IT Works (Scotland) Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: SC300876 (Scotland)

Unaudited Financial Statements for the Year Ended 31 May 2017

for

IT Works (Scotland) Limited

Page

Company Information

1

Accountants' Report

2

Abridged Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

S Philip

SECRETARY:

S Philip

REGISTERED OFFICE:

2 George Square

Castle Brae

Dunfermline

Fife

KY11 8QF

REGISTERED NUMBER:

SC300876 (Scotland)

ACCOUNTANTS:

M&S Accountancy and Taxation Ltd

Chartered Tax Advisers and Accountants

Dalgety House

Viewfield Terrace

Dunfermline

Fife

KY12 7HY

The following reproduces the text of the report prepared for the director and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the

company is only required to file a Balance Sheet. Readers are cautioned that the Abridged Income

Statement and certain other primary statements and the Report of the Director are not required to be

filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of IT Works (Scotland) Limited for the year ended 31 May 2017 which

comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's

accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of IT Works (Scotland) Limited, as a body, in accordance

with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the

financial statements of IT Works (Scotland) Limited and state those matters that we have agreed to state to the

Board of Directors of IT Works (Scotland) Limited, as a body, in this report in accordance with the

requirements of the Institute of Chartered Accountants of Scotland as detailed on the website noted

below.* To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other

than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that IT Works (Scotland) Limited has kept adequate accounting records and to

prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position

and profit of IT Works (Scotland) Limited. You consider that IT Works (Scotland) Limited is exempt from the

statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of IT Works

(Scotland) Limited For this reason, we have not verified the accuracy or completeness of the accounting

records or information and explanations you have given to us and we do not, therefore, express any opinion

on the statutory financial statements.

* http://www.icas.org.uk/accountspreparationguidance

M&S Accountancy and Taxation Ltd

Chartered Tax Advisers and Accountants

Dalgety House

Viewfield Terrace

Dunfermline

Fife

KY12 7HY

10 August 2017

FIXED ASSETS

Tangible assets

4

11,389

12,322

CURRENT ASSETS

Stocks

2,285

1,528

Debtors

82,430

100,806

Cash at bank

460,837

269,936

545,552

372,270

CREDITORS

Amounts falling due within one year

(343,954

)

(245,790

)

NET CURRENT ASSETS

201,598

126,480

TOTAL ASSETS LESS CURRENT LIABILITIES

212,987

138,802

CAPITAL AND RESERVES

Called up share capital

5

100

100

Retained earnings

212,887

138,702

SHAREHOLDERS' FUNDS

212,987

138,802

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 May 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 10 August 2017 and were signed by:

S Philip - Director

1.	STATUTORY INFORMATION

IT Works (Scotland) Limited is a private company, limited by shares , registered in Scotland. The

company's registered number and registered office address can be found on the Company Information

page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Transitions to FRS102-1A

This is the first year that the Company has presented financial statements under FRS 102-1A. The last

financial statements under existing UK GAAP were for the year ended 31 May 2016. The date of

transition was 1 June 2016. It should be noted that the transition to FRS 102 resulted in no changes to the

previously reported figures.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax. Turnover is

recognised in respect of service contracts when the company obtains the right to consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on cost

Office furniture and equipment

-

20% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete

and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured using

tax rates and laws that have been enacted or substantively enacted by the year end and that are expected

to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 June 2016

80,681

Additions

7,221

At 31 May 2017

87,902

DEPRECIATION

At 1 June 2016

68,359

Charge for year

8,154

At 31 May 2017

76,513

NET BOOK VALUE

At 31 May 2017

11,389

At 31 May 2016

12,322

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

£1

100

100

6.	ULTIMATE CONTROLLING PARTY