REGISTERED NUMBER: SC095337 (Scotland)

Financial Statements for the Year Ended 31 December 2024

for

Industrial Floor Treatments Ltd.

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N Ling

A Love

J Love

G Love

I C Eccleston

D Hepburn

SECRETARY:

C A Ling

REGISTERED OFFICE:

10 Lithgow Place

College Milton

East Kilbride

G74 1PW

REGISTERED NUMBER:

SC095337 (Scotland)

ACCOUNTANTS:

GHG Smyth & Co. Limited

Mid Clevans

Clevans Road

Bridge of Weir

Renfrewshire

PA11 3HP

BANKERS:

Royal Bank of Scotland PLC

2139 Paisley Road West

Cardonald

Glasgow

G52 3JW

SOLICITORS:

Lindsays

100 Queen Street

Glasgow

G1 3DN

FIXED ASSETS

Tangible assets

4

609,825

509,828

Investments

5

2

2

609,827

509,830

CURRENT ASSETS

Stocks

922,052

1,104,665

Debtors

816,318

806,502

Cash at bank and in hand

7,464

430

1,745,834

1,911,597

CREDITORS

Amounts falling due within one year

1,251,251

1,386,010

NET CURRENT ASSETS

494,583

525,587

TOTAL ASSETS LESS CURRENT LIABILITIES

1,104,410

1,035,417

CREDITORS

Amounts falling due after more than one year

(160,718

)

(226,830

)

PROVISIONS FOR LIABILITIES

(76,002

)

(49,874

)

NET ASSETS

867,690

758,713

CAPITAL AND RESERVES

Called up share capital

65

66

Capital redemption reserve

49

48

Fair value reserve

8

104,959

-

Retained earnings

762,617

758,599

SHAREHOLDERS' FUNDS

867,690

758,713

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

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

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 12 September 2025 and were signed on its behalf by:

G Love - Director

N Ling - Director

1.	STATUTORY INFORMATION

Industrial Floor Treatments 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 as modified by the revaluation of certain assets.

Significant judgements and estimates

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.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

in accordance with the property

Plant and machinery

-

at varying rates on cost

Motor vehicles

-

25% on cost

The company's policy is to review the remaining useful lives and residual value of all tangible fixed assets on an on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual value.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks and work in progress

Stocks are valued at the lower of cost and net realisable value.

Work in progress is stated at the lower of surveyor valuation, which comprises direct costs and an element of profit where it can reasonably be foreseen, and estimated net realisable value.

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 lenders.

Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2023 - 43 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 January 2024

1,523,712

Additions

74,242

Disposals

(29,750

)

Revaluations

73,146

At 31 December 2024

1,641,350

DEPRECIATION

At 1 January 2024

1,013,884

Charge for year

114,190

Eliminated on disposal

(29,749

)

Revaluation adjustments

(66,800

)

At 31 December 2024

1,031,525

NET BOOK VALUE

At 31 December 2024

609,825

At 31 December 2023

509,828

Included in the note above is a property erected on leasehold land, the lease expires in 2086.

Cost or valuation at 31 December 2024 is represented by:

Totals

£

Valuation in 2025

1,641,350

If the freehold property had not been revalued it would have been included at the following historical cost:

31.12.24

31.12.23

£

£

Cost

301,854

301,854

Aggregate depreciation

70,400

66,800

The freehold property was valued on an open market basis on 13 February 2025 by J & E Shepherd, Chartered Surveyors .

The freehold property was valued following the company's financial year end but before the accounts were finalised. The valuation was carried out by an independent firm of Chartered Surveyors as detailed above. The directors consider the valuation at the company's year end to be a fair reflection of its open market value.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST OR VALUATION

At 1 January 2024

351,301

Additions

29,250

Transfer to ownership

(125,381

)

At 31 December 2024

255,170

DEPRECIATION

At 1 January 2024

164,187

Charge for year

56,484

Transfer to ownership

(89,207

)

At 31 December 2024

131,464

NET BOOK VALUE

At 31 December 2024

123,706

At 31 December 2023

187,114

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 January 2024

and 31 December 2024

2

NET BOOK VALUE

At 31 December 2024

2

At 31 December 2023

2

6.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.12.24

31.12.23

£

£

Net obligations repayable:

Within one year

64,285

102,198

Between one and five years

19,376

52,478

83,661

154,676

Non-cancellable

operating leases

31.12.24

31.12.23

£

£

Within one year

56,593

50,558

Between one and five years

77,535

97,978

In more than five years

202,635

206,190

336,763

354,726

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Bank overdrafts

362,490

451,519

Bank loans

105,000

165,000

Other loans

240,944

133,992

Hire purchase contracts

83,661

154,676

792,095

905,187

The company has granted a standard security to the Royal Bank of Scotland PLC over its assets. It has also granted a floating charge to Reward Finance Group Limited over its property.

The hire purchase contracts are secured on the assets concerned and are repayable by instalments within three years.

8.

RESERVES

Fair

value

reserve

£

Fair value revaluation

139,946

Deferred tax on revaluation

(34,987

)

At 31 December 2024

104,959

9.	ULTIMATE CONTROLLING PARTY

The directors are the ultimate controlling parties by virtue of their interest in the share capital of the company. No individual, in isolation, can exercise complete control over the company.