CONTRACTS IT GROUP LIMITED

CONTRACTS IT GROUP LIMITED - Company Information

2022-04-012023-03-312023-03-31false07531698CONTRACTS IT GROUP LIMITED2023-07-03iso4217:GBPxbrli:pure075316982022-04-01075316982023-03-31075316982022-04-012023-03-31075316982021-04-01075316982022-03-31075316982021-04-012022-03-3107531698bus:SmallEntities2022-04-012023-03-3107531698bus:AuditExempt-NoAccountantsReport2022-04-012023-03-3107531698bus:FullAccounts2022-04-012023-03-3107531698bus:PrivateLimitedCompanyLtd2022-04-012023-03-3107531698core:WithinOneYear2023-03-3107531698core:AfterOneYear2023-03-3107531698core:WithinOneYear2022-03-3107531698core:AfterOneYear2022-03-3107531698core:ShareCapital2023-03-3107531698core:SharePremium2023-03-3107531698core:RevaluationReserve2023-03-3107531698core:OtherReservesSubtotal2023-03-3107531698core:RetainedEarningsAccumulatedLosses2023-03-3107531698core:ShareCapital2022-03-3107531698core:SharePremium2022-03-3107531698core:RevaluationReserve2022-03-3107531698core:OtherReservesSubtotal2022-03-3107531698core:RetainedEarningsAccumulatedLosses2022-03-3107531698core:LandBuildings2023-03-3107531698core:PlantMachinery2023-03-3107531698core:Vehicles2023-03-3107531698core:FurnitureFittings2023-03-3107531698core:OfficeEquipment2023-03-3107531698core:NetGoodwill2023-03-3107531698core:IntangibleAssetsOtherThanGoodwill2023-03-3107531698core:ListedExchangeTraded2023-03-3107531698core:UnlistedNon-exchangeTraded2023-03-3107531698core:LandBuildings2022-03-3107531698core:PlantMachinery2022-03-3107531698core:Vehicles2022-03-3107531698core:FurnitureFittings2022-03-3107531698core:OfficeEquipment2022-03-3107531698core:NetGoodwill2022-03-3107531698core:IntangibleAssetsOtherThanGoodwill2022-03-3107531698core:ListedExchangeTraded2022-03-3107531698core:UnlistedNon-exchangeTraded2022-03-3107531698core:LandBuildings2022-04-012023-03-3107531698core:PlantMachinery2022-04-012023-03-3107531698core:Vehicles2022-04-012023-03-3107531698core:FurnitureFittings2022-04-012023-03-3107531698core:OfficeEquipment2022-04-012023-03-3107531698core:NetGoodwill2022-04-012023-03-3107531698core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3107531698core:ListedExchangeTraded2022-04-012023-03-3107531698core:UnlistedNon-exchangeTraded2022-04-012023-03-3107531698core:MoreThanFiveYears2022-04-012023-03-3107531698core:Non-currentFinancialInstruments2023-03-3107531698core:Non-currentFinancialInstruments2022-03-3107531698dpl:CostSales2022-04-012023-03-3107531698dpl:DistributionCosts2022-04-012023-03-3107531698dpl:AdministrativeExpenses2022-04-012023-03-3107531698core:LandBuildings2022-04-012023-03-3107531698core:PlantMachinery2022-04-012023-03-3107531698core:Vehicles2022-04-012023-03-3107531698core:FurnitureFittings2022-04-012023-03-3107531698core:OfficeEquipment2022-04-012023-03-3107531698core:NetGoodwill2022-04-012023-03-3107531698core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3107531698dpl:GroupUndertakings2022-04-012023-03-3107531698dpl:ParticipatingInterests2022-04-012023-03-3107531698dpl:GroupUndertakingscore:ListedExchangeTraded2022-04-012023-03-3107531698core:ListedExchangeTraded2022-04-012023-03-3107531698dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-04-012023-03-3107531698core:UnlistedNon-exchangeTraded2022-04-012023-03-3107531698dpl:CostSales2021-04-012022-03-3107531698dpl:DistributionCosts2021-04-012022-03-3107531698dpl:AdministrativeExpenses2021-04-012022-03-3107531698core:LandBuildings2021-04-012022-03-3107531698core:PlantMachinery2021-04-012022-03-3107531698core:Vehicles2021-04-012022-03-3107531698core:FurnitureFittings2021-04-012022-03-3107531698core:OfficeEquipment2021-04-012022-03-3107531698core:NetGoodwill2021-04-012022-03-3107531698core:IntangibleAssetsOtherThanGoodwill2021-04-012022-03-3107531698dpl:GroupUndertakings2021-04-012022-03-3107531698dpl:ParticipatingInterests2021-04-012022-03-3107531698dpl:GroupUndertakingscore:ListedExchangeTraded2021-04-012022-03-3107531698core:ListedExchangeTraded2021-04-012022-03-3107531698dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2021-04-012022-03-3107531698core:UnlistedNon-exchangeTraded2021-04-012022-03-3107531698core:NetGoodwill2023-03-3107531698core:IntangibleAssetsOtherThanGoodwill2023-03-3107531698core:LandBuildings2023-03-3107531698core:PlantMachinery2023-03-3107531698core:Vehicles2023-03-3107531698core:FurnitureFittings2023-03-3107531698core:OfficeEquipment2023-03-3107531698core:AfterOneYear2023-03-3107531698core:WithinOneYear2023-03-3107531698core:ListedExchangeTraded2023-03-3107531698core:UnlistedNon-exchangeTraded2023-03-3107531698core:ShareCapital2023-03-3107531698core:SharePremium2023-03-3107531698core:RevaluationReserve2023-03-3107531698core:OtherReservesSubtotal2023-03-3107531698core:RetainedEarningsAccumulatedLosses2023-03-3107531698core:NetGoodwill2022-03-3107531698core:IntangibleAssetsOtherThanGoodwill2022-03-3107531698core:LandBuildings2022-03-3107531698core:PlantMachinery2022-03-3107531698core:Vehicles2022-03-3107531698core:FurnitureFittings2022-03-3107531698core:OfficeEquipment2022-03-3107531698core:AfterOneYear2022-03-3107531698core:WithinOneYear2022-03-3107531698core:ListedExch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Registered Number
07531698
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

