REGISTERED NUMBER: SC211772 (Scotland)

Icom Scottech Limited

Unaudited Financial Statements

for the Year Ended 31st December 2024

Page

Company information

1

Balance sheet

2

to

3

Notes to the financial statements

4

to

7

Directors:

Mrs J Dunkley

L A Jackson

Secretary:

Mrs J Dunkley

Registered office:

Sprouston Road

Kelso

Scottish Borders

TD5 8EU

Registered number:

SC211772 (Scotland)

Accountants:

Rennie Welch LLP

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Fixed assets

Tangible assets

4

231,481

248,301

Current assets

Stocks

336,378

339,549

Debtors

5

170,072

296,977

Cash at bank

167,699

20,667

674,149

657,193

Creditors

Amounts falling due within one year

6

360,696

294,065

Net current assets

313,453

363,128

Total assets less current liabilities

544,934

611,429

Creditors

Amounts falling due after more than one year

7

(21,320

)

(98,974

)

Provisions for liabilities

(12,870

)

(17,075

)

Net assets

510,744

495,380

Capital and reserves

Called up share capital

90,000

90,000

Non-distributable reserve

38,786

38,786

Retained earnings

381,958

366,594

Shareholders' funds

510,744

495,380

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15th September 2025 and were signed on its behalf by:

Mrs J Dunkley - Director

L A Jackson - Director

1.	Statutory information

Icom Scottech Limited 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 total invoice value, excluding value added tax, of sales made during the year, or the fair value of services provided for amounts not invoiced at the year end. Turnover arising from the sale of goods from stock is recognised when the significant risks and rewards of ownership have passed to the buyer. Turnover arising from the provision of services and custom manufacture of products is recognised as contract activity progresses and the right to consideration is earned. Unbilled turnover is included in debtors as amounts recoverable on contracts.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Land and buildings

-

not provided

Fixtures, fittings and equipment

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Office equipment

-

25% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

The properties are not being depreciated as the directors feel they will be kept in such a state of repair that their value is unlikely to reduce.

In accordance with FRS102 section 1A the directors have reviewed the properties for impairment at the year end and are satisfied that there has been no diminution in value.

Stocks

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

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. Net realisable value is based on estimated selling prices less further costs expected to be incurred in bringing stock to completion.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, accruals, hire purchase contracts, bank loans, shareholder loans and directors' loans.

Bank loans and hire purchase contracts are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans and shareholder loans (being repayable on demand), trade debtors, trade creditors and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.

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.

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.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Employee benefits

Short term employee benefits, including holiday pay, are recognised as an expense in the statement of income and retained earnings in the period in which they are incurred.

Going concern

The directors have considered the company's financial position for a period of 12 months and beyond from the date of signing these financial statements and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements

3.	Employees and directors

The average number of employees during the year was 16 (2023 - 18 ) .

4.	Tangible fixed assets

Fixtures,

fittings

Land and

and

Motor

Office

buildings

equipment

vehicles

equipment

Totals

£

£

£

£

£

Cost

At 1st January 2024

180,000

294,229

39,170

70,363

583,762

Additions

-

-

-

1,421

1,421

At 31st December 2024

180,000

294,229

39,170

71,784

585,183

Depreciation

At 1st January 2024

-

262,491

4,896

68,074

335,461

Charge for year

-

7,942

8,569

1,730

18,241

At 31st December 2024

-

270,433

13,465

69,804

353,702

Net book value

At 31st December 2024

180,000

23,796

25,705

1,980

231,481

At 31st December 2023

180,000

31,738

34,274

2,289

248,301

5.

Debtors: amounts falling due within one year

2024

2023

£

£

Trade debtors

99,640

201,987

Amounts recoverable on contract

24,036

59,291

Other debtors

46,396

35,699

170,072

296,977

6.

Creditors: amounts falling due within one year

2024

2023

£

£

Bank loans and overdrafts

127,204

75,581

Hire purchase contracts

1,360

1,297

Trade creditors

119,517

129,139

Taxation and social security

87,916

73,380

Other creditors

24,699

14,668

360,696

294,065

7.

Creditors: amounts falling due after more than one year

2024

2023

£

£

Bank loans

4,258

80,552

Hire purchase contracts

17,062

18,422

21,320

98,974

8.	Secured debts

The following secured debts are included within creditors:

2024

2023

£

£

Hire purchase contracts

18,422

19,719

Hire purchase contracts are secured against the assets to which they relate.

9.	Other financial commitments

At 31st December 2024, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £nil (2023 - £29,580).

10.	Directors' advances, credits and guarantees

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

2024

2023

£

£

Director 1

Balance outstanding at start of year

35,499

31,685

Amounts advanced

101,569

91,967

Amounts repaid

(90,872

)

(88,153

)

Balance outstanding at end of year

46,196

35,499

These loans are unsecured, interest has been charged at the official rates published by HMRC and they are repayable on demand.

11.	Post balance sheet events

Since the year end, on 19th June 2025, an interim dividend relating to the year ended 31st December 2024 of £1.78 per share was declared and paid.