I.C.Turbines Ltd SC792564 false 2023-12-15 2024-06-30 2024-06-30 The principal activity of the company is wind turbine engineering. Digita Accounts Production Advanced 6.30.9574.0 true SC792564 2023-12-15 2024-06-30 SC792564 2024-06-30 SC792564 core:RetainedEarningsAccumulatedLosses 2024-06-30 SC792564 core:ShareCapital 2024-06-30 SC792564 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 SC792564 bus:SmallEntities 2023-12-15 2024-06-30 SC792564 bus:AuditExemptWithAccountantsReport 2023-12-15 2024-06-30 SC792564 bus:FilletedAccounts 2023-12-15 2024-06-30 SC792564 bus:SmallCompaniesRegimeForAccounts 2023-12-15 2024-06-30 SC792564 bus:RegisteredOffice 2023-12-15 2024-06-30 SC792564 bus:Director1 2023-12-15 2024-06-30 SC792564 bus:PrivateLimitedCompanyLtd 2023-12-15 2024-06-30 SC792564 bus:Agent1 2023-12-15 2024-06-30 SC792564 countries:AllCountries 2023-12-15 2024-06-30 iso4217:GBP xbrli:pure

Registration number: SC792564

I.C.Turbines Ltd

Unaudited Filleted Financial Statements

for the Period from 15 December 2023 to 30 June 2024

 

I.C.Turbines Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 4

Accountants' Report

5

 

I.C.Turbines Ltd

Company Information

Director

Mr Ian Cunningham

Registered office

Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

Accountants

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

I.C.Turbines Ltd

(Registration number: SC792564)
Balance Sheet as at 30 June 2024

Note

2024
£

Current assets

 

Cash at bank and in hand

 

13,576

Creditors: Amounts falling due within one year

5

(10,844)

Net assets

 

2,732

Capital and reserves

 

Called up share capital

100

Retained earnings

2,632

Shareholders' funds

 

2,732

For the financial period ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 12 September 2024
 

.........................................
Mr Ian Cunningham
Director

 

I.C.Turbines Ltd

Notes to the Unaudited Financial Statements for the Period from 15 December 2023 to 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland..

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

 

I.C.Turbines Ltd

Notes to the Unaudited Financial Statements for the Period from 15 December 2023 to 30 June 2024

3

Employees and Directors

The average number of persons employed by the company (including the director) during the period, was 1.

4

Debtors

Current

2024
£

 

-

5

Creditors

Creditors: amounts falling due within one year

2024
£

Due within one year

Taxation and social security

969

Other creditors

9,875

10,844

6

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

15 December 2023 to 30 June 2024
 £

Ian Cunningham

9,876

 

9,876

The maximum balance outstanding during the year amounted to £9,876.

The directors current account is repayable on demand.

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
I.C.Turbines Ltd
for the Period Ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of I.C.Turbines Ltd for the period ended 30 June 2024 as set out on pages 2 to 4 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of I.C.Turbines Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of I.C.Turbines Ltd and state those matters that we have agreed to state to the Board of Directors of I.C.Turbines Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than I.C.Turbines Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that I.C.Turbines Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of I.C.Turbines Ltd. You consider that I.C.Turbines Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of I.C.Turbines Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

12 September 2024