Acorah Software Products - Accounts Production 14.5.501 false true 31 August 2022 1 September 2021 false 1 September 2022 31 August 2023 31 August 2023 SC425612 Mr John Thomson Miss Kelly Clark Miss Michelle Suttie Mr Scott Thomson true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC425612 2022-08-31 SC425612 2023-08-31 SC425612 2022-09-01 2023-08-31 SC425612 frs-core:CurrentFinancialInstruments 2023-08-31 SC425612 frs-core:Non-currentFinancialInstruments 2023-08-31 SC425612 frs-core:ComputerEquipment 2023-08-31 SC425612 frs-core:ComputerEquipment 2022-09-01 2023-08-31 SC425612 frs-core:ComputerEquipment 2022-08-31 SC425612 frs-core:FurnitureFittings 2023-08-31 SC425612 frs-core:FurnitureFittings 2022-09-01 2023-08-31 SC425612 frs-core:FurnitureFittings 2022-08-31 SC425612 frs-core:MotorVehicles 2023-08-31 SC425612 frs-core:MotorVehicles 2022-09-01 2023-08-31 SC425612 frs-core:MotorVehicles 2022-08-31 SC425612 frs-core:ShareCapital 2023-08-31 SC425612 frs-core:RetainedEarningsAccumulatedLosses 2023-08-31 SC425612 frs-bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 SC425612 frs-bus:FilletedAccounts 2022-09-01 2023-08-31 SC425612 frs-bus:SmallEntities 2022-09-01 2023-08-31 SC425612 frs-bus:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 SC425612 frs-bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 SC425612 1 2022-09-01 2023-08-31 SC425612 frs-bus:Director1 2022-09-01 2023-08-31 SC425612 frs-bus:Director2 2022-09-01 2023-08-31 SC425612 frs-bus:Director3 2022-09-01 2023-08-31 SC425612 frs-bus:Director4 2022-09-01 2023-08-31 SC425612 frs-countries:Scotland 2022-09-01 2023-08-31 SC425612 2021-08-31 SC425612 2022-08-31 SC425612 2021-09-01 2022-08-31 SC425612 frs-core:CurrentFinancialInstruments 2022-08-31 SC425612 frs-core:Non-currentFinancialInstruments 2022-08-31 SC425612 frs-core:ShareCapital 2022-08-31 SC425612 frs-core:RetainedEarningsAccumulatedLosses 2022-08-31
Registered number: SC425612
Fairprice Mobility Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2023
Douglas Briggs FCCA, FMAAT
62 Wellesley Road
Methil
Leven
Fife
KY8 3AF
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: SC425612
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 5,828 8,154
5,828 8,154
CURRENT ASSETS
Stocks 5 320,000 352,000
Debtors 6 291,614 63,934
Cash at bank and in hand 38,151 41,656
649,765 457,590
Creditors: Amounts Falling Due Within One Year 7 (425,433 ) (265,407 )
NET CURRENT ASSETS (LIABILITIES) 224,332 192,183
TOTAL ASSETS LESS CURRENT LIABILITIES 230,160 200,337
Creditors: Amounts Falling Due After More Than One Year 8 (38,339 ) (43,504 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,228 ) (2,228 )
NET ASSETS 189,593 154,605
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 189,493 154,505
SHAREHOLDERS' FUNDS 189,593 154,605
Page 1
Page 2
For the year ending 31 August 2023 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 John Thomson
Director
22/10/2023
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Fairprice Mobility Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC425612 . The registered office is Units 8 & 9 Carberry Place, Michelston Industrial Estate, Kirkcaldy, Fife, KY1 3NQ.
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. 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.
2.3. 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:
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 25% Reducing Balance
2.4. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 3 1
Sales, marketing and distribution 16 11
19 12
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 September 2022 50,510 1,542 8,942 60,994
As at 31 August 2023 50,510 1,542 8,942 60,994
...CONTINUED
Page 3
Page 4
Depreciation
As at 1 September 2022 45,892 1,677 5,271 52,840
Provided during the period 1,429 (135 ) 1,032 2,326
As at 31 August 2023 47,321 1,542 6,303 55,166
Net Book Value
As at 31 August 2023 3,189 - 2,639 5,828
As at 1 September 2022 4,618 (135 ) 3,671 8,154
5. Stocks
2023 2022
£ £
Stock 320,000 352,000
6. Debtors
2023 2022
£ £
Due within one year
Other debtors - 7,545
VAT 72,239 56,389
Directors' loan accounts 219,375 -
291,614 63,934
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 205,157 184,910
Other loans 181,913 -
Corporation tax - 16,441
Other taxes and social security 36,363 44,661
Accruals and deferred income 2,000 2,000
Directors' loan accounts - 17,395
425,433 265,407
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 38,339 43,504
38,339 43,504
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
10. Ultimate Controlling Party
The company's ultimate controlling party is Mr J B Thomson by virtue of his ownership of 100% of the issued share capital in the company.
Page 4