Industrial IT Systems Ltd - Filleted accounts

Registered number

08693201

Industrial IT Systems Ltd

Filleted Accounts

31 December 2024

Industrial IT Systems Ltd
Registered number:		08693201
Balance Sheet
as at 31 December 2024

Notes			2024			2023
£				£
Fixed assets
Tangible assets	3		414,588			412,656

Current assets
Stocks		918,831			763,858
Debtors	4	325,966			469,937
Petty cash		152			2
Cash at bank and in hand		1,305,803			1,036,818
		2,550,752			2,270,615

Creditors: amounts falling due within one year	5	(673,943)			(416,403)

Net current assets			1,876,809			1,854,212

Total assets less current liabilities			2,291,397			2,266,868

Creditors: amounts falling due after more than one year	6		(235,684)			(350,649)



Net assets			2,055,713			1,916,219

Capital and reserves
Called up share capital			100			100
Revaluation reserve	7		126,532			126,532
Profit and loss account			1,929,081			1,789,587

Shareholders' funds			2,055,713			1,916,219

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




A G Viand
Director
Approved by the board on 30 September 2025

Industrial IT Systems Ltd
Notes to the Accounts
for the year ended 31 December 2024


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Freehold buildings			over 50 years
	Leasehold land and buildings			over the lease term
	Plant and machinery			over 5 years
	Fixtures, fittings, tools and equipment			over 5 years

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees					2024		2023
Number							Number

	Average number of persons employed by the company					11		11


3	Tangible fixed assets
				Land and buildings		Plant and machinery etc		Total
£					£		£
	Cost
	At 1 January 2024			350,490		137,408		487,898
	Additions			-		17,957		17,957
	At 31 December 2024			350,490		155,365		505,855

	Depreciation
	At 1 January 2024			-		75,242		75,242
	Charge for the year			-		16,025		16,025
	At 31 December 2024			-		91,267		91,267

	Net book value
	At 31 December 2024			350,490		64,098		414,588
	At 31 December 2023			350,490		62,166		412,656


4	Debtors					2024		2023
£							£

	Trade debtors					249,267		243,503
	Viand Holdings Ltd					49,969		49,969
	Prepaid expenses					1,292		692
	Prepayments					5,782		5,782
	Loans to directors					-		169,991
	Other debtors					19,656		-
						325,966		469,937


5	Creditors: amounts falling due within one year					2024		2023
£							£

	Trade creditors					164,623		127,527
	Loans from directors					60,376		1,828
	Taxation and social security costs					191,760		232,780
	Accruals					250		250
	IIS BV Loan a.c					178,121		(10,571)
	Credit card					549		7,584
	Unearned revenue					78,264		57,005
						673,943		416,403


6	Creditors: amounts falling due after one year					2024		2023
£							£

	Bank loans					233,344		333,340
	Barclays Mortgage - Unit 2					2,340		17,309
						235,684		350,649


7	Revaluation reserve					2024		2023
£							£

	At 1 January 2024					126,532		126,532

	At 31 December 2024					126,532		126,532


8	Loans to directors
	Description and conditions	B/fwd	Paid		Repaid		C/fwd
£			£		£		£
	A G Viand
	[Loan 1]	169,991		-		(169,991)		-

		169,991		-		(169,991)		-


9	Other information

	Industrial IT Systems Ltd is a private company limited by shares and incorporated in England. Its registered office is:
	Unit 2, Tungsten Building
	George Street
	Portslade
	BN41 1RA