TITE-LITE (UK) LIMITED


Directors	Roland Ferry
	Stacey-Lee Ferry


Company Secretary	Stacey-Lee Ferry


Registered Address	17 Faraday Road
	Southfield Industrial Estate
	Glenrothes
	KY6 2RU


Registered Number	SC278053 (Scotland)

Notes to the Financial Statements
for the year ended 30 April 2026

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

	Going concern
	The financial statements have been prepared on the going concern basis. The directors find it appropriate for the financial statements to be prepared on this basis despite the net current liability position of the company. The company is reliant upon the continued support of the directors who have confirmed that they will continue to support the company as required.

	Turnover policy
	With the exception of long term contracts, turnover represents amounts receivable during the year , excluding Value Added Tax. Revenue from long term contracts is recognised by reference to the stage of completion of contract activity at the balance sheet date. This is normally determined by the proportion that contract costs incurred to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. If the nature of a particular contract means that costs incurred do not accurately reflect the progress of contract activity, an alternative approach is used such as the achievement of pre-determined contract milestones. Profit attributable to contract activity is recognised if the final outcome of such contracts can be reliably assessed. On all contracts, full provision is made for any losses in the year in which they are first foreseen. Revenue from services provided on a short-term or one-off basis is recognised when the service is complete. Rents received represents income from property rental income.

Turnover policy

With the exception of long term contracts, turnover represents amounts receivable during the year , excluding Value Added Tax.

Revenue from long term contracts is recognised by reference to the stage of completion of contract activity at the balance sheet date. This is normally determined by the proportion that contract costs incurred to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. If the nature of a particular contract means that costs incurred do not accurately reflect the progress of contract activity,
an alternative approach is used such as the achievement of pre-determined contract milestones.

Profit attributable to contract activity is recognised if the final outcome of such contracts can be reliably assessed. On all contracts, full provision is made for any losses in the year in which they are first foreseen.

Revenue from services provided on a short-term or one-off basis is recognised when the service is complete.

Rents received represents income from property rental income.

	Revenue from sale of goods
	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.

Revenue from sale of goods

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.

	Employee 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.

	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.

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.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	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.

Deferred tax

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.

	Intangible assets
	The intangible fixed asset comprises patents which are recorded at cost. The patents are being amortised over 10 years and the carrying value is subject to an annual impairment review.

	Research and development
	Development expenditure is capitalised when eligible costs are incurred. The resulting intangible asset is amortised over one year once the commercial production in respect of these costs has commenced.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows: Motor vehicles - 25% reducing balance Plant and machinery - 5% reducing balance, 4% straight line, 5% straight line, 7% straight line, 10% straight line, 20% straight line, 50% straight line

	Investments
	Investments in subsidiary undertakings are recognised at cost.

	Investment property
	Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease. Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Finance leases and hire purchase contracts

Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

	Stocks and work in progress
	Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Work In Progress Applications applied for are recognised as turnover. The attributable profit on contracts is recognised once their outcome can be assessed with reasonable certainty. The profit recognised reflects the proportion of the work completed to date on the project. Costs associated with contracts are included in work in progress to the extent that they cannot be matched with contract work accounted for as turnover. Costs are defined as direct costs plus attributable overheads based on normal level of activity. Full provision is made for losses on all contracts in the year in which the loss is foreseen.

Stocks and work in progress

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

Work In Progress

Applications applied for are recognised as turnover. The attributable profit on contracts is recognised once their outcome can be assessed with reasonable certainty. The profit recognised reflects the proportion of the work completed to date on the project.

Costs associated with contracts are included in work in progress to the extent that they cannot be matched with contract work accounted for as turnover. 

Costs are defined as direct costs plus attributable overheads based on normal level of activity.

Full provision is made for losses on all contracts in the year in which the loss is foreseen.

2.	Average number of employees


		2026		2025
	Average number of employees during the year	2		2

3.	Intangible assets

	Other	Total
	£	£
Cost or valuation
At 01 May 25	50,890	50,890
At 30 April 26	50,890	50,890
Amortisation and impairment
At 01 May 25	50,890	50,890
At 30 April 26	50,890	50,890
Net book value
At 30 April 26	-	-
At 30 April 25	-	-

4.	Tangible fixed assets

	Plant & machinery	Vehicles	Total
	£	£	£
Cost or valuation
At 01 May 25	946,757	40,415	987,172
Additions	84,555	7,000	91,555
At 30 April 26	1,031,312	47,415	1,078,727
Depreciation and impairment
At 01 May 25	370,235	18,015	388,250
Charge for year	53,215	7,350	60,565
At 30 April 26	423,450	25,365	448,815
Net book value
At 30 April 26	607,862	22,050	629,912
At 30 April 25	576,522	22,400	598,922

5.	Investment property


		£
	Fair value at 01 May 25	100,000
	Disposals	(100,000)
	At 30 April 26	-

6.	Fixed asset investments
	The company owns 100% of the issued share capital of Ductform Ventilation (UK) Limited and Ductform HVAC Fabrication & Engineering Limited, both of which are incorporated in Scotland.

	Investments in groups¹	Total
	£	£
Cost or valuation
At 01 May 25	628,102	628,102
At 30 April 26	628,102	628,102
Net book value
At 30 April 26	628,102	628,102
At 30 April 25	628,102	628,102

	Notes
	¹Investments in group undertakings and participating interests

7.	Stocks

	2026	2025
	£	£
Raw materials and consumables	151,354	99,228
Total	151,354	99,228

8.	Debtors: amounts due within one year

	2026	2025
	£	£
Other debtors	94,809	95,061
Prepayments and accrued income	19,213	8,247
Total	114,022	103,308

9.	Creditors: amounts due within one year

	2026	2025
	£	£
Trade creditors / trade payables	132,890	276,181
Bank borrowings and overdrafts	68,984	21,092
Taxation and social security	5,882	18,040
Finance lease and HP contracts	63,633	46,179
Other creditors	28,704	27,763
Accrued liabilities and deferred income	13,328	10,727
Total	313,421	399,982

10.	Creditors: amounts due after one year

	2026	2025
	£	£
Bank borrowings and overdrafts	5,026	-
Other creditors	154,921	173,663
Total	159,947	173,663


	The loan notes, included within other loans, are secured by a bond and floating charge over the whole assets of the company. HP creditor secured over assets to which it relates.

11.	Directors advances, credits and guarantees
	There are no fixed repayment terms in respect of overdrawn directors loan balances and no interest is charged.

	Notes	2026		2025
		£	£	£	£
Fixed assets
Tangible assets	4		629,912		598,922
Investments	6		628,102		628,102
Investment property	5		-		100,000
			1,258,014		1,327,024
Current assets
Stocks	7	151,354		99,228
Debtors	8	114,022		103,308
		265,376		202,536
Creditors amounts falling due within one year	9	(313,421)		(399,982)
Net current assets (liabilities)			(48,045)		(197,446)
Total assets less current liabilities			1,209,969		1,129,578
Creditors amounts falling due after one year	10		(159,947)		(173,663)
Provisions for liabilities			(14,965)		(113,121)
Net assets			1,035,057		842,794
Capital and reserves
Called up share capital			62,910		62,910
Revaluation reserve			27,617		31,284
Other reserves			-		22,715
Profit and loss account			944,530		725,885
Shareholders' funds			1,035,057		842,794