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REGISTERED NUMBER: 07077056 (England and Wales)















THE INSTITUTE OF CIRCUIT TECHNOLOGY
LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021






THE INSTITUTE OF CIRCUIT TECHNOLOGY
LIMITED (REGISTERED NUMBER: 07077056)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2021










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


THE INSTITUTE OF CIRCUIT TECHNOLOGY
LIMITED

COMPANY INFORMATION
For The Year Ended 31 December 2021







DIRECTOR: W Wilkie





REGISTERED OFFICE: Hilden Park House
79 Tonbridge Road
Hildenborough
Tonbridge
Kent
TN11 9BH





REGISTERED NUMBER: 07077056 (England and Wales)





AUDITORS: Hilden Park Accountants Limited
Chartered Accountants
& Statutory Auditors
Hilden Park House
79 Tonbridge Road
Hildenborough
Tonbridge
Kent
TN11 9BH

THE INSTITUTE OF CIRCUIT TECHNOLOGY
LIMITED (REGISTERED NUMBER: 07077056)

ABRIDGED BALANCE SHEET
31 December 2021

31/12/21 31/12/20
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 338 505

CURRENT ASSETS
Debtors 400 465
Cash at bank 77,348 74,378
77,748 74,843
CREDITORS
Amounts falling due within one year 2,125 1,990
NET CURRENT ASSETS 75,623 72,853
TOTAL ASSETS LESS CURRENT
LIABILITIES

75,961

73,358

RESERVES
Income and expenditure account 75,961 73,358
75,961 73,358

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 6 September 2022 and were signed by:





W Wilkie - Director


THE INSTITUTE OF CIRCUIT TECHNOLOGY
LIMITED (REGISTERED NUMBER: 07077056)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2021


1. STATUTORY INFORMATION

The Institute of Circuit Technology Limited is a private company, limited by guarantee , registered in England and Wales. 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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 in relation to income from subscriptions.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures & fittings - 33% straight line
Office equipment - 33% straight line

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

THE INSTITUTE OF CIRCUIT TECHNOLOGY
LIMITED (REGISTERED NUMBER: 07077056)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2021


4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2021
and 31 December 2021 1,798
DEPRECIATION
At 1 January 2021 1,293
Charge for year 167
At 31 December 2021 1,460
NET BOOK VALUE
At 31 December 2021 338
At 31 December 2020 505

5. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul R. Chewter (Senior Statutory Auditor)
for and on behalf of Hilden Park Accountants Limited

6. ULTIMATE CONTROLLING PARTY

The institute is under the joint control of the board.

7. COVID-19 AND GOING CONCERN

The company has generated a profit of £2,603 during the year ended 31 December 2021 (2020: loss of £1,459). The company has sufficient retained earnings and a heathy bank balance as at the balance sheet date.Therefore, despite the impact of COVID-19 the directors continue to adopt the going concern basis.