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PRINT IT STITCH IT LTD

Registered Number
SC482976
(Scotland)

Unaudited Financial Statements for the Period ended
30 July 2022

PRINT IT STITCH IT LTD
Company Information
for the period from 1 August 2021 to 30 July 2022

Directors

James Bremner
Kirsty Bremner

Registered Address

235 High Street
Kirkcaldy
KY1 1JF

Registered Number

SC482976 (Scotland)
PRINT IT STITCH IT LTD
Balance Sheet as at
30 July 2022

Notes

2022

2021

£

£

£

£

Fixed assets
Tangible assets529,04516,322
29,04516,322
Current assets
Stocks2,8301,765
Debtors63,2662,624
Cash at bank and on hand12,23717,802
18,33322,191
Creditors amounts falling due within one year7(7,423)(7,270)
Net current assets (liabilities)10,91014,921
Total assets less current liabilities39,95531,243
Provisions for liabilities(4,831)-
Net assets35,12431,243
Capital and reserves
Called up share capital100100
Profit and loss account35,02431,143
Shareholders' funds35,12431,243
The financial statements were approved and authorised for issue by the Board of Directors on 26 October 2023, and are signed on its behalf by:
Kirsty Bremner
Director
Registered Company No. SC482976
PRINT IT STITCH IT LTD
Notes to the Financial Statements
for the period ended 30 July 2022

1.Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery20-
Office Equipment-5
Stocks policy
Stock and work in progress are valued at the lower of cost and net realisable value.
Taxation policy
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 policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
4.Employee information

20222021
Average number of employees during the year32
5.Property, plant and equipment

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 August 2124,40783325,240
Additions17,520-17,520
Disposals(3,548)-(3,548)
At 30 July 2238,37983339,212
Depreciation and impairment
At 01 August 218,8071118,918
Charge for year3,6991673,866
On disposals(2,617)-(2,617)
At 30 July 229,88927810,167
Net book value
At 30 July 2228,49055529,045
At 31 July 2115,60072216,322
6.Debtors

2022

2021

££
Trade debtors / trade receivables911,303
Other debtors2,7501,321
Deferred tax asset, debtors425-
Total3,2662,624
7.Creditors within one year

2022

2021

££
Taxation and social security-1,406
Other creditors6,7035,144
Accrued liabilities and deferred income720720
Total7,4237,270