Acorah Software Products - Accounts Production 12.4.002 false 1 April 2021 31 March 2022 31 March 2022 SC062313 Mr Jason Clark Mr James Clark Mrs Helen Clark Mrs Helen Clark iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC062313 2021-03-31 SC062313 2022-03-31 SC062313 2021-04-01 2022-03-31 SC062313 frs-core:CurrentFinancialInstruments 2022-03-31 SC062313 frs-core:CurrentFinancialInstruments 2021-04-01 2022-03-31 SC062313 frs-core:Non-currentFinancialInstruments 2022-03-31 SC062313 frs-core:Non-currentFinancialInstruments 2021-04-01 2022-03-31 SC062313 frs-core:CurrentFinancialInstruments 2021-04-01 2022-03-31 SC062313 frs-core:CurrentFinancialInstruments 2022-03-31 SC062313 frs-core:AfterOneYear 2021-04-01 2022-03-31 SC062313 frs-core:BetweenOneFiveYears 2021-04-01 2022-03-31 SC062313 frs-core:BetweenOneFiveYears 2022-03-31 SC062313 frs-core:ComputerEquipment 2022-03-31 SC062313 frs-core:ComputerEquipment 2021-04-01 2022-03-31 SC062313 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frs-countries:Scotland 2020-04-01 2021-03-31
Registered number: SC062313
Thistle Marine (Peterhead) Limited
Unaudited Financial Statements
For The Year Ended 31 March 2022
M Squared Accountants

Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: SC062313
2022 2021
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 1,051,402 391,209
1,051,402 391,209
CURRENT ASSETS
Stocks 4 912,908 901,502
Debtors 5 727,708 528,325
Cash at bank and in hand 146,610 65,011
1,787,226 1,494,838
Creditors: Amounts Falling Due Within One Year 6 (1,269,673 ) (876,673 )
NET CURRENT ASSETS (LIABILITIES) 517,553 618,165
TOTAL ASSETS LESS CURRENT LIABILITIES 1,568,955 1,009,374
Creditors: Amounts Falling Due After More Than One Year 7 (457,221 ) (251,657 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (48,256 ) (31,120 )
NET ASSETS 1,063,478 726,597
CAPITAL AND RESERVES
Called up share capital 9 2,550 2,550
Other reserves 2,550 2,550
Profit and Loss Account 1,058,378 721,497
SHAREHOLDERS' FUNDS 1,063,478 726,597
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For the year ending 31 March 2022 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
Mr James Clark
Director
26/08/2022
The notes on pages 3 to 7 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2. 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.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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.
1.3. Tangible Fixed Assets and Depreciation
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:
Freehold 2% straight line
Tenants Improvements over the period of the lease
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
1.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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1.7. 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 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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 17 (2021: 20)
17 20
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3. Tangible Assets
Land & Property
Freehold Tenants Improvements Plant & Machinery Motor Vehicles
£ £ £ £
Cost or Valuation
As at 1 April 2021 237,792 339,095 1,063,788 154,811
Additions 733,495 1,802 131,646 -
Disposals (237,792 ) (1,848 ) (104,431 ) -
As at 31 March 2022 733,495 339,049 1,091,003 154,811
Depreciation
As at 1 April 2021 146,711 195,605 965,212 109,157
Provided during the period 9,201 50,822 30,053 11,414
Disposals (146,711 ) - (83,808 ) -
On revaluations - (1,110 ) - -
As at 31 March 2022 9,201 245,317 911,457 120,571
Net Book Value
As at 31 March 2022 724,294 93,732 179,546 34,240
As at 1 April 2021 91,081 143,490 98,576 45,654
Fixtures & Fittings Total
£ £
Cost or Valuation
As at 1 April 2021 93,234 1,888,720
Additions 12,812 879,755
Disposals (22,897 ) (366,968 )
As at 31 March 2022 83,149 2,401,507
Depreciation
As at 1 April 2021 80,826 1,497,511
Provided during the period 4,464 105,954
Disposals (21,731 ) (252,250 )
On revaluations - (1,110)
As at 31 March 2022 63,559 1,350,105
Net Book Value
As at 31 March 2022 19,590 1,051,402
As at 1 April 2021 12,408 391,209
4. Stocks
2022 2021
£ £
Stock - finished goods 912,908 901,502
912,908 901,502
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5. Debtors
2022 2021
£ £
Due within one year
Trade debtors 557,969 410,735
Amounts recoverable on contracts - 80,874
Prepayments and accrued income 118,164 35,445
Other debtors - 1,271
VAT 51,575 -
727,708 528,325
6. Creditors: Amounts Falling Due Within One Year
2022 2021
£ £
Net obligations under finance lease and hire purchase contracts 40,999 23,983
Trade creditors 669,650 462,925
Bank loans and overdrafts 253,463 239,516
Corporation tax - 11,053
Other taxes and social security 31,960 21,957
VAT - 21,491
Other creditors 186,110 70,954
Pension creditor 935 -
Accruals and deferred income 16,961 4,748
Government grants within one year 505 2,691
Directors' loan accounts 69,090 17,355
1,269,673 876,673
7. Creditors: Amounts Falling Due After More Than One Year
2022 2021
£ £
Net obligations under finance lease and hire purchase contracts 187,874 31,130
Bank loans 267,834 220,527
Government grants after one year 1,513 -
457,221 251,657
Of the creditors falling due within and after more than one year the following amounts are due after more than five years.
2022 2021
£ £
Bank loans and overdrafts 93,456 84,893
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8. Obligations Under Finance Leases and Hire Purchase
2022 2021
£ £
The maturity of these amounts is as follows:
Amounts Payable:
Within one year 40,999 23,983
Between one and five years 187,874 31,130
228,873 55,113
228,873 55,113
9. Share Capital
2022 2021
Allotted, Called up and fully paid 2,550 2,550
10. General Information
Thistle Marine (Peterhead) Limited is a private company, limited by shares, incorporated in Scotland, registered number SC062313 . The registered office is Thistle House, Thunderton Industrial Estate, Peterhead, Aberdeenshire, AB42 3EB.
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