REGISTERED NUMBER: SC280363 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 January 2025

for

I. Cumming Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr I J Cumming

REGISTERED OFFICE:

9 Carmelite Street

Banff

Aberdeenshire

AB45 1AF

REGISTERED NUMBER:

SC280363 (Scotland)

ACCOUNTANTS:

SBP

Accountants

9 Carmelite Street

Banff

Aberdeenshire

AB45 1AF

FIXED ASSETS

Tangible assets

4

159,676

131,114

CURRENT ASSETS

Stocks

372,147

452,217

Debtors

5

427,740

487,664

Cash in hand

-

1,900

799,887

941,781

CREDITORS

Amounts falling due within one year

6

310,308

639,813

NET CURRENT ASSETS

489,579

301,968

TOTAL ASSETS LESS CURRENT LIABILITIES

649,255

433,082

CREDITORS

Amounts falling due after more than one year

7

(277,315

)

(43,034

)

PROVISIONS FOR LIABILITIES

(1,830

)

(2,031

)

NET ASSETS

370,110

388,017

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

370,108

388,015

SHAREHOLDERS' FUNDS

370,110

388,017

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 September 2025 and were signed by:

Mr I J Cumming - Director

1.	STATUTORY INFORMATION

I. Cumming 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 represents the amounts (excluding value added tax) derived from the provision of goods to customers. Revenue is recognised at the point of sale.

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 reducing balance

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

33% on cost

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 Statement of Income and Retained Earnings, 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.

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 2 (2024 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 February 2024

121,114

27,163

3,121

3,799

155,197

Additions

30,251

-

375

-

30,626

At 31 January 2025

151,365

27,163

3,496

3,799

185,823

DEPRECIATION

At 1 February 2024

-

18,843

1,441

3,799

24,083

Charge for year

-

1,656

408

-

2,064

At 31 January 2025

-

20,499

1,849

3,799

26,147

NET BOOK VALUE

At 31 January 2025

151,365

6,664

1,647

-

159,676

At 31 January 2024

121,114

8,320

1,680

-

131,114

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.25

31.1.24

£

£

Trade debtors

68,900

148,747

Other debtors

358,840

335,147

Prepayments

-

3,770

427,740

487,664

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.25

31.1.24

£

£

Bank loans and overdrafts

155,783

447,534

Hire purchase contracts

13,150

15,651

Trade creditors

23,622

61,696

Tax

18,447

15,778

Social security and other taxes

1,312

248

VAT

3,189

13,206

Other creditors

5,775

5,421

Directors' current accounts

77,115

73,039

Accrued expenses

11,915

7,240

310,308

639,813

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.25

31.1.24

£

£

Bank loans - 2-5 years

264,186

15,814

Hire purchase contracts

13,129

27,220

277,315

43,034

8.	RELATED PARTY DISCLOSURES

Included in other debtors is a loan of £357,057 (2024 - £332,419) due from I & L Turriff Ltd, a company in which Mr I J Cumming has a 50% shareholding.