IITL Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07094072

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2017

FOR

IITL LIMITED

TRADING AS

INFINITY IT SOLUTIONS

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

A W Cartwright

L Hayes

S J J McAlpine

REGISTERED OFFICE:

The Lion Buildings

Market Place

Uttoxeter

Staffordshire

ST14 8HP

REGISTERED NUMBER:

07094072

ACCOUNTANTS:

Howards Limited

Chartered Certified Accountants

Newport House

Newport Road

Stafford

Staffordshire

ST16 1DA

FIXED ASSETS

Tangible assets

5

25,279

35,301

CURRENT ASSETS

Debtors

6

524,918

328,322

Prepayments and accrued income

3,658

11,846

Cash at bank and in hand

395,378

449,577

923,954

789,745

CREDITORS

Amounts falling due within one year

7

311,978

261,668

NET CURRENT ASSETS

611,976

528,077

TOTAL ASSETS LESS CURRENT LIABILITIES

637,255

563,378

CREDITORS

Amounts falling due after more than one year

8

(5,257

)

(15,448

)

PROVISIONS FOR LIABILITIES

(4,803

)

(7,060

)

ACCRUALS AND DEFERRED INCOME

(57

)

(600

)

NET ASSETS

627,138

540,270

CAPITAL AND RESERVES

Called up share capital

99

99

Retained earnings

627,039

540,171

SHAREHOLDERS' FUNDS

627,138

540,270

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

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

The directors acknowledge their 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.

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

The financial statements were approved by the Board of Directors on 1st August 2018 and were signed on its behalf by:

L Hayes - Director

A W Cartwright - Director

S J J McAlpine - Director

1.	STATUTORY INFORMATION

IITL Limited is a private company, limited by shares, registered in England and Wales. The company's registered

number is 07094072 and the registered office address is The Lion Buildings, Market Place, Uttoxeter,

Staffordshire, ST14 8HP.

The principal activity of the company is IT consultancy.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain fixed assets.

Functional currency

The financial statements are prepared in sterling which is the functional currency of the company.

Significant judgements and estimates

In determining and applying accounting policies, judgement is often required in respect of items where the

choice of specific policy, accounting estimate or assumption to be followed could materially affect the reported

results or net asset position of the company; it may later be determined that a different choice would have been

more appropriate. Management considers that certain accounting estimates and assumptions relating to

revenue, taxation, tangible fixed assets, provisions and contingent liabilities and accruals are its critical

accounting estimates.

Turnover

Turnover represents sales of goods and IT services net of VAT and trade discounts. Turnover is recognised

when the goods are physically delivered to the customer or when the service has been provided in full.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

20% on reducing balance

Office equipment

-

33% on cost

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third

parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is

recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an

asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective

interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss

is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference

between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the

company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when

there is an 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.

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 statement of financial position date.

Deferred tax

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

statement of financial position 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Property, plant and equipment acquired under finance leases or hire purchase contracts are capitalised and

depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance

charges, are included in creditors.

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over

the period of the lease.

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.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value are reviewed to determine whether there is

an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable

amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to

sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount

of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or

loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is

increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been

determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A

reversal of an impairment loss is recognised immediately in profit or loss.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a

result of a past event, it is probable that the company will be required to settle the obligation and the amount of

the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to

settle the obligation at the reporting date.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2016 - 15 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Office

fittings

equipment

Totals

£

£

£

COST

At 1st January 2017

5,390

132,823

138,213

Additions

2,091

11,159

13,250

At 31st December 2017

7,481

143,982

151,463

DEPRECIATION

At 1st January 2017

2,630

100,282

102,912

Charge for year

970

22,302

23,272

At 31st December 2017

3,600

122,584

126,184

NET BOOK VALUE

At 31st December 2017

3,881

21,398

25,279

At 31st December 2016

2,760

32,541

35,301

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Office

equipment

£

COST

At 1st January 2017

and 31st December 2017

29,616

DEPRECIATION

At 1st January 2017

9,872

Charge for year

9,872

At 31st December 2017

19,744

NET BOOK VALUE

At 31st December 2017

9,872

At 31st December 2016

19,744

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

330,193

167,522

Other debtors

194,725

160,800

524,918

328,322

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts

10,120

9,540

Trade creditors

160,468

119,436

Taxation and social security

140,858

132,692

Other creditors

532

-

311,978

261,668

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts

5,257

15,448

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Hire purchase contracts

15,377

-

Hire purchase liabilities are secured against the fixed assets being financed.

10.	OTHER FINANCIAL COMMITMENTS

The company has future operating lease commitments of £119,945 (2016 - £49,479).

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st December 2017 and

31st December 2016:

2017

2016

£

£

L Hayes

Balance outstanding at start of year

55,768

48,675

Amounts advanced

87,673

67,093

Amounts repaid

(75,000

)

(60,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

68,441

55,768

S J J McAlpine

Balance outstanding at start of year

52,997

49,519

Amounts advanced

85,538

63,478

Amounts repaid

(75,000

)

(60,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

63,535

52,997

A W Cartwright

Balance outstanding at start of year

52,034

48,983

Amounts advanced

85,715

63,051

Amounts repaid

(75,000

)

(60,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

62,749

52,034

The directors loans were fully repaid after the year end by declaring a dividend.