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REGISTERED NUMBER: SC095337 (Scotland)















Financial Statements for the Year Ended 31 December 2023

for

Industrial Floor Treatments Ltd.

Industrial Floor Treatments Ltd. (Registered number: SC095337)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Industrial Floor Treatments Ltd.

Company Information
for the Year Ended 31 December 2023







DIRECTORS: N Ling
A Love
J Love
G Love
I C Eccleston
D Hepburn



SECRETARY: C A Ling



REGISTERED OFFICE: 10 Lithgow Place
College Milton
East Kilbride
G74 1PW



REGISTERED NUMBER: SC095337 (Scotland)



ACCOUNTANTS: GHG Smyth & Co. Limited
Mid Clevans
Clevans Road
Bridge of Weir
Renfrewshire
PA11 3HP



BANKERS: Royal Bank of Scotland PLC
2139 Paisley Road West
Cardonald
Glasgow
G52 3JW



SOLICITORS: Lindsays
100 Queen Street
Glasgow
G1 3DN

Industrial Floor Treatments Ltd. (Registered number: SC095337)

Abridged Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 509,828 665,027
Investments 5 2 2
509,830 665,029

CURRENT ASSETS
Stocks 1,104,665 782,567
Debtors 806,502 753,143
Cash at bank and in hand 430 4,967
1,911,597 1,540,677
CREDITORS
Amounts falling due within one year 1,386,010 962,378
NET CURRENT ASSETS 525,587 578,299
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,035,417

1,243,328

CREDITORS
Amounts falling due after more than one year (226,830 ) (433,816 )

PROVISIONS FOR LIABILITIES (49,874 ) -
NET ASSETS 758,713 809,512

CAPITAL AND RESERVES
Called up share capital 66 66
Capital redemption reserve 48 48
Retained earnings 758,599 809,398
SHAREHOLDERS' FUNDS 758,713 809,512

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

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

Industrial Floor Treatments Ltd. (Registered number: SC095337)

Abridged Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 23 September 2024 and were signed on its behalf by:




G Love - Director



N Ling - Director


Industrial Floor Treatments Ltd. (Registered number: SC095337)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Industrial Floor Treatments Ltd. 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - in accordance with the property
Plant and machinery - at varying rates on cost
Motor vehicles - 25% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value.

Work in progress is stated at the lower of surveyor valuation, which comprises direct costs and an element of profit where it can reasonably be foreseen, and estimated net realisable value.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other lenders.

Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.


Industrial Floor Treatments Ltd. (Registered number: SC095337)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 43 (2022 - 47 ) .

Industrial Floor Treatments Ltd. (Registered number: SC095337)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023 1,578,146
Additions 52,890
Disposals (107,324 )
At 31 December 2023 1,523,712
DEPRECIATION
At 1 January 2023 913,119
Charge for year 137,065
Eliminated on disposal (36,300 )
At 31 December 2023 1,013,884
NET BOOK VALUE
At 31 December 2023 509,828
At 31 December 2022 665,027

Included in the note above is a property erected on leasehold land, the lease expires in 2086.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 January 2023 480,440
Additions 37,495
Disposals (82,074 )
Transfer to ownership (84,560 )
At 31 December 2023 351,301
DEPRECIATION
At 1 January 2023 152,395
Charge for year 86,269
Eliminated on disposal (11,051 )
Transfer to ownership (63,426 )
At 31 December 2023 164,187
NET BOOK VALUE
At 31 December 2023 187,114
At 31 December 2022 328,045

Industrial Floor Treatments Ltd. (Registered number: SC095337)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 January 2023
and 31 December 2023 2
NET BOOK VALUE
At 31 December 2023 2
At 31 December 2022 2

6. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 102,198 144,793
Between one and five years 52,478 163,992
154,676 308,785

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 50,558 31,419
Between one and five years 97,978 77,920
In more than five years 206,190 209,745
354,726 319,084

Industrial Floor Treatments Ltd. (Registered number: SC095337)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank overdrafts 451,519 236,855
Other loans 133,992 -
Hire purchase contracts 154,676 308,785
740,187 545,640

The company has granted a standard security to the Royal Bank of Scotland PLC over its assets. It has also granted a floating charge to Reward Finance Group Limited over its assets.

The hire purchase contracts are secured on the assets concerned and are repayable by instalments within three years.

8. ULTIMATE CONTROLLING PARTY

The directors are the ultimate controlling parties by virtue of their interest in the share capital of the company. No individual, in isolation, can exercise complete control over the company.