Excess IT Solutions Limited 31/01/2023 iXBRL

Excess IT Solutions Limited 31/01/2023 iXBRL

EXCESS IT SOLUTIONS LIMITED - Company Information

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4 31/01/2023 2023-01-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2022-02-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 08841318 2022-02-01 2023-01-31 08841318 2023-01-31 08841318 2022-01-31 08841318 2021-02-01 2022-01-31 08841318 2022-01-31 08841318 core:PlantMachinery 2022-02-01 2023-01-31 08841318 core:FurnitureFittingsToolsEquipment 2022-02-01 2023-01-31 08841318 core:MotorVehicles 2022-02-01 2023-01-31 08841318 bus:Director1 2022-02-01 2023-01-31 08841318 core:PlantMachinery 2022-01-31 08841318 core:FurnitureFittingsToolsEquipment 2022-01-31 08841318 core:MotorVehicles 2022-01-31 08841318 core:PlantMachinery 2023-01-31 08841318 core:FurnitureFittingsToolsEquipment 2023-01-31 08841318 core:MotorVehicles 2023-01-31 08841318 core:WithinOneYear 2023-01-31 08841318 core:WithinOneYear 2022-01-31 08841318 core:AfterOneYear 2023-01-31 08841318 core:AfterOneYear 2022-01-31 08841318 core:ShareCapital 2023-01-31 08841318 core:ShareCapital 2022-01-31 08841318 core:RetainedEarningsAccumulatedLosses 2023-01-31 08841318 core:RetainedEarningsAccumulatedLosses 2022-01-31 08841318 core:PlantMachinery 2022-01-31 08841318 core:FurnitureFittingsToolsEquipment 2022-01-31 08841318 core:MotorVehicles 2022-01-31 08841318 bus:SmallEntities 2022-02-01 2023-01-31 08841318 bus:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 08841318 bus:FullAccounts 2022-02-01 2023-01-31 08841318 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 08841318 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31
Company registration number: 08841318
Excess IT Solutions Limited
Unaudited filleted financial statements
31 January 2023
Excess IT Solutions Limited
Contents
Balance sheet
Notes to the financial statements
Excess IT Solutions Limited
Balance sheet
31 January 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 3,697 5,174
_______ _______
3,697 5,174
Current assets
Stocks 22,083 52,571
Debtors 6 2,670 9,349
Cash at bank and in hand 22,704 37,222
_______ _______
47,457 99,142
Creditors: amounts falling due
within one year 7 ( 19,965) ( 21,315)
_______ _______
Net current assets 27,492 77,827
_______ _______
Total assets less current liabilities 31,189 83,001
Creditors: amounts falling due
after more than one year 8 ( 25,000) ( 35,000)
_______ _______
Net assets 6,189 48,001
_______ _______
Capital and reserves
Called up share capital 10 10
Profit and loss account 6,179 47,991
_______ _______
Shareholders funds 6,189 48,001
_______ _______
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges 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 Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 05 September 2023 , and are signed on behalf of the board by:
Mr Mark Hancox
Director
Company registration number: 08841318
Excess IT Solutions Limited
Notes to the financial statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit E5, Halesfield 23, Telford, Shropshire, TF7 4NY.
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'.
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
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.
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:
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 20 % reducing balance
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised using the performance model.Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 February 2022 and 31 January 2023 8,110 9,040 2,000 19,150
_______ _______ _______ _______
Depreciation
At 1 February 2022 5,310 7,105 1,561 13,976
Charge for the year 560 830 87 1,477
_______ _______ _______ _______
At 31 January 2023 5,870 7,935 1,648 15,453
_______ _______ _______ _______
Carrying amount
At 31 January 2023 2,240 1,105 352 3,697
_______ _______ _______ _______
At 31 January 2022 2,800 1,935 439 5,174
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 1,210 7,419
Other debtors 1,460 1,930
_______ _______
2,670 9,349
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,505 10,000
Trade creditors 806 21
Corporation tax - 3,181
Social security and other taxes 5,210 5,892
Other creditors 3,444 2,221
_______ _______
19,965 21,315
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 25,000 35,000
_______ _______
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year - 304
_______ _______