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REGISTERED NUMBER: SC196230 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

I.T.C. HYDRAULIC SERVICES LTD.

I.T.C. HYDRAULIC SERVICES LTD. (REGISTERED NUMBER: SC196230)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


I.T.C. HYDRAULIC SERVICES LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: I M Clark
Mrs T Clark
Mrs E Hodge





SECRETARY: Mrs T Clark





REGISTERED OFFICE: Unit 9
Mounie Drive
Oldmeldrum
Inverurie
Aberdeenshire
AB51 0GX





REGISTERED NUMBER: SC196230 (Scotland)

I.T.C. HYDRAULIC SERVICES LTD. (REGISTERED NUMBER: SC196230)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 319 358
Tangible assets 6 1,103,579 1,130,413
1,103,898 1,130,771

CURRENT ASSETS
Stocks 323,981 113,764
Debtors 7 699,272 796,995
Cash at bank and in hand 43,723 31,230
1,066,976 941,989
CREDITORS
Amounts falling due within one year 8 973,600 723,759
NET CURRENT ASSETS 93,376 218,230
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,197,274

1,349,001

CREDITORS
Amounts falling due after more than one
year

9

(592,329

)

(675,773

)

PROVISIONS FOR LIABILITIES (132,894 ) (96,756 )
NET ASSETS 472,051 576,472

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 472,049 576,470
SHAREHOLDERS' FUNDS 472,051 576,472

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.

I.T.C. HYDRAULIC SERVICES LTD. (REGISTERED NUMBER: SC196230)

BALANCE SHEET - continued
31 MARCH 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 December 2024 and were signed on its behalf by:




I M Clark - Director



Mrs T Clark - Director


I.T.C. HYDRAULIC SERVICES LTD. (REGISTERED NUMBER: SC196230)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

I.T.C. Hydraulic Services 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound.

Going Concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors consider that there are no estimates and underlying assumptions which have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Trade Marks are being amortised evenly over their estimated useful life of ten years.

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.
Land and buildings - 5% on cost
Plant and machinery etc - 25% on reducing balance and 5% on cost

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

I.T.C. HYDRAULIC SERVICES LTD. (REGISTERED NUMBER: SC196230)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. 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.

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.

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.

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

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2023 - 21 ) .

I.T.C. HYDRAULIC SERVICES LTD. (REGISTERED NUMBER: SC196230)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2023
and 31 March 2024 390
AMORTISATION
At 1 April 2023 32
Charge for year 39
At 31 March 2024 71
NET BOOK VALUE
At 31 March 2024 319
At 31 March 2023 358

6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 707,840 1,351,521 2,059,361
Additions - 126,590 126,590
Disposals - (33,747 ) (33,747 )
At 31 March 2024 707,840 1,444,364 2,152,204
DEPRECIATION
At 1 April 2023 57,436 871,512 928,948
Charge for year 35,392 117,710 153,102
Eliminated on disposal - (33,425 ) (33,425 )
At 31 March 2024 92,828 955,797 1,048,625
NET BOOK VALUE
At 31 March 2024 615,012 488,567 1,103,579
At 31 March 2023 650,404 480,009 1,130,413

I.T.C. HYDRAULIC SERVICES LTD. (REGISTERED NUMBER: SC196230)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. TANGIBLE FIXED ASSETS - continued

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

Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 65,805
DEPRECIATION
At 1 April 2023 34,960
Charge for year 7,712
At 31 March 2024 42,672
NET BOOK VALUE
At 31 March 2024 23,133
At 31 March 2023 30,845

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 664,078 769,425
Other debtors 35,194 27,570
699,272 796,995

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 63,333 63,333
Hire purchase contracts (see note 10) 19,467 6,700
Trade creditors 486,441 482,679
Taxation and social security 127,916 117,475
Other creditors 276,443 53,572
973,600 723,759

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 590,916 654,654
Hire purchase contracts (see note 10) - 19,467
Other creditors 1,413 1,652
592,329 675,773

I.T.C. HYDRAULIC SERVICES LTD. (REGISTERED NUMBER: SC196230)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 389,662 419,585
Other loans more 5yrs instal 458 697
390,120 420,282

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 19,467 6,700
Between one and five years - 19,467
19,467 26,167

Non-cancellable operating leases
2024 2023
£    £   
Within one year - 13,117
Between one and five years 1,812 3,020
1,812 16,137

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 654,249 717,987
Hire purchase contracts 19,467 26,167
673,716 744,154

The bank loan is secured via a standard security over the related property.

12. PENSION COMMITMENTS

Included within Other creditors are outstanding pension contributions of £5,645 (2023 - £3,512).

13. ULTIMATE CONTROLLING PARTY

During the year the company was controlled by the directors and shareholders, Ian and Tracy Clark.