IT_SUPPORT_BUSINESS_LTD - Accounts

VIZST TECHNOLOGY LTD - Company Information

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Company Registration No. 07184583 (England and Wales)

IT SUPPORT BUSINESS LTD

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2015

IT SUPPORT BUSINESS LTD

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

IT SUPPORT BUSINESS LTD

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2015

- 1 -

2015

2014

Notes

Fixed assets

Intangible assets

4,000

Tangible assets

6,315

4,189

10,315

4,189

Current assets

Debtors

95,206

79,389

Cash at bank and in hand

49,197

210

144,403

79,599

Creditors: amounts falling due within one year

(149,948)

(90,010)

Net current liabilities

(5,545)

(10,411)

Total assets less current liabilities

4,770

(6,222)

Creditors: amounts falling due after more than one year

(15,000)

(10,230)

(21,222)

Capital and reserves

Called up share capital

Profit and loss account

(10,240)

(21,224)

Shareholders' funds

(10,230)

(21,222)

For the financial year ended 31 March 2015 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 30 December 2015

Mr Lee Dredge

Director

Company Registration No. 07184583

IT SUPPORT BUSINESS LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2015

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The balance sheet shows a deficit of net liabilities. The accounts have been prepared of a going concern basis as the long term liabilities are not due within 12 months following the year end and the director offers continued support.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

1.5

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

25% straight line basis

Fixtures, fittings & equipment

25% straight line basis

1.6

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

IT SUPPORT BUSINESS LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2015

- 3 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 April 2014

9,203

Additions

5,000

5,483

10,483

At 31 March 2015

5,000

14,686

19,686

Depreciation

At 1 April 2014

5,014

Charge for the year

1,000

3,357

4,357

At 31 March 2015

1,000

8,371

9,371

Net book value

At 31 March 2015

4,000

6,315

10,315

At 31 March 2014

4,189

Share capital

2015

2014

Allotted, called up and fully paid

1 Ordinary shares of £10 each

Related party relationships and transactions

Advances and credits to directors

Advances and credits granted to the directors during the year are outlined in the table below:

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

L Dredge

3.25

12,277

3,031

448

15,756

12,277

3,031

448

15,756