REGISTERED NUMBER: 03606934

Unaudited Financial Statements for the Year Ended 31 January 2018

for

IT Flexi Team Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

R Crockett

SECRETARY:

D M Crockett

REGISTERED OFFICE:

Sussex Innovation Centre

Science Park Square

Falmer

Brighton

BN1 9SB

REGISTERED NUMBER:

03606934

ACCOUNTANTS:

Osbornes Accountants Limited

20 Market Place

Kingston upon Thames

Surrey

KT1 1JP

FIXED ASSETS

Tangible assets

3

5,333

11,354

CURRENT ASSETS

Debtors

4

42,700

30,060

CREDITORS

Amounts falling due within one year

5

28,487

22,831

NET CURRENT ASSETS

14,213

7,229

TOTAL ASSETS LESS CURRENT LIABILITIES

19,546

18,583

PROVISIONS FOR LIABILITIES

1,067

2,271

NET ASSETS

18,479

16,312

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

18,477

16,310

SHAREHOLDERS' FUNDS

18,479

16,312

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2018 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.

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

The financial statements were approved by the director on 30 October 2018 and were signed by:

R Crockett - Director

1.	STATUTORY INFORMATION

IT Flexi Team Limited is a private company, limited by shares , registered in Not specified/Other. 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost and 25% on cost

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2017

54,422

Additions

291

At 31 January 2018

54,713

DEPRECIATION

At 1 February 2017

43,068

Charge for year

6,312

At 31 January 2018

49,380

NET BOOK VALUE

At 31 January 2018

5,333

At 31 January 2017

11,354

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

42,700

29,173

Prepayments

-

887

42,700

30,060

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

3,008

755

Tax

5,899

5,879

VAT

10,730

2,285

Other creditors

-

13,912

Directors' current accounts

8,850

-

28,487

22,831

6.	TRANSITION TO FRS 102