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Registered number: SC138531
Orkney Shellfish Limited
Financial Statements
For The Year Ended 30 September 2023
Gillespie's
Chartered Accountants
33 Leslie Street
Blairgowrie
Perthshire
PH10 6AW
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: SC138531
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 3 60,000 72,000
Tangible Assets 4 96,168 91,720
156,168 163,720
CURRENT ASSETS
Stocks - 3,900
Debtors 5 154,043 102,181
154,043 106,081
Creditors: Amounts Falling Due Within One Year 6 (149,608 ) (142,951 )
NET CURRENT ASSETS (LIABILITIES) 4,435 (36,870 )
TOTAL ASSETS LESS CURRENT LIABILITIES 160,603 126,850
Creditors: Amounts Falling Due After More Than One Year 7 - (6,950 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (19,182 ) (15,468 )
NET ASSETS 141,421 104,432
CAPITAL AND RESERVES
Called up share capital 8 4 4
Profit and Loss Account 141,417 104,428
SHAREHOLDERS' FUNDS 141,421 104,432
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For the year ending 30 September 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
Ms Angela Walls
Director
Mr Robert Smith
Director
2nd April 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. 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.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
1.4. 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:
Boat 10% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Equipment 25% reducing balance
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. Taxation
Corporation 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.
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2. Average Number of Employees
Average number of employees, including directors, during the year was 3. 
2023 2022
Office and administration 1 1
Directors 2 2
3 3
3. Intangible Assets
Goodwill
£
Cost
As at 1 October 2022 120,000
As at 30 September 2023 120,000
Amortisation
As at 1 October 2022 48,000
Provided during the period 12,000
As at 30 September 2023 60,000
Net Book Value
As at 30 September 2023 60,000
As at 1 October 2022 72,000
4. Tangible Assets
Boat Motor Vehicles Fixtures & Fittings Equipment Total
£ £ £ £ £
Cost
As at 1 October 2022 105,496 17,664 7,133 15,706 145,999
Additions 2,380 16,995 - 3,549 22,924
Disposals - (2,522 ) - - (2,522 )
As at 30 September 2023 107,876 32,137 7,133 19,255 166,401
Depreciation
As at 1 October 2022 34,663 6,066 3,045 10,505 54,279
Provided during the period 7,321 6,882 1,022 2,187 17,412
Disposals - (1,458 ) - - (1,458 )
As at 30 September 2023 41,984 11,490 4,067 12,692 70,233
Net Book Value
As at 30 September 2023 65,892 20,647 3,066 6,563 96,168
As at 1 October 2022 70,833 11,598 4,088 5,201 91,720
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5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 98,639 49,336
Other debtors 47,199 47,199
VAT 8,205 5,646
154,043 102,181
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 40,054 12,009
Bank loans and overdrafts 32,767 80,616
Corporation tax 33,652 14,311
Other taxes and social security 74 63
Accruals and deferred income 7,730 4,345
Directors' loan accounts 35,331 31,607
149,608 142,951
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loan - outwith 1 year - 6,950
- 6,950
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 4 4
9. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans from directors:
As at 1 October 2022 Amounts advanced Amounts repaid Amounts written off As at 30 September 2023
£ £ £ £ £
Ms Angela Walls 15,493 40,543 37,381 - 18,655
Mr Robert Smith 16,115 40,543 39,982 - 16,676
The above loans are unsecured, interest free and repayable on demand.
10. Related Party Transactions
Orkney VisitsOther debtorsIncluded within Other Debtors is a balance from Orkney Visits of £47,199 (2022 - £47,199). This is a partnership involving Robert Smith and Angela Walls. There are no fixed repayment terms and this loan is interest free.

Orkney Visits

Other debtors

Included within Other Debtors is a balance from Orkney Visits of £47,199 (2022 - £47,199). This is a partnership involving Robert Smith and Angela Walls. There are no fixed repayment terms and this loan is interest free.

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11. Ultimate Controlling Party
The company's ultimate controlling parties are Mr Robert Smith and Ms Angela Walls by virtue of their ownership of 100% of the issued share capital in the company.
12. General Information
Orkney Shellfish Limited is a private company, limited by shares, incorporated in Scotland, registered number SC138531 . The registered office is Shoreside, Grimness, South Ronaldsay, Orkney, KW17 2TQ.
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