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REGISTERED NUMBER: SC596267 (Scotland)















Unaudited Financial Statements for the Year Ended 30 November 2023

for

I.B. Contracts Limited

I.B. Contracts Limited (Registered number: SC596267)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Report of the Accountant 5

I.B. Contracts Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: D I Blockley
T A O'Neil



REGISTERED OFFICE: Unit 4
Station Road
Station Crescent
Renfrew
Renfrewshire
PA4 8RA



REGISTERED NUMBER: SC596267 (Scotland)



ACCOUNTANT: Braehead Accountants & Taxation Services Ltd
Unit 4
Station Road Ind Estate
Station Crescent
Renfrew
Renfrewshire
PA4 8RA



BANKERS: Tide ( Bank) Platform Ltd
Crusader House
4th Floor
125-127 St Johns Street
London
EC1 4QJ

I.B. Contracts Limited (Registered number: SC596267)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 24,914 20,600

CURRENT ASSETS
Stocks 11,000 12,000
Debtors 5 55,315 84,303
Cash at bank and in hand 29,748 41,100
96,063 137,403
CREDITORS
Amounts falling due within one year 6 115,902 98,569
NET CURRENT (LIABILITIES)/ASSETS (19,839 ) 38,834
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,075

59,434

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 4,975 59,334
5,075 59,434

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 30 August 2024 and were signed on its behalf by:





D I Blockley - Director


I.B. Contracts Limited (Registered number: SC596267)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

I.B. Contracts 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.

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 reducing balance

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.

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 11 (2022 - 8 ) .

I.B. Contracts Limited (Registered number: SC596267)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2022 47,248
Additions 14,543
At 30 November 2023 61,791
DEPRECIATION
At 1 December 2022 26,648
Charge for year 10,229
At 30 November 2023 36,877
NET BOOK VALUE
At 30 November 2023 24,914
At 30 November 2022 20,600

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 55,315 62,396
Other debtors - 21,907
55,315 84,303

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade creditors 43,240 53,888
Taxation and social security 70,166 41,028
Other creditors 2,496 3,653
115,902 98,569

I.B. Contracts Limited

Report of the Accountant to the Directors of
I.B. Contracts 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.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 30 November 2023 set out on page nil and you consider that the company is exempt from an audit.

In accordance with your instructions, I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to me.






Braehead Accountants & Taxation Services Ltd
Unit 4
Station Road Ind Estate
Station Crescent
Renfrew
Renfrewshire
PA4 8RA


Date: .............................................