REGISTERED NUMBER: SC412907 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Business IT Specialists Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R Toner

Mrs E Smillie

REGISTERED OFFICE:

Unit 8B, Business First

Burnbrae Road

Linwood

Renfrewshire

PA3 3FP

REGISTERED NUMBER:

SC412907 (Scotland)

ACCOUNTANTS:

Accountants Plus

Chartered Certified Accountants

Second Floor

Airbles House

270 Airbles Road

Motherwell

ML1 3AT

FIXED ASSETS

Tangible assets

4

71,810

123,739

CURRENT ASSETS

Stocks

35,452

5,452

Debtors

5

281,857

250,984

Cash at bank

180,900

180,638

498,209

437,074

CREDITORS

Amounts falling due within one year

6

445,229

333,789

NET CURRENT ASSETS

52,980

103,285

TOTAL ASSETS LESS CURRENT LIABILITIES

124,790

227,024

CREDITORS

Amounts falling due after more than one year

7

(56,667

)

(119,097

)

PROVISIONS FOR LIABILITIES

-

(23,510

)

NET ASSETS

68,123

84,417

CAPITAL AND RESERVES

Called up share capital

102

102

Retained earnings

68,021

84,315

68,123

84,417

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.

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 23 September 2025 and were signed on its behalf by:

R Toner - Director

1.	STATUTORY INFORMATION

Business IT Specialists 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.

Stocks

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

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.

Financial instruments

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term creditors are measured at transaction price, less any impairment. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and bank balances

Cash and bank balances are measured at the transaction price.

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.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

267,504

Additions

749

Disposals

(62,580

)

At 31 December 2024

205,673

DEPRECIATION

At 1 January 2024

143,765

Charge for year

20,636

Eliminated on disposal

(30,538

)

At 31 December 2024

133,863

NET BOOK VALUE

At 31 December 2024

71,810

At 31 December 2023

123,739

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

100,927

76,595

Other debtors

6,267

1,774

S455 tax debtor

42,376

42,376

Directors' current accounts

128,548

129,190

Prepayments

3,739

1,049

281,857

250,984

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

10,185

9,870

Hire purchase contracts

29,869

29,869

Trade creditors

11,613

14,081

Tax

132,818

112,654

Social security and other taxes

21,717

64,819

VAT

13,303

23,695

Pension unpaid

-

1,139

Credit card

71,724

74,512

Accruals and deferred income

150,000

-

Accrued expenses

4,000

3,150

445,229

333,789

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans - 1-2 years

4,300

10,360

Bank loans - 2-5 years

-

4,370

Hire purchase contracts

52,367

104,367

56,667

119,097

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

31.12.24

31.12.23

£

£

R Toner

Balance outstanding at start of year

(199,190

)

(163,812

)

Amounts repaid

-

(35,378

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

(199,190

)