Ended 30/09/20
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Lesley Anne Taylor 443 ( 1,286) 400 ( 443)
_______ _______ _______ _______
Period ended 30/09/19
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Lesley Anne Taylor - ( 5,802) 6,245 443
_______ _______ _______ _______