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REGISTERED NUMBER: SC382550 (Scotland)















Financial Statements for the Year Ended 31 October 2024

for

IT-Worx Solutions Ltd

IT-Worx Solutions Ltd (Registered number: SC382550)






Contents of the Financial Statements
for the Year Ended 31 October 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IT-Worx Solutions Ltd

Company Information
for the Year Ended 31 October 2024







DIRECTORS: Miss Jill Ross
Mr Philip Mowatt





REGISTERED OFFICE: 5-19 Holland Street
Aberdeen
AB25 3UJ





REGISTERED NUMBER: SC382550 (Scotland)





ACCOUNTANTS: J M Taylor
7 Ythan Terrace
Ellon
Aberdeenshire
AB41 9LJ

IT-Worx Solutions Ltd (Registered number: SC382550)

Balance Sheet
31 October 2024

31/10/24 31/10/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 16,282 20,679

CURRENT ASSETS
Stocks 333,126 379,921
Debtors 5 378,838 366,001
Cash at bank 834,867 804,572
1,546,831 1,550,494
CREDITORS
Amounts falling due within one year 6 434,141 559,230
NET CURRENT ASSETS 1,112,690 991,264
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,128,972

1,011,943

PROVISIONS FOR LIABILITIES 4,071 4,657
NET ASSETS 1,124,901 1,007,286

CAPITAL AND RESERVES
Called up share capital 200 200
Share premium 5,401 5,401
Retained earnings 1,119,300 1,001,685
SHAREHOLDERS' FUNDS 1,124,901 1,007,286

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

IT-Worx Solutions Ltd (Registered number: SC382550)

Balance Sheet - continued
31 October 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 25 June 2025 and were signed on its behalf by:





Mr Philip Mowatt - Director


IT-Worx Solutions Ltd (Registered number: SC382550)

Notes to the Financial Statements
for the Year Ended 31 October 2024

1. STATUTORY INFORMATION

IT-Worx Solutions 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

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.
Plant and machinery etc - 25% on cost

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.

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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement 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.

IT-Worx Solutions Ltd (Registered number: SC382550)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 19 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2023 117,072
Additions 4,388
Disposals (56,199 )
At 31 October 2024 65,261
DEPRECIATION
At 1 November 2023 96,393
Charge for year 8,785
Eliminated on disposal (56,199 )
At 31 October 2024 48,979
NET BOOK VALUE
At 31 October 2024 16,282
At 31 October 2023 20,679

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/10/24 31/10/23
£    £   
Trade debtors 370,602 358,673
Other debtors 8,236 7,328
378,838 366,001

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/10/24 31/10/23
£    £   
Trade creditors 200,645 248,096
Taxation and social security 199,155 289,933
Other creditors 34,341 21,201
434,141 559,230

7. ULTIMATE CONTROLLING PARTY

The controlling party is IT-Worx EOT Limited.

IT-Worx Solutions Ltd (Registered number: SC382550)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

8. EMPLOYEE BENEFIT TRUST

On the 30th October 2020 the entire issued share capital of IT-Worx Solutions Limited was sold and is now an "employee owned company". To achieve this aim a new company named IT-Worx EOT Limited was incorporated which owns 100% of the share capital of IT-Worx Solutions Limited as sole corporate trustee of the IT-Worx Solutions Limited Employee Ownership Trust (the "EOT").

Payments made to the EOT have been disclosed as a gift of profits from the company, disclosure is made via the Statement of Changes in Equity.