E-IT Solutions (UK) Limited - Filleted accounts

E-IT Solutions (UK) Limited - Filleted accounts

E-IT SOLUTIONS (UK) LIMITED - Company Information

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E-IT Solutions (UK) Limited
Registered number: 04739914
Balance Sheet
as at 31 March 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 4,219 5,274
Current assets
Debtors 4 305 262
Cash at bank and in hand 123,503 52,771
123,808 53,033
Creditors: amounts falling due within one year 5 (18,496) (8,734)
Net current assets 105,312 44,299
Total assets less current liabilities 109,531 49,573
Creditors: amounts falling due after more than one year 6 (50,000) -
Net assets 59,531 49,573
Capital and reserves
Called up share capital 100 100
Profit and loss account 59,431 49,473
Shareholders' funds 59,531 49,573
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Tamer Kazim
Director
Approved by the board on 14 January 2022
E-IT Solutions (UK) Limited
Notes to the Accounts
for the year ended 31 March 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Government grants
Grants received during the year from the government are recognised as other income. This income is recognised when the application is made to the local authority after receiving confirmation of entitlement from them. There would either be a debtor, a deferred income or no balance due recognised depending upon when the cash was received from the local authority. The grants received in the year include Coronavirus Job Retention Scheme (CJRS). CJRS is recognised on a straight line basis, accrued over the furlough period for each relevant employee on the PAYE payroll scheme. Cash payments are received from HMRC.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 20% reducing balance
Motor vehicles 20% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership to lessee. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Functional and presentation currency
The financial statements of the company are measured and presented in the currency of the primary economic environment in which the company operates, the functional currency. The financial statements are presented in Pound sterling (£), which is the company’s functional currency.
Employee benefits
Short-term employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.

Post-employment defined contribution plans
Amounts in respect of defined contributions plans are recognised as an expense as they are incurred.

Termination benefits
Provisions for termination benefits are recognised only when the company is demonstrably committed to terminate the employment of an employee or of a group of employees before their normal retirement date or to provide termination benefits as a result of an offer made in order to encourage voluntary redundancy.
Going concern
The financial statements have been prepared on the basis that the company will receive continued financial support from bank and directors and has adequate resources to continue in operational existence for the foreseeable future.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 7 6
3 Tangible fixed assets
Fixtures, fittings, tools and equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2020 22,528 14,561 37,089
At 31 March 2021 22,528 14,561 37,089
Depreciation
At 1 April 2020 17,748 14,067 31,815
Charge for the year 956 99 1,055
At 31 March 2021 18,704 14,166 32,870
Net book value
At 31 March 2021 3,824 395 4,219
At 31 March 2020 4,780 494 5,274
4 Debtors 2021 2020
£ £
Other debtors 305 262
5 Creditors: amounts falling due within one year 2021 2020
£ £
Trade creditors 1,000 1,000
Corporation tax 4,018 2,696
Other taxes and social security costs 13,434 5,037
Other creditors 44 1
18,496 8,734
6 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans 50,000 -
7 Controlling party
The directors do not consider there to be an ultimate controlling party.
8 Other information
E-IT Solutions (UK) Limited is a private company limited by shares and incorporated in England. Its registered office is:
7 Saxon Close
Harold Wood
Essex
United Kingdom
RM3 0PX
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