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REGISTERED NUMBER: SC234188 (Scotland)















ITP Solutions Limited

Financial Statements For The Year Ended 31 December 2023






ITP Solutions Limited (Registered number: SC234188)






Contents of the Financial Statements
For The Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

ITP Solutions Limited

Company Information
For The Year Ended 31 December 2023







DIRECTORS: Mrs K Fairns
Mrs M Lewis
A Macarthur





SECRETARY: Mrs M Lewis





REGISTERED OFFICE: ITP House
12-14 Seafield Road
Inverness
Highland
IV1 1SG





REGISTERED NUMBER: SC234188 (Scotland)





ACCOUNTANTS: The Long Partnership
Park House Centre
South Street
Elgin
IV30 1JB

ITP Solutions Limited (Registered number: SC234188)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 6,469 5,209
6,469 5,209

CURRENT ASSETS
Stocks 902 227
Debtors 6 169,203 191,926
Cash at bank and in hand 477,111 399,519
647,216 591,672
CREDITORS
Amounts falling due within one year 7 127,006 101,378
NET CURRENT ASSETS 520,210 490,294
TOTAL ASSETS LESS CURRENT
LIABILITIES

526,679

495,503

PROVISIONS FOR LIABILITIES 10 1,263 752
NET ASSETS 525,416 494,751

CAPITAL AND RESERVES
Called up share capital 11 52,575 52,575
Share premium 12 14,970 14,970
Capital redemption reserve 12 38,555 38,555
Retained earnings 12 419,316 388,651
SHAREHOLDERS' FUNDS 525,416 494,751

ITP Solutions Limited (Registered number: SC234188)

Balance Sheet - continued
31 December 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 1 August 2024 and were signed on its behalf by:





A Macarthur - Director


ITP Solutions Limited (Registered number: SC234188)

Notes to the Financial Statements
For The Year Ended 31 December 2023

1. STATUTORY INFORMATION

ITP Solutions Limited is a private company, limited by shares , registered in Scotland. 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business, is being amortised evenly over its estimated useful life of 10 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

ITP Solutions Limited (Registered number: SC234188)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 395,000
AMORTISATION
At 1 January 2023
and 31 December 2023 395,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Land and
buildings Equipment Totals
£    £    £   
COST
At 1 January 2023 1,304 81,017 82,321
Additions - 3,543 3,543
At 31 December 2023 1,304 84,560 85,864
DEPRECIATION
At 1 January 2023 1,304 75,808 77,112
Charge for year - 2,283 2,283
At 31 December 2023 1,304 78,091 79,395
NET BOOK VALUE
At 31 December 2023 - 6,469 6,469
At 31 December 2022 - 5,209 5,209

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 161,628 187,122
Other debtors 7,575 4,804
169,203 191,926

ITP Solutions Limited (Registered number: SC234188)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 27,040 15,416
Taxation and social security 79,096 63,023
Other creditors 20,870 22,939
127,006 101,378

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Between one and five years 22,000 22,000

9. SECURED DEBTS

The Royal Bank of Scotland has a bond and floating charge over all the assets of the company.

10. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 1,263 752

Deferred
tax
£   
Balance at 1 January 2023 752
Charge to Income Statement during year 511
Balance at 31 December 2023 1,263

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
52,575 Ordinary £1 52,575 52,575

12. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 January 2023 388,651 14,970 38,555 442,176
Profit for the year 170,665 170,665
Dividends (140,000 ) (140,000 )
At 31 December 2023 419,316 14,970 38,555 472,841

ITP Solutions Limited (Registered number: SC234188)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

13. RELATED PARTY DISCLOSURES

During the year, total dividends of £140,000 (2022 - £120,000) were paid to the directors .

14. ULTIMATE CONTROLLING PARTY

The controlling party is the directors.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
ITP Solutions Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of ITP Solutions Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet and the 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of ITP Solutions Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of ITP Solutions Limited and state those matters that we have agreed to state to the Board of Directors of ITP Solutions Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ITP Solutions Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that ITP Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of ITP Solutions Limited. You consider that ITP Solutions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of ITP Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






The Long Partnership
Park House Centre
South Street
Elgin
IV30 1JB


1 August 2024