Consider IT Limited 31/03/2020 iXBRL

Consider IT Limited 31/03/2020 iXBRL

CONSIDER IT LIMITED - Company Information

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Company registration number: SC320341
Consider IT Limited
Unaudited filleted financial statements
31 March 2020
Consider IT Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Consider IT Limited
Directors and other information
Director Mr Stuart Gilbertson
Company number SC320341
Registered office 37 Shore
Edinburgh
EH6 6QU
Accountants Charlton Baker Limited
7-7c Snuff Street
Devizes
Wiltshire
SN10 1DU
Consider IT Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Consider IT Limited
Year ended 31 March 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Consider IT Limited for the year ended 31 March 2020 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
Our work has been undertaken in accordance with the ICAEW Technical Release 07/16 AAF.
Charlton Baker Limited
Chartered Accountants and Business Advisors
7-7c Snuff Street
Devizes
Wiltshire
SN10 1DU
3 February 2021
Consider IT Limited
Statement of financial position
31 March 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 89,238 67,388
_______ _______
89,238 67,388
Current assets
Stocks 15,000 11,400
Debtors 6 101,273 113,947
Cash at bank and in hand 309,714 108,807
_______ _______
425,987 234,154
Creditors: amounts falling due
within one year 7 ( 139,570) ( 101,104)
_______ _______
Net current assets 286,417 133,050
_______ _______
Total assets less current liabilities 375,655 200,438
Creditors: amounts falling due
after more than one year 8 ( 19,514) -
Provisions for liabilities ( 9,735) ( 11,634)
_______ _______
Net assets 346,406 188,804
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 346,306 188,704
_______ _______
Shareholders funds 346,406 188,804
_______ _______
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 February 2021 , and are signed on behalf of the board by:
Mr Stuart Gilbertson
Director
Company registration number: SC320341
Consider IT Limited
Notes to the financial statements
Year ended 31 March 2020
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Consider IT Ltd, 37 Shore, Edinburgh, EH6 6QU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2019: 10 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2019 42,483 51,298 4,100 97,881
Additions - 15,016 29,620 44,636
_______ _______ _______ _______
At 31 March 2020 42,483 66,314 33,720 142,517
_______ _______ _______ _______
Depreciation
At 1 April 2019 20,344 8,676 1,473 30,493
Charge for the year 5,535 10,962 6,289 22,786
_______ _______ _______ _______
At 31 March 2020 25,879 19,638 7,762 53,279
_______ _______ _______ _______
Carrying amount
At 31 March 2020 16,604 46,676 25,958 89,238
_______ _______ _______ _______
At 31 March 2019 22,139 42,622 2,627 67,388
_______ _______ _______ _______
6. Debtors
2020 2019
£ £
Trade debtors 42,057 23,175
Other debtors 59,216 90,772
_______ _______
101,273 113,947
_______ _______
7. Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 41,208 24,445
Social security and other taxes 43,771 32,769
Other creditors 54,591 43,890
_______ _______
139,570 101,104
_______ _______
8. Creditors: amounts falling due after more than one year
2020 2019
£ £
Other creditors 19,514 -
_______ _______
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 2,868 3,128
Later than 1 year and not later than 5 years - 2,868
_______ _______
2,868 5,996
_______ _______
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £2,868 (2019: £5,996).