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PRINT IT STITCH IT LTD

Registered Number
SC482976
(Scotland)

Unaudited Financial Statements for the Year ended
29 July 2024

PRINT IT STITCH IT LTD
Company Information
for the year from 30 July 2023 to 29 July 2024

Directors

James Bremner
Kirsty Bremner

Registered Address

235 High Street
Kirkcaldy
KY1 1JF

Registered Number

SC482976 (Scotland)
PRINT IT STITCH IT LTD
Balance Sheet as at
29 July 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets328,50830,468
28,50830,468
Current assets
Stocks3,4153,430
Debtors42,9453,612
Cash at bank and on hand32,09610,321
38,45617,363
Creditors amounts falling due within one year5(25,454)(17,593)
Net current assets (liabilities)13,002(230)
Total assets less current liabilities41,51030,238
Creditors amounts falling due after one year6(744)(2,977)
Provisions for liabilities(4,954)(5,225)
Net assets35,81222,036
Capital and reserves
Called up share capital100100
Profit and loss account35,71221,936
Shareholders' funds35,81222,036
The financial statements were approved and authorised for issue by the Board of Directors on 4 February 2025, and are signed on its behalf by:
Kirsty Bremner
Director
Registered Company No. SC482976
PRINT IT STITCH IT LTD
Notes to the Financial Statements
for the year ended 29 July 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
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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.
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:

Reducing balance (%)Straight line (years)
Plant and machinery20-
Office Equipment-5
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
Stock and work in progress are valued at the lower of cost and net realisable value.
2.Average number of employees

20242023
Average number of employees during the year34
3.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 30 July 2343,9612,83646,797
Additions2,7491,0463,795
At 29 July 2446,7103,88250,592
Depreciation and impairment
At 30 July 2315,79553416,329
Charge for year5,1925635,755
At 29 July 2420,9871,09722,084
Net book value
At 29 July 2425,7232,78528,508
At 29 July 2328,1662,30230,468
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables2,6681,133
Other debtors2771,493
Deferred tax asset, debtors-986
Total2,9453,612
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables-18
Taxation and social security14,98413,655
Finance lease and HP contracts2,2332,233
Other creditors5,219247
Accrued liabilities and deferred income3,0181,440
Total25,45417,593
6.Creditors: amounts due after one year

2024

2023

££
Other creditors7442,977
Total7442,977