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Registered Number: SC613846
Scotland

 

 

 

IOTL LTD


Abridged Accounts
 


Period of accounts

Start date: 01 December 2022

End date: 30 November 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 16,955    19,947 
16,955    19,947 
Current assets      
Stocks 35,000    30,000 
Cash at bank and in hand 63,251    10,072 
98,251    40,072 
Creditors: amount falling due within one year (152,057)   (89,808)
Net current assets (53,806)   (49,736)
 
Total assets less current liabilities (36,851)   (29,789)
Creditors: amount falling due after more than one year (112,406)   (50,666)
Net assets (149,257)   (80,455)
 

Capital and reserves
     
Called up share capital 2    2 
Profit and loss account (149,259)   (80,457)
Shareholders' funds (149,257)   (80,455)
 


For the year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 28 August 2024 and were signed on its behalf by:


-------------------------------
Alan Herries
Director
1
General Information
IOTL Ltd is a private company, limited by shares, registered in Scotland, registration number SC613846, registration address 61 Murieston Valley, Livingston, EH54 9HJ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives at 15% reducing balance
2.

Average number of employees

Average number of employees during the year was 30 (2022 : 30).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Total
  £   £
At 01 December 2022 19,947    19,947 
Additions  
Disposals  
At 30 November 2023 19,947    19,947 
Depreciation
At 01 December 2022  
Charge for year  
On disposals 2,992    2,992 
At 30 November 2023 2,992    2,992 
Net book values
Closing balance as at 30 November 2023 16,955    16,955 
Opening balance as at 01 December 2022 19,947    19,947 


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