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REGISTERED NUMBER: SC040040 (Scotland)
















Financial Statements for the Year Ended 31 January 2024

for

Inspectahire Instrument Co. Limited

Inspectahire Instrument Co. Limited (Registered number: SC040040)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Inspectahire Instrument Co. Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: C Forrester
J C A Rennie





REGISTERED OFFICE: 1 Ferniegair Avenue
Helensburgh
Dunbartonshire
G84 8HB





REGISTERED NUMBER: SC040040 (Scotland)





ACCOUNTANTS: McLay McAlister & McGibbon LLP
Chartered Accountants
145 St Vincent Street
Glasgow
G2 5JF

Inspectahire Instrument Co. Limited (Registered number: SC040040)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 970,336 1,005,557

CURRENT ASSETS
Stocks 25,000 38,253
Debtors 5 668,754 1,007,060
Cash at bank and in hand 1,559,538 1,202,251
2,253,292 2,247,564
CREDITORS
Amounts falling due within one year 6 (257,191 ) (307,621 )
NET CURRENT ASSETS 1,996,101 1,939,943
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,966,437

2,945,500

CREDITORS
Amounts falling due after more than one
year

7

(15,000

)

(25,000

)
NET ASSETS 2,951,437 2,920,500

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,951,337 2,920,400
SHAREHOLDERS' FUNDS 2,951,437 2,920,500

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

Inspectahire Instrument Co. Limited (Registered number: SC040040)

Balance Sheet - continued
31 January 2024


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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2024 and were signed on its behalf by:





C Forrester - Director


Inspectahire Instrument Co. Limited (Registered number: SC040040)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Inspectahire Instrument Co. 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Tenant's improvements - 50% on cost and 25% on cost
Equipment - 20% on reducing balance
Motor vehicles - 25% on reducing balance

The company's policy is to review the remaining useful lives and residual value of all tangible fixed assets on an on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual value.

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

Financial instruments
Debtors
Trade debtors and other debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence the asset is impaired.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise of cash in hand.

Creditors
Trade creditors and other creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.

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.


Inspectahire Instrument Co. Limited (Registered number: SC040040)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued
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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Leasing
Rentals paid under operating leases are charged to profit and loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 15 ) .

4. TANGIBLE FIXED ASSETS
Tenant's Motor
improvements Equipment vehicles Totals
£    £    £    £   
COST
At 1 February 2023 52,730 2,974,761 56,452 3,083,943
Additions - 264,498 - 264,498
Disposals - (530,335 ) - (530,335 )
At 31 January 2024 52,730 2,708,924 56,452 2,818,106
DEPRECIATION
At 1 February 2023 35,339 2,006,220 36,827 2,078,386
Charge for year 5,509 235,915 4,906 246,330
Eliminated on disposal - (476,946 ) - (476,946 )
At 31 January 2024 40,848 1,765,189 41,733 1,847,770
NET BOOK VALUE
At 31 January 2024 11,882 943,735 14,719 970,336
At 31 January 2023 17,391 968,541 19,625 1,005,557

Inspectahire Instrument Co. Limited (Registered number: SC040040)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 603,403 944,361
Other debtors 65,351 62,699
668,754 1,007,060

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 107,438 129,558
Taxation and social security 23,930 75,232
Other creditors 115,823 92,831
257,191 307,621

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans 15,000 25,000

8. LEASING AGREEMENTS
At the year end the company had future operating lease commitments of £217,935 (2023: 263,238).

9. RELATED PARTY DISCLOSURES

Included within other creditors is £7,394 (2023: £7,394) due to a director. This loan is interest free and repayable on demand.