IBIT Solutions Limited - Abbreviated accounts

Registered number

05456039

IBIT Solutions Limited

Abbreviated Accounts

31 May 2015

IBIT Solutions Limited
Registered number:		05456039
Abbreviated Balance Sheet
as at 31 May 2015

Notes			2015			2014
£				£
Fixed assets
Tangible assets	2		5,111			4,850

Current assets
Debtors		46,965			59,747
Cash at bank and in hand		108,190			92,614
		155,155			152,361

Creditors: amounts falling due within one year		(133,914)			(125,913)

Net current assets			21,241			26,448

Net assets			26,352			31,298

Capital and reserves
Called up share capital	3		102			102
Profit and loss account			26,250			31,196

Shareholders' funds			26,352			31,298

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.
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 in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.



K J Lawless
Director
Approved by the board on 14 August 2015

IBIT Solutions Limited
Notes to the Abbreviated Accounts
for the year ended 31 May 2015

1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

	Turnover
	Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

	Depreciation
	Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

	Equipment			33.3% on reducing balance basis

	Motor Vehicle			25% on reducing balance basis

	Deferred taxation
	Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.


2	Tangible fixed assets				£

	Cost
	At 1 June 2014				24,114
	Additions				2,699
	At 31 May 2015				26,813

	Depreciation
	At 1 June 2014				19,264
	Charge for the year				2,438
	At 31 May 2015				21,702

	Net book value
	At 31 May 2015				5,111
	At 31 May 2014				4,850


3	Share capital	Nominal			2015		2014
value			£			£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each			102		102