INSTRUMENT TRANSFORMERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Company registration number SC054448 (Scotland)
PAGES FOR FILING WITH REGISTRAR
INSTRUMENT TRANSFORMERS LIMITED
COMPANY INFORMATION
Directors
S J McAnenay
G Simpson
P J Munro
G K McFarlane
Secretary
S J McAnenay
Company number
SC054448
Registered office
2-4 Lithgow Place
College Milton North
East Kilbride
South Lanarkshire
Scotland
G74 1PW
Accountants
Dains
46 Bank Street
Kilmarnock
Ayrshire
KA1 1HA
INSTRUMENT TRANSFORMERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
INSTRUMENT TRANSFORMERS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
399,699
426,611
Investment property
5
250,000
250,000
649,699
676,611
Current assets
Stocks
211,986
240,633
Debtors
6
818,162
934,109
Cash at bank and in hand
1,330,504
891,507
2,360,652
2,066,249
Creditors: amounts falling due within one year
7
(693,476)
(559,902)
Net current assets
1,667,176
1,506,347
Total assets less current liabilities
2,316,875
2,182,958
Creditors: amounts falling due after more than one year
8
(76,000)
(124,000)
Provisions for liabilities
(30,169)
(34,572)
Net assets
2,210,706
2,024,386
Capital and reserves
Called up share capital
9
12,000
12,000
Revaluation reserve
10
121,618
121,618
Other reserves
50,000
50,000
Profit and loss reserves
2,027,088
1,840,768
Total equity
2,210,706
2,024,386

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

INSTRUMENT TRANSFORMERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 March 2025 and are signed on its behalf by:
S J McAnenay
Director
Company registration number SC054448 (Scotland)
INSTRUMENT TRANSFORMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

Instrument Transformers Limited is a private company limited by shares incorporated in Scotland. The registered office is 2-4 Lithgow Place, College Milton North, East Kilbride, South Lanarkshire, Scotland, G74 1PW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Turnover is represented by the design, manufacture and sale of current transformers, instrumentation for power measurement and switchgear manufacturing equipment.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% Straight line
Leasehold land and buildings
No depreciation provided
Plant and equipment
10% Straight line
Fixtures and fittings
15% Straight line
Computers
25% Straight line
Motor vehicles
25% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

INSTRUMENT TRANSFORMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at 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.

1.8
Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to or from related parties and investments in non-puttable ordinary shares.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

INSTRUMENT TRANSFORMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

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.

No significant judgements have had to be made by the directors in preparing these financial statements.

 

The directors have made key assumptions in the determination of the fair value of an investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset.

INSTRUMENT TRANSFORMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
24
26
INSTRUMENT TRANSFORMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
4
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 July 2023
263,842
18,468
1,158,964
73,950
173,142
23,995
1,712,361
Additions
-
0
-
0
33,371
-
0
3,321
-
0
36,692
At 30 June 2024
263,842
18,468
1,192,335
73,950
176,463
23,995
1,749,053
Depreciation and impairment
At 1 July 2023
25,430
-
0
998,770
71,935
165,620
23,995
1,285,750
Depreciation charged in the year
5,086
-
0
52,009
441
6,068
-
0
63,604
At 30 June 2024
30,516
-
0
1,050,779
72,376
171,688
23,995
1,349,354
Carrying amount
At 30 June 2024
233,326
18,468
141,556
1,574
4,775
-
0
399,699
At 30 June 2023
238,412
18,468
160,194
2,015
7,522
-
0
426,611
INSTRUMENT TRANSFORMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
5
Investment property
2024
£
Fair value
At 1 July 2023 and 30 June 2024
250,000

Investment property refers to Lithgow Place, East Kilbride. In the opinion of the directors, the above represents the fair value of the investment property at the balance sheet date.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
775,881
882,181
Other debtors
19,882
34,830
Prepayments and accrued income
22,399
17,098
818,162
934,109
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
48,000
48,000
Trade creditors
306,023
293,600
Amounts owed to group undertakings
50,000
50,000
Corporation tax
179,246
51,944
Other taxation and social security
14,586
15,505
Other creditors
84,931
69,939
Accruals and deferred income
10,690
30,914
693,476
559,902
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
76,000
124,000

The Royal Bank of Scotland holds a standard security over the company's lease of 2 and 4 Lithgow Place, East Kilbride.

 

The Royal Bank of Scotland also holds a charged deposit of £14,250 on behalf of the company.

INSTRUMENT TRANSFORMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
12,000
12,000
12,000
12,000
10
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
121,618
121,618
11
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
26,403
26,737
12
Parent company

Instrument Transformers Limited is wholly owned by Westminster (Scotland) Limited, of 3 Clairmont Gardens, Glasgow, G3 7LW.

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