Lithe IT Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC399059 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2021

for

Lithe IT Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D Crawford

B McNabb

A G Murphy

REGISTERED OFFICE:

Spaces

1 West Regent Street

Glasgow

G2 1RW

REGISTERED NUMBER:

SC399059 (Scotland)

ACCOUNTANTS:

Advantage Accounting (Scotland) Ltd

Pavilion 2

Finnieston Business Park

Minerva Way

Glasgow

G3 8AU

FIXED ASSETS

Tangible assets

4

78,288

97,459

CURRENT ASSETS

Debtors

5

274,481

273,285

Cash at bank and in hand

1,041,068

925,430

1,315,549

1,198,715

CREDITORS

Amounts falling due within one year

6

982,894

741,620

NET CURRENT ASSETS

332,655

457,095

TOTAL ASSETS LESS CURRENT LIABILITIES

410,943

554,554

PROVISIONS FOR LIABILITIES

14,875

18,517

NET ASSETS

396,068

536,037

CAPITAL AND RESERVES

Called up share capital

316

316

Retained earnings

395,752

535,721

SHAREHOLDERS' FUNDS

396,068

536,037

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 22 June 2022 and were signed on its behalf by:

D Crawford - Director

A G Murphy - Director

B McNabb - Director

1.	STATUTORY INFORMATION

Lithe IT Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost and 15% on reducing balance

Taxation

Taxation for the year 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 year 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2020 - 41 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2021

183,588

Additions

861

At 31 December 2021

184,449

DEPRECIATION

At 1 January 2021

86,129

Charge for year

20,032

At 31 December 2021

106,161

NET BOOK VALUE

At 31 December 2021

78,288

At 31 December 2020

97,459

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

245,127

243,663

Other debtors

29,354

29,622

274,481

273,285

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade creditors

28,306

6,802

Taxation and social security

147,720

269,809

Other creditors

806,868

465,009

982,894

741,620