BYTC Ltd SC630426 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is that of engineering and technical consulting. Digita Accounts Production Advanced 6.30.9574.0 true SC630426 2022-07-01 2023-06-30 SC630426 2023-06-30 SC630426 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-06-30 SC630426 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-06-30 SC630426 core:CurrentFinancialInstruments 2023-06-30 SC630426 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 SC630426 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 SC630426 core:FurnitureFittingsToolsEquipment 2023-06-30 SC630426 core:MotorVehicles 2023-06-30 SC630426 bus:SmallEntities 2022-07-01 2023-06-30 SC630426 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 SC630426 bus:FullAccounts 2022-07-01 2023-06-30 SC630426 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 SC630426 bus:RegisteredOffice 2022-07-01 2023-06-30 SC630426 bus:Director1 2022-07-01 2023-06-30 SC630426 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 SC630426 core:ComputerEquipment 2022-07-01 2023-06-30 SC630426 core:FurnitureFittingsToolsEquipment 2022-07-01 2023-06-30 SC630426 core:MotorVehicles 2022-07-01 2023-06-30 SC630426 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-07-01 2023-06-30 SC630426 countries:Scotland 2022-07-01 2023-06-30 SC630426 2022-06-30 SC630426 core:FurnitureFittingsToolsEquipment 2022-06-30 SC630426 core:MotorVehicles 2022-06-30 SC630426 2021-07-01 2022-06-30 SC630426 2022-06-30 SC630426 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-06-30 SC630426 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-06-30 SC630426 core:CurrentFinancialInstruments 2022-06-30 SC630426 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 SC630426 core:Non-currentFinancialInstruments core:AfterOneYear 2022-06-30 SC630426 core:FurnitureFittingsToolsEquipment 2022-06-30 SC630426 core:MotorVehicles 2022-06-30 iso4217:GBP xbrli:pure

Registration number: SC630426

BYTC Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

BYTC Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

BYTC Ltd

Company Information

Director

Mr W Young

Registered office

 

Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

BYTC Ltd

(Registration number: SC630426)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

58,378

33,290

Current assets

 

Debtors

5

6,618

16,624

Cash at bank and in hand

 

39,369

51,761

 

45,987

68,385

Creditors: Amounts falling due within one year

6

(20,975)

(30,440)

Net current assets

 

25,012

37,945

Total assets less current liabilities

 

83,390

71,235

Creditors: Amounts falling due after more than one year

6

(36,262)

(16,954)

Provisions for liabilities

(11,092)

(6,325)

Net assets

 

36,036

47,956

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

35,936

47,856

Shareholders' funds

 

36,036

47,956

 

BYTC Ltd

(Registration number: SC630426)
Balance Sheet as at 30 June 2023

For the financial year ending 30 June 2023 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the Sections 386 and 387 of the Companies Act 2006 with respect to accounting records and the preparation of the 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.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 14 March 2024
 

.........................................
Mr W Young
Director

 

BYTC Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

These financial statements were authorised for issue by the director on 14 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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. There were no material departures from that standard.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

Revenue recognition

Turnover is derived from engineering and technical consulting supplied by the company.

Turnover is measured at the fair value of engineering and technical consulting supplied, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration.

 

BYTC Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

20% on cost

Motor vehicles

25% reducing balance

 

BYTC Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 2 (2022 - 2).

 

BYTC Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

14,633

42,345

56,978

Additions

7,128

61,509

68,637

Disposals

-

(42,345)

(42,345)

At 30 June 2023

21,761

61,509

83,270

Depreciation

At 1 July 2022

5,162

18,526

23,688

Charge for the year

4,353

15,377

19,730

Eliminated on disposal

-

(18,526)

(18,526)

At 30 June 2023

9,515

15,377

24,892

Carrying amount

At 30 June 2023

12,246

46,132

58,378

At 30 June 2022

9,471

23,819

33,290

5

Debtors

2023
£

2022
£

Trade debtors

6,618

7,608

Other debtors

-

9,016

6,618

16,624

 

BYTC Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

9,375

7,075

Trade creditors

 

168

6,230

Taxation and social security

 

11,367

16,822

Accruals and deferred income

 

-

275

Other creditors

 

65

38

 

20,975

30,440

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

36,262

16,954

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

36,262

16,954

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

9,375

7,075

The finance lease/hire purchase liabilities are secured over the assets concerned.

 

BYTC Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Related party transactions

Summary of transactions with key management

The company operates a loan account with the director, Mr W Young.
During the year, the director advanced loans totalling £28 to the company. At the year end, the balance due to the director was £65 (2022 - £37). This loan is unsecured, interest free and has no fixed repayment terms.