Acorah Software Products - Accounts Production 12.2.106 false No description of principal activity 1 April 2021 31 March 2022 31 March 2022 SC561466 Mr Osman Khan iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC561466 2021-03-31 SC561466 2022-03-31 SC561466 2021-04-01 2022-03-31 SC561466 frs-core:CurrentFinancialInstruments 2022-03-31 SC561466 frs-core:CurrentFinancialInstruments 2021-04-01 2022-03-31 SC561466 frs-core:Non-currentFinancialInstruments 2022-03-31 SC561466 frs-core:Non-currentFinancialInstruments 2021-04-01 2022-03-31 SC561466 frs-core:CurrentFinancialInstruments 2021-04-01 2022-03-31 SC561466 frs-core:CurrentFinancialInstruments 2022-03-31 SC561466 frs-core:AfterOneYear 2021-04-01 2022-03-31 SC561466 frs-core:BetweenOneFiveYears 2021-04-01 2022-03-31 SC561466 frs-core:BetweenOneFiveYears 2022-03-31 SC561466 frs-core:ComputerEquipment 2022-03-31 SC561466 frs-core:ComputerEquipment 2021-04-01 2022-03-31 SC561466 frs-core:ComputerEquipment 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Registered number: SC561466
RHINO MARKET LTD
Director's Report and
Unaudited Financial Statements
For The Year Ended 31 March 2022
Page 1
Director's Report and Unaudited Financial Statements
Contents
Page
Company Information 1
Director's Report 2
Profit and Loss Account 3
Balance Sheet 4—5
Notes to the Financial Statements 6—8
Page 1
Company Information
Director Mr Osman Khan
Company Number SC561466
Registered Office Offie 1, Technology House
9 Newton Place
GLASGOW
G3 7PR
Page 1
Page 2
Director's Report
The director presents his report and the financial statements for the year ended 31 March 2022 .
Statement of Director's Responsibilities
The director is responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the director is required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Directors
The directors who held office during the year were as follows:
Mr Osman Khan
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
Mr Osman Khan
Director
29/08/2022
Page 2
Page 3
Profit and Loss Account
2022 2021
Notes £ £
TURNOVER 2,303,621 1,620,538
Cost of sales (1,763,807 ) (1,239,454 )
GROSS PROFIT 539,814 381,084
Administrative expenses (360,894 ) (225,600 )
OPERATING PROFIT 178,920 155,484
Loss on disposal of fixed assets (18,710 ) -
Interest payable and similar charges (497 ) -
PROFIT BEFORE TAXATION 159,713 155,484
Tax on Profit (20,826 ) (28,321 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 138,887 127,163
The notes on pages 6 to 8 form part of these financial statements.
Page 3
Page 4
Balance Sheet
2022 2021
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 575,920 529,782
575,920 529,782
CURRENT ASSETS
Stocks 4 355,740 297,530
Debtors 5 503,238 466,073
Cash at bank and in hand 41,196 17,105
900,174 780,708
Creditors: Amounts Falling Due Within One Year 6 (166,058 ) (129,341 )
NET CURRENT ASSETS (LIABILITIES) 734,116 651,367
TOTAL ASSETS LESS CURRENT LIABILITIES 1,310,036 1,181,149
Creditors: Amounts Falling Due After More Than One Year 7 (35,833 ) (45,833 )
NET ASSETS 1,274,203 1,135,316
CAPITAL AND RESERVES
Called up share capital 8 100,000 100,000
Profit and Loss Account 1,174,203 1,035,316
SHAREHOLDERS' FUNDS 1,274,203 1,135,316
Page 4
Page 5
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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
Mr Osman Khan
Director
29/08/2022
The notes on pages 6 to 8 form part of these financial statements.
Page 5
Page 6
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:
Plant & Machinery 15 - 20%
Motor Vehicles 15 - 20%
1.4. 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.
1.5. 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 year 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 asset reflects 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.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 12 (2021: 10)
12 10
Page 6
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3. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 April 2021 641,632 234,651 876,283
Additions 98,520 190,550 289,070
Disposals - (167,121 ) (167,121 )
As at 31 March 2022 740,152 258,080 998,232
Depreciation
As at 1 April 2021 222,707 123,794 346,501
Provided during the period 111,025 51,627 162,652
Disposals - (86,841 ) (86,841 )
As at 31 March 2022 333,732 88,580 422,312
Net Book Value
As at 31 March 2022 406,420 169,500 575,920
As at 1 April 2021 418,925 110,857 529,782
4. Stocks
2022 2021
£ £
Stock - materials and work in progress 355,740 297,530
355,740 297,530
5. Debtors
2022 2021
£ £
Due within one year
Trade debtors 503,238 466,073
503,238 466,073
6. Creditors: Amounts Falling Due Within One Year
2022 2021
£ £
Trade creditors 135,232 96,853
Bank loans and overdrafts 10,000 4,167
Corporation tax 20,826 28,321
166,058 129,341
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7. Creditors: Amounts Falling Due After More Than One Year
2022 2021
£ £
Bank loans 35,833 45,833
35,833 45,833
8. Share Capital
2022 2021
Allotted, Called up and fully paid 100,000 100,000
9. General Information
RHINO MARKET LTD is a private company, limited by shares, incorporated in Scotland, registered number SC561466 . The registered office is Offie 1, Technology House, 9 Newton Place, GLASGOW, G3 7PR.
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