REGISTERED NUMBER: SC739103 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 July 2024

for

IGNITION TUNING & REMAPPING LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M C McShane

REGISTERED OFFICE:

100 Burnbank Street

Coatbridge

United Kingdom

ML5 2AY

REGISTERED NUMBER:

SC739103 (Scotland)

ACCOUNTANTS:

BK Plus Ltd

6th Floor

Gordon Chambers

90 Mitchell Street

Glasgow

Lanarkshire

G1 3NQ

FIXED ASSETS

Tangible assets

4

75,629

15,064

CURRENT ASSETS

Stocks

5,549

-

Debtors

5

27,644

14,290

Cash at bank and in hand

8,416

17,573

41,609

31,863

CREDITORS

Amounts falling due within one year

6

102,533

46,070

NET CURRENT LIABILITIES

(60,924

)

(14,207

)

TOTAL ASSETS LESS CURRENT LIABILITIES

14,705

857

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

14,605

757

14,705

857

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 10 September 2025 and were signed by:

M C McShane - Director

1.	STATUTORY INFORMATION

Ignition Tuning & Remapping 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

-

20% on a straight line basis

Fixtures and fittings

-

20% on a straight line basis

Motor vehicles

-

25% on a straight line basis

Computer equipment

-

33% on a straight line basis

Stocks

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 August 2023

12,859

250

5,000

1,240

19,349

Additions

39,875

12,124

24,800

6,942

83,741

At 31 July 2024

52,734

12,374

29,800

8,182

103,090

DEPRECIATION

At 1 August 2023

2,572

50

1,250

413

4,285

Charge for year

10,547

2,475

7,450

2,704

23,176

At 31 July 2024

13,119

2,525

8,700

3,117

27,461

NET BOOK VALUE

At 31 July 2024

39,615

9,849

21,100

5,065

75,629

At 31 July 2023

10,287

200

3,750

827

15,064

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

27,644

14,290

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

19,444

13,029

Taxation and social security

44,235

15,977

Other creditors

38,854

17,064

102,533

46,070