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TITE-LITE (UK) LIMITED

Registered Number
SC278053
(Scotland)

Unaudited Financial Statements for the Year ended
30 April 2024

TITE-LITE (UK) LIMITED
Company Information
for the year from 1 May 2023 to 30 April 2024

Directors

Roland Ferry
Stacey-Lee Ferry

Company Secretary

Stacey-Lee Ferry

Registered Address

17 Faraday Road
Southfield Industrial Estate
Glenrothes
KY6 2RU

Registered Number

SC278053 (Scotland)
TITE-LITE (UK) LIMITED
Balance Sheet as at
30 April 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets3-12,854
Tangible assets4589,414407,456
Investments6628,102628,102
Investment property5300,000330,000
1,517,5161,378,412
Current assets
Stocks107,627152,872
Debtors7971,5271,076,682
Cash at bank and on hand-2,152
1,079,1541,231,706
Creditors amounts falling due within one year8(487,094)(354,827)
Net current assets (liabilities)592,060876,879
Total assets less current liabilities2,109,5762,255,291
Creditors amounts falling due after one year9(1,213,093)(1,148,677)
Provisions for liabilities(112,706)(78,180)
Net assets783,7771,028,434
Capital and reserves
Called up share capital62,91062,910
Revaluation reserve37,05321,016
Other reserves119,235119,235
Profit and loss account564,579825,273
Shareholders' funds783,7771,028,434
The financial statements were approved and authorised for issue by the Board of Directors on 22 January 2025, and are signed on its behalf by:
Stacey-Lee Ferry
Director
Registered Company No. SC278053
TITE-LITE (UK) LIMITED
Notes to the Financial Statements
for the year ended 30 April 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Turnover policy
With the exception of long term contracts, turnover represents amounts receivable during the year , excluding Value Added Tax. Revenue from long term contracts is recognised by reference to the stage of completion of contract activity at the balance sheet date. This is normally determined by the proportion that contract costs incurred to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. If the nature of a particular contract means that costs incurred do not accurately reflect the progress of contract activity, an alternative approach is used such as the achievement of pre-determined contract milestones. Profit attributable to contract activity is recognised if the final outcome of such contracts can be reliably assessed. On all contracts, full provision is made for any losses in the year in which they are first foreseen. Revenue from services provided on a short-term or one-off basis is recognised when the service is complete. Rents received represents income from property rental income.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
The intangible fixed asset comprises patents which are recorded at cost. The patents are being amortised over 10 years and the carrying value is subject to an annual impairment review.
Research and development
Development expenditure is capitalised when eligible costs are incurred. The resulting intangible asset is amortised over one year once the commercial production in respect of these costs has commenced.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows: Motor vehicles - 25% reducing balance Plant and machinery - 5% reducing balance, 4% straight line, 5% straight line, 7% straight line, 10% straight line, 20% straight line, 50% straight line
Investments
Investments in subsidiary undertakings are recognised at cost.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease. Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Work In Progress Applications applied for are recognised as turnover. The attributable profit on contracts is recognised once their outcome can be assessed with reasonable certainty. The profit recognised reflects the proportion of the work completed to date on the project. Costs associated with contracts are included in work in progress to the extent that they cannot be matched with contract work accounted for as turnover. Costs are defined as direct costs plus attributable overheads based on normal level of activity. Full provision is made for losses on all contracts in the year in which the loss is foreseen.
2.Average number of employees

20242023
Average number of employees during the year23
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 May 2350,89050,890
At 30 April 2450,89050,890
Amortisation and impairment
At 01 May 2338,03638,036
Charge for year12,85412,854
At 30 April 2450,89050,890
Net book value
At 30 April 24--
At 30 April 2312,85412,854
4.Tangible fixed assets

Plant & machinery

Vehicles

Total

£££
Cost or valuation
At 01 May 23680,1994,350684,549
Additions192,96636,065229,031
Revaluations16,037-16,037
At 30 April 24889,20240,415929,617
Depreciation and impairment
At 01 May 23276,501592277,093
Charge for year53,1549,95663,110
At 30 April 24329,65510,548340,203
Net book value
At 30 April 24559,54729,867589,414
At 30 April 23403,6983,758407,456
5.Investment property
Investment property was revalued in the year to 30 April 2022 by DM Hall.

£
Fair value at 01 May 23330,000
Fair value adjustments(30,000)
At 30 April 24300,000
6.Fixed asset investments
The company owns 100% of the issued share capital of Ductform Ventilation (UK) Limited and Ductform HVAC Fabrication & Engineering Limited, both of which are incorporated in Scotland.

Investments in groups1

Total

££
Cost or valuation
At 01 May 23628,102628,102
At 30 April 24628,102628,102
Net book value
At 30 April 24628,102628,102
At 30 April 23628,102628,102

Notes

1Investments in group undertakings and participating interests
7.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables1,6634,243
Amounts owed by group undertakings820,641905,876
Other debtors139,055158,800
Prepayments and accrued income10,1687,763
Total971,5271,076,682
8.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables285,072239,064
Bank borrowings and overdrafts115,89370,000
Taxation and social security20,6216,460
Finance lease and HP contracts31,789-
Other creditors25,63426,351
Accrued liabilities and deferred income8,08512,952
Total487,094354,827
9.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts18,13588,505
Amounts owed to related parties1,003,700977,484
Other creditors191,25882,688
Total1,213,0931,148,677
The loan notes, included within other loans, are secured by a bond and floating charge over the whole assets of the company. HP creditor secured over assets to which it relates.
10.Directors advances, credits and guarantees
There are no fixed repayment terms in respect of overdrawn directors loan balances and no interest is charged.