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ITM MECHANICAL SERVICES LIMITED

Registered Number
SC368381
(Scotland)

Unaudited Financial Statements for the Period ended
31 March 2024

ITM MECHANICAL SERVICES LIMITED
Company Information
for the period from 1 December 2022 to 31 March 2024

Director

Iain Alexander Headrick McDonald

Registered Address

Unit 1 Mountfleurie Industrial Estate
Windygates Road
Leven
KY8 4AX

Registered Number

SC368381 (Scotland)
ITM MECHANICAL SERVICES LIMITED
Balance Sheet as at
31 March 2024

Notes

31 Mar 2024

30 Nov 2022

£

£

£

£

Fixed assets
Tangible assets3280,496204,291
280,496204,291
Current assets
Stocks130,90010,425
Debtors4571,840820,181
Cash at bank and on hand405,223204,040
1,107,9631,034,646
Creditors amounts falling due within one year5(312,745)(255,325)
Net current assets (liabilities)795,218779,321
Total assets less current liabilities1,075,714983,612
Creditors amounts falling due after one year6(146,652)(159,699)
Provisions for liabilities(70,124)-
Net assets858,938823,913
Capital and reserves
Called up share capital2626
Other reserves(55,374)(55,374)
Profit and loss account914,286879,261
Shareholders' funds858,938823,913
The financial statements were approved and authorised for issue by the Director on 10 September 2024, and are signed on its behalf by:
Iain Alexander Headrick McDonald
Director
Registered Company No. SC368381
ITM MECHANICAL SERVICES LIMITED
Notes to the Financial Statements
for the period ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Employee benefits
The company operates a defined contribution pension scheme. Contributions payable to the companys pension scheme are charged to profit or loss in the period to which they relate.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixed assets are stated at cost, being purchase price, less accumulated depreciation.

Straight line (years)
Plant and machinery5
Fixtures and fittings5
Vehicles4
Office Equipment4
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease. Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Stocks and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value.
2.Average number of employees

20242022
Average number of employees during the year1415
3.Tangible fixed assets

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 December 22543,959278,3361,9254,709828,929
Additions21,598155,1057,2404,298188,241
Disposals(90,033)(92,391)-(3,384)(185,808)
At 31 March 24475,524341,0509,1655,623831,362
Depreciation and impairment
At 01 December 22494,037125,4931,9253,183624,638
Charge for year18,70278,7151,43895999,814
On disposals(87,352)(83,613)-(2,621)(173,586)
At 31 March 24425,387120,5953,3631,521550,866
Net book value
At 31 March 2450,137220,4555,8024,102280,496
At 30 November 2249,922152,843-1,526204,291
4.Debtors: amounts due within one year

2024

2022

££
Trade debtors / trade receivables137,412143,971
Other debtors425,981670,370
Prepayments and accrued income8,4475,840
Total571,840820,181
5.Creditors: amounts due within one year

2024

2022

££
Trade creditors / trade payables56,65358,301
Bank borrowings and overdrafts16,36416,364
Taxation and social security167,138126,673
Finance lease and HP contracts67,75650,144
Other creditors7691,485
Accrued liabilities and deferred income4,0652,358
Total312,745255,325
6.Creditors: amounts due after one year

2024

2022

££
Bank borrowings and overdrafts19,09140,909
Other creditors127,561118,790
Total146,652159,699