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REGISTERED NUMBER: SC570272 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Itec (Scotland) Limited

Itec (Scotland) Limited (Registered number: SC570272)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Itec (Scotland) Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Ms J L Thomson
Mrs E Thomson





SECRETARY:





REGISTERED OFFICE: 1 Lochend Gardens
Dunbar
United Kingdom
EH42 1RB





REGISTERED NUMBER: SC570272 (Scotland)





ACCOUNTANTS: G Spratt Accountancy Ltd
Abbeylands
High Street
Dunbar
East Lothian
EH42 1EH

Itec (Scotland) Limited (Registered number: SC570272)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 6,000
Tangible assets 5 35,275 42,994
35,275 48,994

CURRENT ASSETS
Stocks 121,885 121,140
Debtors 6 181,227 178,916
Cash at bank and in hand 35,975 145,558
339,087 445,614
CREDITORS
Amounts falling due within one year 7 48,362 139,260
NET CURRENT ASSETS 290,725 306,354
TOTAL ASSETS LESS CURRENT
LIABILITIES

326,000

355,348

CREDITORS
Amounts falling due after more than one year 8 178,461 178,461
NET ASSETS 147,539 176,887

CAPITAL AND RESERVES
Called up share capital 103 103
Retained earnings 147,436 176,784
147,539 176,887

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

Itec (Scotland) Limited (Registered number: SC570272)

Balance Sheet - continued
31 March 2024


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 27 August 2024 and were signed on its behalf by:





Mrs E Thomson - Director


Itec (Scotland) Limited (Registered number: SC570272)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Itec (Scotland) 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 in 2018, is being amortised evenly over its estimated useful life of five 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.
Plant and machinery etc - 25% on cost and 15% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.


Itec (Scotland) Limited (Registered number: SC570272)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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.

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 7 (2023 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 60,000
AMORTISATION
At 1 April 2023 54,000
Charge for year 6,000
At 31 March 2024 60,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 6,000

Itec (Scotland) Limited (Registered number: SC570272)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 223,312
Additions 4,040
At 31 March 2024 227,352
DEPRECIATION
At 1 April 2023 180,318
Charge for year 11,759
At 31 March 2024 192,077
NET BOOK VALUE
At 31 March 2024 35,275
At 31 March 2023 42,994

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 165,827 178,916
Other debtors 15,400 -
181,227 178,916

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 17,967 26,151
Taxation and social security 27,426 30,939
Other creditors 2,969 82,170
48,362 139,260

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Trade creditors 178,461 178,461