ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation


Caseware UK (AP4) 2018.0.196 2018.0.1962020-03-312020-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2019-04-01063056602019-04-012020-03-31063056602020-03-31063056602019-03-3106305660 c:Director1 2019-04-012020-03-3106305660 c:Director2 2019-04-012020-03-3106305660 c:Director3 2019-04-012020-03-3106305660 c:RegisteredOffice 2019-04-012020-03-3106305660 d:FurnitureFittings 2019-04-012020-03-3106305660 d:FurnitureFittings 2020-03-3106305660 d:FurnitureFittings 2019-03-3106305660 d:FurnitureFittings d:OwnedOrFreeholdAssets 2019-04-012020-03-3106305660 d:OfficeEquipment 2019-04-012020-03-3106305660 d:CurrentFinancialInstruments 2020-03-3106305660 d:CurrentFinancialInstruments 2019-03-3106305660 d:CurrentFinancialInstruments d:WithinOneYear 2020-03-3106305660 d:CurrentFinancialInstruments d:WithinOneYear 2019-03-3106305660 d:ShareCapital 2020-03-3106305660 d:ShareCapital 2019-03-3106305660 d:RetainedEarningsAccumulatedLosses 2020-03-3106305660 d:RetainedEarningsAccumulatedLosses 2019-03-3106305660 c:FRS102 2019-04-012020-03-3106305660 c:AuditExempt-NoAccountantsReport 2019-04-012020-03-3106305660 c:FullAccounts 2019-04-012020-03-3106305660 c:PrivateLimitedCompanyLtd 2019-04-012020-03-3106305660 c:PublicLimitedCompanyPLCNotQuotedOnAnyExchange 2019-04-012020-03-31iso4217:GBPxbrli:pure
Company registration number: 06305660







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2020


73BIT LIMITED






































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73BIT LIMITED
 


 
COMPANY INFORMATION


Directors
G.V. Shah 
V.C. Shetty 
C. M. Da Costa 




Registered number
06305660



Registered office
Ashcombe House
5 The Crescent

Leatherhead

Surrey

KT22 8DY




Accountants
Menzies LLP
Chartered Accountants

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


73BIT LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 6


 


73BIT LIMITED
REGISTERED NUMBER:06305660



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2020

2020
2019
Note
£
£

Fixed assets
  

Tangible assets
 3 
256
370

  
256
370

Current assets
  

Debtors: amounts falling due within one year
 4 
35,656
13,692

Cash at bank and in hand
  
78,868
106,829

  
114,524
120,521

Creditors: amounts falling due within one year
 5 
(30,268)
(35,874)

Net current assets
  
 
 
84,256
 
 
84,647

Total assets less current liabilities
  
84,512
85,017

  

Net assets
  
84,512
85,017


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
84,412
84,917

  
84,512
85,017


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
 
Page 1

 


73BIT LIMITED
REGISTERED NUMBER:06305660


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2020


The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 June 2020.




................................................
G.V. Shah
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 


73BIT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020

1.


General information

73Bit Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page. There is no principal place of business.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Coronavirus pandemic is creating significant uncertainty globally and the company is not immune to this. 
The directors are working to ensure the safety of their employees and maintaining the continuity of their operations as far as they are able, whilst adhering to Government advice. Whilst the pandemic will have a financial impact on the company, at this stage it is not possible to reliably forecast what this may be. However, the directors have taken all relevant measures to ensure they are able to safeguard cashflows and ongoing projects to put them in the best possible position to be able to pick up on opportunities as they arise once business starts to return to normal. The company also has a healthy cash reserve which will support existing trading activities for a significant period of time.
Given the uncertainties that exist, this may cast significant doubt on the Company’s ability to continue as a going concern, however, the Directors believe that the actions they have taken as well as that the majority of their work is performed remotely, should enable them to continue in operational existence.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 


73BIT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
Reducing balance
Equipment
-
33%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

 
2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.6

Current and deferred taxation

Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Page 4

 


73BIT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020

3.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 April 2019
7,492



At 31 March 2020

7,492



Depreciation


At 1 April 2019
7,122


Charge for the year on owned assets
114



At 31 March 2020

7,236



Net book value



At 31 March 2020
256



At 31 March 2019
370


4.


Debtors

2020
2019
£
£


Trade debtors
35,656
10,336

Other debtors
-
3,356

35,656
13,692



5.


Creditors: Amounts falling due within one year

2020
2019
£
£

Corporation tax
15,719
20,714

Other taxation and social security
2,043
-

Other creditors
388
-

Accruals and deferred income
12,118
15,160

30,268
35,874


Page 5

 


73BIT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020

6.


Transactions with directors

During the year the directors, G.V. Shah and V.C. Shetty received advances of £902 (2019: £365) and £375 (2019: £365) respectively to enable them to carry out their duties. During the year they made repayments to the compnany as follows: G.V. Shah £1,650 and V.C. Shetty £1,350. Interest is charged on these loans at a market rate of 4%. At the year end the balance remaining within other creditors in respect of the directors current accounts was G.V. Shah £99 (2019: £606 in other debtors) and V.C. Shetty £289 (2019: £653 in other debtors).

 
Page 6