Company registration number SC154231 (Scotland)
I.R.C. LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
I.R.C. LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
I.R.C. LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr N M Anderson
Mr C A Moore
Company number
SC154231
Registered office
Unit 5 Howard Court
East Kilbride
Scotland
G74 4QZ
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
I.R.C. LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2025
30 November 2025
- 2 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
128,160
106,609
Current assets
Stocks
97,654
93,010
Debtors
4
302,667
376,491
Cash at bank and in hand
116,753
137,190
517,074
606,691
Creditors: amounts falling due within one year
5
(283,765)
(363,582)
Net current assets
233,309
243,109
Total assets less current liabilities
361,469
349,718
Creditors: amounts falling due after more than one year
6
-
0
(5,000)
Provisions for liabilities
7
(30,400)
(23,005)
Net assets
331,069
321,713
Capital and reserves
Called up share capital
9
117
117
Share premium account
38,000
38,000
Capital redemption reserve
48
48
Profit and loss reserves
292,904
283,548
Total equity
331,069
321,713

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

I.R.C. LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2025
30 November 2025
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 6 May 2026 and are signed on its behalf by:
Mr N M Anderson
Mr C A Moore
Director
Director
Company Registration No. SC154231
I.R.C. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 4 -
1
Accounting policies
Company information

I.R.C. Limited is a private company limited by shares incorporated in Scotland. The registered office is Unit 5 Howard Court, East Kilbride, Scotland, G74 4QZ. The company's registration number is SC154231.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

The turnover shown in the profit and loss account represents the value of all goods sold during the year, less returns received and services delivered at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred to the customer.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% straight line
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

I.R.C. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks

Stocks 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 consists of goods for resale and includes the normal cost of transporting stock to its present location and condition.
Work in progress
Work in progress consists of material and direct labour costs and no profit element is included in the valuation.

1.6
Cash and cash equivalents

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

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

I.R.C. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the lease.

1.13
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Total
20
19
I.R.C. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 7 -
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2024
27,929
215,250
57,887
26,495
327,561
Additions
-
0
1,315
5,638
53,493
60,446
Disposals
-
0
-
0
-
0
(14,425)
(14,425)
At 30 November 2025
27,929
216,565
63,525
65,563
373,582
Depreciation and impairment
At 1 December 2024
22,099
145,413
39,539
13,901
220,952
Depreciation charged in the year
2,594
17,662
5,423
2,768
28,447
Eliminated in respect of disposals
-
0
-
0
-
0
(3,977)
(3,977)
At 30 November 2025
24,693
163,075
44,962
12,692
245,422
Carrying amount
At 30 November 2025
3,236
53,490
18,563
52,871
128,160
At 30 November 2024
5,830
69,837
18,348
12,594
106,609
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
289,508
359,848
Other debtors
13,159
16,643
302,667
376,491
5
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
5,000
10,000
Trade creditors
54,717
125,204
Amounts owed to group undertakings
41,569
20,045
Taxation and social security
143,127
172,898
Other creditors
39,352
35,435
283,765
363,582

A bond and floating charge are secured over the assets of the company.

I.R.C. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 8 -
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
-
0
5,000
7
Provisions for liabilities
2025
2024
£
£
Deferred tax liabilities
8
30,400
23,005
8
Deferred taxation

The following are the major deferred tax liabilities recognised by the company and movements thereon:

2025
2024
Balances:
£
£
Accelerated capital allowances
30,400
23,005
2025
Movements in the year:
£
Liability at 1 December 2024
23,005
Charge to profit or loss
7,395
Liability at 30 November 2025
30,400
9
Called up share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
117 Ordinary A of £1
117
117
I.R.C. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 9 -
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
189,815
201,395
11
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group.
No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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