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PRINT IT STITCH IT LTD

Registered Number
SC482976
(Scotland)

Unaudited Financial Statements for the Period ended
29 July 2023

PRINT IT STITCH IT LTD
Company Information
for the period from 31 July 2022 to 29 July 2023

Directors

James Bremner
Kirsty Bremner

Registered Address

235 High Street
Kirkcaldy
KY1 1JF

Registered Number

SC482976 (Scotland)
PRINT IT STITCH IT LTD
Balance Sheet as at
29 July 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets330,46829,045
30,46829,045
Current assets
Stocks3,4302,830
Debtors43,6123,266
Cash at bank and on hand10,32112,237
17,36318,333
Creditors amounts falling due within one year5(17,593)(7,423)
Net current assets (liabilities)(230)10,910
Total assets less current liabilities30,23839,955
Creditors amounts falling due after one year6(2,977)-
Provisions for liabilities(5,225)(4,831)
Net assets22,03635,124
Capital and reserves
Called up share capital100100
Profit and loss account21,93635,024
Shareholders' funds22,03635,124
The financial statements were approved and authorised for issue by the Board of Directors on 12 September 2024, and are signed on its behalf by:
Kirsty Bremner
Director
Registered Company No. SC482976
PRINT IT STITCH IT LTD
Notes to the Financial Statements
for the period ended 29 July 2023

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 compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
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.
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
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery20-
Office Equipment-5
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

20232022
Average number of employees during the year43
3.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 31 July 2238,37983339,212
Additions5,5822,0037,585
At 29 July 2343,9612,83646,797
Depreciation and impairment
At 31 July 229,88927810,167
Charge for year5,9062566,162
At 29 July 2315,79553416,329
Net book value
At 29 July 2328,1662,30230,468
At 30 July 2228,49055529,045
4.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables1,13391
Other debtors1,4932,750
Deferred tax asset, debtors986425
Total3,6123,266
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables18-
Bank borrowings and overdrafts2,233-
Taxation and social security13,654-
Other creditors2476,703
Accrued liabilities and deferred income1,441720
Total17,5937,423
6.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts2,977-
Total2,977-