ITS Telecom Solutions Limited - Period Ending 2017-12-31

Company registration number: 07612286

ITS Telecom Solutions Limited

Filleted Financial Statements

for the Year Ended 31 December 2017

Abrams Ashton
Chartered Accountants & Statutory Auditors
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

ITS Telecom Solutions Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 5

ITS Telecom Solutions Limited

Company Information

Directors

Mr D A S Baythorpe Mr D R A Cullen

Registered office

Elm House Farm Saighton Lane Saighton Chester Cheshire CH3 6EN

Auditors

Abrams Ashton Chartered Accountants & Statutory Auditors 7 Waterside Court St. Helens Merseyside WA9 1UA

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ITS Telecom Solutions Limited

(Registration number: 07612286)
Balance Sheet as at 31 December 2017

	Note	2017 £	2016 £
Current assets
Debtors	3	287	4,903
Cash at bank and in hand		2,051	-
		2,338	4,903
Creditors: Amounts falling due within one year	4	(158,988)	(113,244)
Net liabilities		(156,650)	(108,341)
Capital and reserves
Called up share capital		1	1
Profit and loss account		(156,651)	(108,342)
Total equity		(156,650)	(108,341)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 20 December 2018 and signed on its behalf by:
 

.........................................

Mr D R A Cullen
Director

The notes on pages 3 to 5 form an integral part of these financial statements.

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ITS Telecom Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Elm House Farm
Saighton Lane
Saighton
Chester
Cheshire
CH3 6EN

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis the validity of which depends upon future trading and the support of the directors and the parent company. Should the company be unable to continue trading, adjustments would be necessary to provide further liabilities which might arise.

Audit report

The Independent Auditor's Report was unqualified. However, the auditor drew attention to the following by way of a material uncertainty related to going concern.

We draw attention to note 6 in the financial statements, which indicate that the company made a loss before taxation of £48,309 during the year ended 31 December 2017, and as of that date the company had net current liabilities and net liabilities of £156,650. As stated in note 6, these events or conditions, along with other matters set forth in note 6, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

The name of the Senior Statutory Auditor who signed the audit report on 20 December 2018 was David Williams FCA, who signed for and on behalf of Abrams Ashton.

Revenue recognition

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 customer.

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ITS Telecom Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

Tax

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

3

Debtors

	2017 £	2016 £
Other debtors	287	4,903
	287	4,903

4

Creditors

Creditors: amounts falling due within one year

		2017 £	2016 £
Due within one year
Bank overdrafts		-	115
Trade creditors		40,130	16,087
Amounts owed to group undertakings		116,385	94,067
Taxation and social security		597	-
Accruals and deferred income		1,876	2,975
		158,988	113,244

5	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

Contingencies

The company is party to a group composite guarantee and debenture including a fixed charge over all present and future and future freehold and leasehold property: first fixed charge over book and other debtors, chattels, goodwill and uncalled capital, both present and future, and first floating charge over all assets and undertakings both present and future,

Page 4

ITS Telecom Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

6	Going concern

Although the financial statements show current and net liabilities of £156,650 ( 2016 £108,341 ) the directors are of the opinion that the financial statements can be prepared on the going concern basis on the grounds that they and the parent company will continue to support the company and that the company will trade profitably in the future.

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