Acorah Software Products - Accounts Production 12.4.002 false 1 January 2021 31 December 2021 31 December 2021 SC552982 Mr Michael O'Connor iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC552982 2020-12-31 SC552982 2021-12-31 SC552982 2021-01-01 2021-12-31 SC552982 frs-core:CurrentFinancialInstruments 2021-12-31 SC552982 frs-core:CurrentFinancialInstruments 2021-01-01 2021-12-31 SC552982 frs-core:Non-currentFinancialInstruments 2021-12-31 SC552982 frs-core:Non-currentFinancialInstruments 2021-01-01 2021-12-31 SC552982 frs-core:CurrentFinancialInstruments 2021-01-01 2021-12-31 SC552982 frs-core:CurrentFinancialInstruments 2021-12-31 SC552982 frs-core:AfterOneYear 2021-01-01 2021-12-31 SC552982 frs-core:BetweenOneFiveYears 2021-01-01 2021-12-31 SC552982 frs-core:BetweenOneFiveYears 2021-12-31 SC552982 frs-core:ComputerEquipment 2021-12-31 SC552982 frs-core:ComputerEquipment 2021-01-01 2021-12-31 SC552982 frs-core:ComputerEquipment 2020-12-31 SC552982 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Registered number: SC552982
OC Power Engineering Limited
Unaudited Financial Statements
For The Year Ended 31 December 2021
Unaudited Financial Statements
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountants' Report
Chartered Accountants' report to the director on the preparation of the unaudited statutory accounts of OC Power Engineering Limited For The Year Ended 31 December 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of OC Power Engineering Limited for the year ended 31 December 2021 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-for-the-preparation-of-accounts.
This report is made solely to the director of OC Power Engineering Limited , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of OC Power Engineering Limited and state those matters that we have agreed to state to the director of OC Power Engineering Limited , as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at https://icas.com/icas-framework-for-the-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than OC Power Engineering Limited and its director, as a body, for our work or for this report.
It is your duty to ensure that OC Power Engineering Limited 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 OC Power Engineering Limited . You consider that OC Power Engineering Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of OC Power Engineering Limited . 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.
Signed
26 August 2022
Irvine Adamson
Chartered Accountants and Chartered Tax Advisers
7 St Malcolm's Wynd
Kirriemuir
Angus
DD8 4HB
Page 1
Page 2
Balance Sheet
Registered number: SC552982
2021 2020
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 105,320 103,862
105,320 103,862
CURRENT ASSETS
Debtors 4 58,667 20,935
Cash at bank and in hand 19,765 85,359
78,432 106,294
Creditors: Amounts Falling Due Within One Year 5 (13,468 ) (58,710 )
NET CURRENT ASSETS (LIABILITIES) 64,964 47,584
TOTAL ASSETS LESS CURRENT LIABILITIES 170,284 151,446
PROVISIONS FOR LIABILITIES
Deferred Taxation (6,320 ) -
NET ASSETS 163,964 151,446
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 163,864 151,346
SHAREHOLDERS' FUNDS 163,964 151,446
Page 2
Page 3
For the year ending 31 December 2021 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 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 Michael O'Connor
Director
26 August 2022
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
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 basis, as modified by the revaluaton of certain financial assets and liabilities and investment properties measured at fair value through profit or loss, 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.

The financial statements are prepared in sterling, which is the functional currency of the entity.
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 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.
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 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
1.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
1.5. 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.
Page 4
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1.6. Taxation
The taxation 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: 2 (2020: 2)
2 2
3. Tangible Assets
Investment Properties Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 January 2021 72,056 41,554 - 2,425 116,035
Additions - - 41,555 - 41,555
Disposals - (38,679 ) - - (38,679 )
As at 31 December 2021 72,056 2,875 41,555 2,425 118,911
Depreciation
As at 1 January 2021 - 10,711 - 1,462 12,173
Provided during the period - 459 10,389 240 11,088
Disposals - (9,670 ) - - (9,670 )
As at 31 December 2021 - 1,500 10,389 1,702 13,591
Net Book Value
As at 31 December 2021 72,056 1,375 31,166 723 105,320
As at 1 January 2021 72,056 30,843 - 963 103,862
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4. Debtors
2021 2020
£ £
Due within one year
Trade debtors - 19,685
Prepayments and accrued income - 250
Other debtors 58,500 1,000
VAT 167 -
58,667 20,935
5. Creditors: Amounts Falling Due Within One Year
2021 2020
£ £
Net obligations under finance lease and hire purchase contracts - 25,279
Corporation tax 11,946 20,999
VAT - 9,444
Accruals and deferred income 1,007 2,477
Director's loan account 515 511
13,468 58,710
6. Obligations Under Finance Leases and Hire Purchase
2021 2020
£ £
The maturity of these amounts is as follows:
Amounts Payable:
Within one year - 25,279
- 25,279
- 25,279
7. Share Capital
2021 2020
Allotted, Called up and fully paid 100 100
8. General Information
OC Power Engineering Limited is a private company, limited by shares, incorporated in Scotland, registered number SC552982 . The registered office is 6 Lord Lyell Drive, Kirriemuir, Angus, DD8 4JU.
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