Registration number: 02092347

Induction Technology Group Limited

Contents

Company Information	1
Statement of Financial Position	2
Notes to the Financial Statements	3 to 9

Induction Technology Group Limited

Company Information

Directors

Mr Darren McDermott Mr Iain Muir Mr Jonathan Douglas Mr Jevon Thurston-Thorpe

Registered office

Plot 6, Sisken Drive COVENTRY CV3 4FJ

Auditors

Morris & Young, Statutory Auditor Chartered Accountants 6 Atholl Crescent Perth PH1 5JN

Induction Technology Group Limited

(Registration number: 02092347)
Statement of Financial Position as at 31 July 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	2,011,351	2,011,351
Tangible assets	5	101,908	65,638
		2,113,259	2,076,989
Current assets
Stocks	6	343,926	365,258
Debtors	7	643,303	673,413
Cash at bank and in hand		222,768	205,350
		1,209,997	1,244,021
Creditors: Amounts falling due within one year	8	(241,426)	(235,337)
Net current assets		968,571	1,008,684
Total assets less current liabilities		3,081,830	3,085,673
Provisions for liabilities		(9,684)	2,194
Net assets		3,072,146	3,087,867
Capital and reserves
Called up share capital	9	200,000	200,000
Revaluation reserve		2,011,351	2,011,351
Retained earnings		860,795	876,516
Shareholders' funds		3,072,146	3,087,867

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 September 2025 and signed on its behalf by:
 

......................................... Mr Darren McDermott Director

......................................... Mr Iain Muir Director

Induction Technology Group Limited

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

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Plot 6, Sisken Drive
COVENTRY
CV3 4FJ

These financial statements were authorised for issue by the Board on 5 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling (£) and rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

Induction Technology Group Limited

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

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 5 September 2025 was Alexander J Fyfe M.A.A.T., C.A., DChA, who signed for and on behalf of Morris & Young, Statutory Auditor.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and Machinery	25% Reducing Balance

Induction Technology Group Limited

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

Furniture and Fixtures	25% Reducing Balance
Computer equipment	25% Reducing Balance
Motor Vehicles	25% Reducing Balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and or deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Induction Technology Group Limited

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

Financial instruments

Classification
The company only have financial assets and liabilities of a kind that would qualify as basic financial instruments which are recognised at their transaction value and subsequently measured at their settlement value.
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2023 - 22).

4	Intangible assets

	Internally generated software development costs  £	Total £
Cost or valuation
At 1 August 2023	2,011,351	2,011,351
At 31 July 2024	2,011,351	2,011,351
Amortisation
Carrying amount
At 31 July 2024	2,011,351	2,011,351
At 31 July 2023	2,011,351	2,011,351

Induction Technology Group Limited

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

5	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 August 2023	74,414	752,122	24,782	851,318
Additions	-	65,416	30,323	95,739
At 31 July 2024	74,414	817,538	55,105	947,057
Depreciation
At 1 August 2023	74,414	687,639	23,627	785,680
Charge for the year	-	50,729	8,740	59,469
At 31 July 2024	74,414	738,368	32,367	845,149
Carrying amount
At 31 July 2024	-	79,170	22,738	101,908
At 31 July 2023	-	64,483	1,155	65,638

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings.
 

6

Stocks

	2024 £	2023 £
Other inventories	343,926	365,258

7

Debtors

Current	Note	2024 £	2023 £
Trade debtors		234,837	268,586
Amounts owed by related parties	11	357,990	357,990
Prepayments		50,476	46,837
		643,303	673,413

Induction Technology Group Limited

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

8

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Trade creditors		158,377	125,197
Amounts owed to group undertakings and undertakings in which the company has a participating interest	11	15,986	-
Taxation and social security		57,652	101,046
Accruals and deferred income		8,600	5,160
Other creditors		811	3,934
		241,426	235,337

9	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	200,000	200,000	200,000	200,000

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior period were as follows:

	Revaluation reserve £	Total £
Surplus/deficit on revaluation of other assets	2,011,351	2,011,351

Induction Technology Group Limited

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

11	Related party transactions

Summary of transactions with other related parties

During the year loan accounts operated between Companies with common directors and shareholders. At the year end the balances due to/by Induction Technology Group Limited was as follows:

Due to;
J E Engineering Ltd - £357,990 (2023: £313,513)

Due by:
The Recruitment Bunker Ltd: £15,986 (2023: £nil)
 

12	Parent and ultimate parent undertaking

The company's immediate parent is DRVN Automotive Ltd, incorporated in Scotland.

  These financial statements are available upon request from Companies House, Crown Way, CARDIFF, CF14 3UZ.