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REGISTERED NUMBER: SC549092 (Scotland)


















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

IC Transformations Limited

IC Transformations Limited (Registered number: SC549092)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


IC Transformations Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: L C Chambers
Mrs J L Chambers
I R Chambers
G M Chambers
Miss C L Chambers





REGISTERED OFFICE: 25 Macleod Drive
Helensburgh
G84 9QS





REGISTERED NUMBER: SC549092 (Scotland)





ACCOUNTANTS: Macleod Fulton
Scottcourt House
West Princes Street
Helensburgh
Argyll & Bute
G84 8BP

IC Transformations Limited (Registered number: SC549092)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,293 1,235

CURRENT ASSETS
Debtors 5 51,377 57,562
Cash at bank 38,442 17,737
89,819 75,299
CREDITORS
Amounts falling due within one year 6 39,233 29,096
NET CURRENT ASSETS 50,586 46,203
TOTAL ASSETS LESS CURRENT
LIABILITIES

51,879

47,438

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 51,679 47,238
51,879 47,438

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

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

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 November 2024 and were signed on its behalf by:





I R Chambers - Director


IC Transformations Limited (Registered number: SC549092)

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

1. STATUTORY INFORMATION

IC Transformations 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.

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.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on cost

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.

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.

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 5 (2023 - 5 ) .

IC Transformations Limited (Registered number: SC549092)

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

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 April 2023 908 605 4,627 6,140
Additions - - 566 566
At 31 March 2024 908 605 5,193 6,706
DEPRECIATION
At 1 April 2023 621 193 4,091 4,905
Charge for year 72 103 333 508
At 31 March 2024 693 296 4,424 5,413
NET BOOK VALUE
At 31 March 2024 215 309 769 1,293
At 31 March 2023 287 412 536 1,235

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 14,861 21,347
Other debtors 36,516 36,215
51,377 57,562

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Taxation and social security 32,369 21,455
Other creditors 6,864 7,641
39,233 29,096

7. CONTINGENT LIABILITIES

As at 31 March 2024 the company had no contingent liabilities (2023 - £nil).

8. CAPITAL COMMITMENTS

As at 31 March 2024 the company had no capital commitments (2023 - £nil).

IC Transformations Limited (Registered number: SC549092)

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

9. RELATED PARTY DISCLOSURES

As at 31 March 2024 included in other debtors are balances due from: Mr Ian Chambers, director of £21,307 (2023 - £20,148), Mrs Jane Chambers, director of £14,500 (2023 - £9,000), and Mr Gregor Chambers of £700 (2023 - £5,500). Included in other creditors are balances due to Miss Charlotte Chambers, director of £300 (2023 due from - £1,500), and Mr Liam Chambers of £1,000 (2023 - £nil).The balances have no fixed repayment date and no interest is charged thereon.