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REGISTERED NUMBER: SC211772 (Scotland)











































Icom Scottech Limited

Unaudited Financial Statements

for the Year Ended 31st December 2023






Icom Scottech Limited (Registered number: SC211772)






Contents of the Financial Statements
for the year ended 31st December 2023




Page

Company information 1

Balance sheet 2 to 3

Notes to the financial statements 4 to 7


Icom Scottech Limited

Company Information
for the year ended 31st December 2023







Directors: Mrs J Dunkley
L A Jackson





Secretary: Mrs J Dunkley





Registered office: Sprouston Road
Kelso
Scottish Borders
TD5 8EU





Registered number: SC211772 (Scotland)





Accountants: Rennie Welch LLP
Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL

Icom Scottech Limited (Registered number: SC211772)

Balance Sheet
31st December 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 4 248,301 236,725

Current assets
Stocks 339,549 375,147
Debtors 5 296,977 388,676
Cash at bank 20,667 119,228
657,193 883,051
Creditors
Amounts falling due within one year 6 294,065 344,664
Net current assets 363,128 538,387
Total assets less current liabilities 611,429 775,112

Creditors
Amounts falling due after more than one
year

7

(98,974

)

(156,227

)

Provisions for liabilities (17,075 ) (10,778 )
Net assets 495,380 608,107

Capital and reserves
Called up share capital 90,000 90,000
Non-distributable reserve 38,786 38,786
Retained earnings 366,594 479,321
Shareholders' funds 495,380 608,107

Icom Scottech Limited (Registered number: SC211772)

Balance Sheet - continued
31st December 2023


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12th September 2024 and were signed on its behalf by:




Mrs J Dunkley - Director



L A Jackson - Director


Icom Scottech Limited (Registered number: SC211772)

Notes to the Financial Statements
for the year ended 31st December 2023

1. Statutory information

Icom Scottech 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 represents the total invoice value, excluding value added tax, of sales made during the year, or the fair value of services provided for amounts not invoiced at the year end. Turnover arising from the sale of goods from stock is recognised when the significant risks and rewards of ownership have passed to the buyer. Turnover arising from the provision of services and custom manufacture of products is recognised as contract activity progresses and the right to consideration is earned. Unbilled turnover is included in debtors as amounts recoverable on contracts.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - not provided
Fixtures, fittings and equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 25% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

The properties are not being depreciated as the directors feel they will be kept in such a state of repair that their value is unlikely to reduce.

In accordance with FRS102 section 1A the directors have reviewed the properties for impairment at the year end and are satisfied that there has been no diminution in value.

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

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. Net realisable value is based on estimated selling prices less further costs expected to be incurred in bringing stock to completion.

Icom Scottech Limited (Registered number: SC211772)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

2. Accounting policies - continued

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, accruals, hire purchase contracts, bank loans, shareholder loans and directors' loans.

Bank loans and hire purchase contracts are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans and shareholder loans (being repayable on demand), trade debtors, trade creditors and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income and retained earnings, 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.

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.

Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Employee benefits
Short term employee benefits, including holiday pay, are recognised as an expense in the statement of income and retained earnings in the period in which they are incurred.

Icom Scottech Limited (Registered number: SC211772)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

2. Accounting policies - continued

Going concern
The directors have considered the company's financial position for a period of 12 months and beyond from the date of signing these financial statements and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements

3. Employees and directors

The average number of employees during the year was 18 (2022 - 20 ) .

4. Tangible fixed assets
Fixtures,
fittings
Land and and Motor Office
buildings equipment vehicles equipment Totals
£    £    £    £    £   
Cost
At 1st January 2023 180,000 294,229 19,000 69,214 562,443
Additions - - 39,170 1,149 40,319
Disposals - - (19,000 ) - (19,000 )
At 31st December 2023 180,000 294,229 39,170 70,363 583,762
Depreciation
At 1st January 2023 - 251,899 11,652 62,167 325,718
Charge for year - 10,592 4,896 5,907 21,395
Eliminated on disposal - - (11,652 ) - (11,652 )
At 31st December 2023 - 262,491 4,896 68,074 335,461
Net book value
At 31st December 2023 180,000 31,738 34,274 2,289 248,301
At 31st December 2022 180,000 42,330 7,348 7,047 236,725

5. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 201,987 249,405
Amounts recoverable on contract 59,291 97,610
Other debtors 35,699 41,661
296,977 388,676

6. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 75,581 69,689
Hire purchase contracts 1,297 -
Trade creditors 129,139 167,169
Taxation and social security 73,380 95,684
Other creditors 14,668 12,122
294,065 344,664

Icom Scottech Limited (Registered number: SC211772)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

7. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans 80,552 156,227
Hire purchase contracts 18,422 -
98,974 156,227

8. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 19,719 -

Hire purchase contracts are secured against the assets to which they relate.

9. Other financial commitments

At 31st December 2023, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £29,580 (2022 - £34,865).

10. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 31st December 2023 and 31st December 2022:

20232022
££
Director 1
Balance outstanding at start of year6,940-
Amounts advanced-31,940
Amounts repaid(6,940)(25,000)
Balance outstanding at end of year-6,940

20232022
££
Director 2
Balance outstanding at start of year31,68525,878
Amounts advanced91,96730,807
Amounts repaid(88,153)(25,000)
Balance outstanding at end of year35,49931,685

These loans are unsecured, interest has been charged at the official rates published by HMRC and they are repayable on demand.

11. Post balance sheet events

Since the year end, on 13th May 2024, an interim dividend relating to the year ended 31st December 2024 of £1.78 per share was declared and paid.