CONTRACTS IT GROUP LIMITED

Company Information
for the year from 1 April 2022 to 31 March 2023


Directors	AFZAL, Naheed
	FAIZ, Navaid


Registered Address	6 Houghton Square
	378 Clapham Road
	London
	SW9 9AN


Registered Number	07531698 (England and Wales)

CONTRACTS IT GROUP LIMITED

Balance Sheet as at
31 March 2023

	Notes	2023		2022
		£	£	£	£
Fixed assets
Investments	7		3,000,000		3,000,000
Investment property	8		500,000		500,000
			3,500,000		3,500,000
Current assets
Cash at bank and on hand		93		133
		93		133
Creditors amounts falling due within one year	10	(1,193)		(693)
Net current assets (liabilities)			(1,100)		(560)
Total assets less current liabilities			3,498,900		3,499,440
Provisions for liabilities	11		(79,820)		(79,820)
Net assets			3,419,080		3,419,620
Capital and reserves
Called up share capital			1,564,402		1,564,402
Other reserves			935,600		935,600
Profit and loss account			919,078		919,618
Shareholders' funds			3,419,080		3,419,620

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Board of Directors on 3 July 2023, and are signed on its behalf by:

AFZAL, Naheed
Director

FAIZ, Navaid
Director

Registered Company No. 07531698

CONTRACTS IT GROUP LIMITED

Notes to the Financial Statements
for the year ended 31 March 2023

1.	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Compliance with applicable reporting framework
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

3.	Principal activities
	The Principle activity of the company in the year under review was that of holding compnay.

4.	Basis of measurement used in financial statements
	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).

5.	Accounting policies

	Functional and presentation currency policy
	The financial statements are presented in sterling and this is the functional currency of the company.

	Investment property policy
	Investment property which is property held to earn rentals and/or for capital appreciation is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit and loss account.

	Deferred tax policy
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax policy

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Foreign currency translation and operations policy
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation and operations policy

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Investments policy
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Investments policy

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Valuation of financial instruments policy
	The company has elected to apply the provisions of Section 11'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised

Valuation of financial instruments policy

The company has elected to apply the provisions of Section 11'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities
classified as payable within one year are not amortised

6.	Employee information


		2023		2022
	Average number of employees during the year	2		2

7.	Fixed asset investments

	Investments in groups¹	Total
	£	£
Cost or valuation
At 01 April 22	3,000,000	3,000,000
At 31 March 23	3,000,000	3,000,000
Net book value
At 31 March 23	3,000,000	3,000,000
At 31 March 22	3,000,000	3,000,000

	Notes
	¹Investments in group undertakings and participating interests

8.	Investment property
	The investment properties below have been shown at fair value as at the balance sheet date which have been valued by the director. If investment properties were stated on historical basis rather than fair value basis, the amounts would have been £180,7220 (2022: £180,720).


		£
	Fair value at 01 April 22	500,000
	At 31 March 23	500,000

9.	Description of nature of transactions and balances with related parties
	At the balance sheet, the directors account has a credit balance of £93 (2022: £93). During the year, total dividends of £510,116 (2022: £463,930) were paid to the directors.

10.	Creditors within one year

	2023	2022
	£	£
Amounts owed to related parties	800	300
Other creditors	93	93
Accrued liabilities and deferred income	300	300
Total	1,193	693

11.	Provisions for liabilities

	2023	2022
	£	£
Net deferred tax liability (asset)	79,820	79,820
Total	79,820	79,820