Independent Ropes Ltd

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Accountants' Report	1
Balance Sheet	2—3
Notes to the Financial Statements	4—8

Report to the directors on the preparation of the unaudited statutory accounts of Independent Ropes Ltd for the year ended 30 November 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Independent Ropes Ltd which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made to the directors of Independent Ropes Ltd , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Independent Ropes Ltd and state those matters that we have agreed to state to the directors of Independent Ropes Ltd , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Independent Ropes Ltd and its directors as a body for our work or for this report.

It is your duty to ensure that Independent Ropes Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Independent Ropes Ltd . You consider that Independent Ropes Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Independent Ropes Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.

4 August 2026

Nuvo Scotland Limited

Bankhead Drive

City South Office Park

Portlethen

Aberdeen

AB12 4XX

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Independent Ropes Ltd

Balance Sheet

As At 30 November 2025

Balance Sheet

Registered number: SC613326

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		24,963		30,108

			24,963		30,108
CURRENT ASSETS
Debtors	5	39,461		50,987
Cash at bank and in hand		14,171		14,894

		53,632		65,881
Creditors: Amounts Falling Due Within One Year	6	(45,164 )		(55,608 )

NET CURRENT ASSETS (LIABILITIES)			8,468		10,273

TOTAL ASSETS LESS CURRENT LIABILITIES			33,431		40,381

Creditors: Amounts Falling Due After More Than One Year	7		-		(1,999 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(3,584 )		-

NET ASSETS			29,847		38,382

CAPITAL AND RESERVES
Called up share capital			10		10
Profit and Loss Account			29,837		38,372

SHAREHOLDERS' FUNDS			29,847		38,382

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Independent Ropes Ltd

Balance Sheet (continued)

As At 30 November 2025

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mrs L Coull

Director

3 August 2026

The notes on pages 4 to 8 form part of these financial statements.

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Independent Ropes Ltd

Notes to the Financial Statements

For The Year Ended 30 November 2025

Notes to the Financial Statements

1. General Information

Independent Ropes Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC613326 . The registered office is Unit 4, Nca Campus, Howe Moss Drive, Dyce, Aberdeen, AB21 0GL.

The presentation currency of the financial statements is the Pound Sterling (£).

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Significant judgements and estimations

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis.

2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.

Rendering of services

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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Tangible Fixed Assets and Depreciation

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Assets held under finance leases are depreciated in the same way as owned assets.

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Improvements to Property	5% - reducing balance
Plant & Machinery	25% - reducing balance
Motor Vehicles	25% - on cost
Fixtures & Fittings	25% - reducing balance
Computer Equipment	33% - on cost

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Independent Ropes Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

2.5. Financial Instruments

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances are measured at transaction price including transaction costs.

Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the company transfers the risks and rewards of ownership to another entity.

Basic financial liabilities

Basic financial liabilities, which include trade and other creditors and bank loans payable within one year are not amortised and is recognised at transaction price.

Debt instruments are initially recognised at transaction price plus transaction cost and subsequently carried at amortised cost using the effective interest rate method.

Financial liabilities are derecognised when the company's contractual obligations are discharged.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

2.6. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.7. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.8. Changes in Accounting Standard

Independent Ropes Ltd have opted to have the financial statements prepared in accordance with the Financial Reporting Standard 102 section 1 A Small Entities this year. This is a change from Financial Reporting Standard 105 which was used previously. The directors feel FRS102 gives a true and fair view of their financial postion.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2024: 2)

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Independent Ropes Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

4. Tangible Assets

	Land & Property
	Improvements to Property	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 December 2024	11,980	19,278	20,283	5,135
Additions	-	3,880	-	-
Disposals	-	(3,475 )	-	(502 )

As at 30 November 2025	11,980	19,683	20,283	4,633

Depreciation
As at 1 December 2024	2,222	11,001	10,141	3,535
Provided during the period	488	2,420	5,071	360
Disposals	-	(2,724 )	-	(343 )

As at 30 November 2025	2,710	10,697	15,212	3,552

Net Book Value
As at 30 November 2025	9,270	8,986	5,071	1,081

As at 1 December 2024	9,758	8,277	10,142	1,600


	Computer Equipment	Total
	£	£
Cost
As at 1 December 2024	3,408	60,084
Additions	682	4,562
Disposals	(1,050 )	(5,027 )

As at 30 November 2025	3,040	59,619

Depreciation
As at 1 December 2024	3,077	29,976
Provided during the period	253	8,592
Disposals	(845 )	(3,912 )

As at 30 November 2025	2,485	34,656

Net Book Value
As at 30 November 2025	555	24,963

As at 1 December 2024	331	30,108

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Independent Ropes Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	28,562	44,897
Prepayments and accrued income	5,899	1,090
Other debtors	5,000	5,000

	39,461	50,987

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	2,408	5,316
Bank loans and overdrafts	2,190	10,222
Corporation tax	13,142	12,566
Other taxes and social security	152	443
VAT	13,324	12,554
Directors' loan accounts	13,948	14,507

	45,164	55,608

7. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans	-	1,999

8. Provisions for Liabilities


	Deferred Tax	Total
	£	£
Deferred taxation	3,584	3,584

Balance at 30 November 2025	3,584	3,584

9. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	10,000	10,000

	10,000	10,000

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Independent Ropes Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

10. Directors Advances, Credits and Guarantees

Included within Creditors are the following loans to directors:

	As at 1 December 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 30 November 2025
	£	£	£	£	£
Mr Alasdair Coull	(7,675 )	1,142	(312 )	-	(6,845 )
Mrs Lynn Coull	(6,832 )	69	(340 )	-	(7,103 )

The above loans are interest free and have no fixed repayment terms.

11. Ultimate Controlling Party

The company's ultimate controlling party is Mr and Mrs Coull .

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