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REGISTERED NUMBER: SC634428 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

I.T.C. MANUFACTURING LTD

I.T.C. MANUFACTURING LTD (REGISTERED NUMBER: SC634428)






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. MANUFACTURING LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: I M Clark
Mrs T Clark





SECRETARY: Mrs T Clark





REGISTERED OFFICE: The Garage
Crichneyled Road
St Katherines
Inverurie
Aberdeenshire
AB51 8SN





REGISTERED NUMBER: SC634428 (Scotland)

I.T.C. MANUFACTURING LTD (REGISTERED NUMBER: SC634428)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 55,639 74,185

CURRENT ASSETS
Stocks 25,534 14,493
Debtors 6 202,002 240,717
Cash at bank 2,829 4,964
230,365 260,174
CREDITORS
Amounts falling due within one year 7 240,462 236,220
NET CURRENT (LIABILITIES)/ASSETS (10,097 ) 23,954
TOTAL ASSETS LESS CURRENT
LIABILITIES

45,542

98,139

CREDITORS
Amounts falling due after more than one
year

8

(7,070

)

(24,829

)

PROVISIONS FOR LIABILITIES (9,207 ) (17,916 )
NET ASSETS 29,265 55,394

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 29,165 55,294
SHAREHOLDERS' FUNDS 29,265 55,394

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. MANUFACTURING LTD (REGISTERED NUMBER: SC634428)

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. MANUFACTURING LTD (REGISTERED NUMBER: SC634428)

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

1. STATUTORY INFORMATION

I.T.C. Manufacturing 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.

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.
Plant and machinery etc - 33% on cost and 25% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

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. MANUFACTURING LTD (REGISTERED NUMBER: SC634428)

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.

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 NIL (2023 - NIL).

I.T.C. MANUFACTURING LTD (REGISTERED NUMBER: SC634428)

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

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 168,161
DEPRECIATION
At 1 April 2023 93,976
Charge for year 18,546
At 31 March 2024 112,522
NET BOOK VALUE
At 31 March 2024 55,639
At 31 March 2023 74,185

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 97,724
DEPRECIATION
At 1 April 2023 59,932
Charge for year 9,448
At 31 March 2024 69,380
NET BOOK VALUE
At 31 March 2024 28,344
At 31 March 2023 37,792

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 170,330 210,719
Other debtors 31,672 29,998
202,002 240,717

I.T.C. MANUFACTURING LTD (REGISTERED NUMBER: SC634428)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 4,600 4,600
Hire purchase contracts (see note 9) 14,479 17,374
Trade creditors 201,925 201,166
Taxation and social security - 1,736
Other creditors 19,458 11,344
240,462 236,220

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 5,750 10,350
Hire purchase contracts (see note 9) - 14,479
Other creditors 1,320 -
7,070 24,829

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 528 -

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 14,479 17,374
Between one and five years - 14,479
14,479 31,853

Non-cancellable operating leases
2024 2023
£    £   
Between one and five years 53,665 76,667

I.T.C. MANUFACTURING LTD (REGISTERED NUMBER: SC634428)

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

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 14,479 31,853

Hire purchase liabilities are secured against the related assets.

11. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors by virtue of the fact that they own 100% of the issued share capital of the company.