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Company No: 14770752 (England and Wales)

IKTIN SOLUTIONS LIMITED

Unaudited Financial Statements
For the financial period from 30 March 2023 to 31 March 2024
Pages for filing with the registrar

IKTIN SOLUTIONS LIMITED

Unaudited Financial Statements

For the financial period from 30 March 2023 to 31 March 2024

Contents

IKTIN SOLUTIONS LIMITED

BALANCE SHEET

As at 31 March 2024
IKTIN SOLUTIONS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 31.03.2024
£
Current assets
Stocks 3 20,000
Debtors
- due within one year 4 966,717
- due after more than one year 4 76,384
Cash at bank and in hand 71,140
1,134,241
Creditors: amounts falling due within one year 5 ( 853,432)
Net current assets 280,809
Total assets less current liabilities 280,809
Creditors: amounts falling due after more than one year 6 ( 94,444)
Net assets 186,365
Capital and reserves
Called-up share capital 7 1
Profit and loss account 186,364
Total shareholder's funds 186,365

For the financial period ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of IKTIN Solutions Limited (registered number: 14770752) were approved and authorised for issue by the Board of Directors on 14 May 2025. They were signed on its behalf by:

Mrs N L McFadden
Director
IKTIN SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 30 March 2023 to 31 March 2024
IKTIN SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 30 March 2023 to 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

IKTIN Solutions Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Carnyorth Industrial Site, St Just, Penzance, TR19 7QD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

This is the first period of account for the company, therefore the financial statements have been drawn up for the period 30 March 2023 to 31 March 2024.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Period from
30.03.2023 to
31.03.2024
Number
Monthly average number of persons employed by the Company during the period, including directors 4

3. Stocks

31.03.2024
£
Stocks 20,000

4. Debtors

31.03.2024
£
Debtors: amounts falling due within one year
Trade debtors 293,976
Amounts owed by Group undertakings 1
CIS suffered 181,186
Other debtors 491,554
966,717
Debtors: amounts falling due after more than one year
Other debtors 76,384

5. Creditors: amounts falling due within one year

31.03.2024
£
Bank loans (secured) 66,667
Trade creditors 91,951
Amounts owed to Group undertakings 492,663
Other creditors 202,151
853,432

The loan with HSBC UK Bank is secured via a debenture containing a fixed and floating charge over all the assets of IKTIN Solutions Limited.

6. Creditors: amounts falling due after more than one year

31.03.2024
£
Bank loans (secured) 94,444

The loan with HSBC UK Bank is secured via a debenture containing a fixed and floating charge over all the assets of IKTIN Solutions Limited.

7. Called-up share capital

31.03.2024
£
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1

8. Ultimate controlling party

Parent Company:

Lamorna Group Limited
Carnyorth Industrial Site
St Just
Penzance
TR19 7QD