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Registered number: SC366474
Euriqa Ltd
Financial Statements
For The Year Ended 31 October 2023
Gillespie's Fife
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 directors on the preparation of the unaudited statutory accounts of Euriqa Ltd For The Year Ended 31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Euriqa Ltd For The Year Ended 31 October 2023 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of Euriqa Ltd , as a body, in accordance with the terms of our engagement letter dated 05 March 2015. Our work has been undertaken solely to prepare for your approval the accounts of Euriqa Ltd and state those matters that we have agreed to state to the directors of Euriqa Ltd , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Euriqa Ltd and its directors, as a body, for our work or for this report.
It is your duty to ensure that Euriqa Ltd 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 Euriqa Ltd . You consider that Euriqa Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Euriqa Ltd . 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
2nd April 2024
Gillespie's Fife
Accountants
Fric Ajax Way
Methil
Leven
KY8 3RS
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Page 2
Balance Sheet
Registered number: SC366474
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 12,758 14,269
12,758 14,269
CURRENT ASSETS
Debtors 5 120,877 126,944
Cash at bank and in hand 19,682 18,650
140,559 145,594
Creditors: Amounts Falling Due Within One Year 6 (42,572 ) (35,883 )
NET CURRENT ASSETS (LIABILITIES) 97,987 109,711
TOTAL ASSETS LESS CURRENT LIABILITIES 110,745 123,980
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,424 ) (2,711 )
NET ASSETS 108,321 121,269
CAPITAL AND RESERVES
Called up share capital 7 2 2
Profit and Loss Account 108,319 121,267
SHAREHOLDERS' FUNDS 108,321 121,269
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For the year ending 31 October 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 Stephen Herd
Director
2nd April 2024
The notes on pages 4 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Euriqa Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC366474 . The registered office is 17 Waid Terrace, Anstruther, Fife, KY10 3EZ.
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.
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:
Plant & Machinery 25% Reducing balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 20% Reducing Balance
Computer Equipment 33% Reducing Balance
2.4. 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 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 1 1
Sales, marketing and distribution 1 1
2 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 November 2022 729 21,172 5,553 10,927 38,381
Additions - - - 3,202 3,202
As at 31 October 2023 729 21,172 5,553 14,129 41,583
Depreciation
As at 1 November 2022 264 10,184 4,502 9,162 24,112
Provided during the period 117 2,748 210 1,638 4,713
As at 31 October 2023 381 12,932 4,712 10,800 28,825
Net Book Value
As at 31 October 2023 348 8,240 841 3,329 12,758
As at 1 November 2022 465 10,988 1,051 1,765 14,269
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 16,686 20,394
Directors' loan accounts 104,191 106,550
120,877 126,944
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors - 139
Corporation tax 26,100 19,641
VAT 15,143 14,875
Credit card 29 (72 )
Accruals and deferred income 1,300 1,300
42,572 35,883
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
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8. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 November 2022 Amounts advanced Amounts repaid Amounts written off As at 31 October 2023
£ £ £ £ £
Mrs Lynne Herd 53,275 64,917 66,097 - 52,095
Mr Stephen Herd 53,275 64,917 66,096 - 52,096
The above loan is unsecured, interest free and repayable on demand.
9. Dividends
2023 2022
£ £
On equity shares:
Final dividend paid 106,550 108,300
106,550 108,300
Final dividends of £104,200 were declared on 31 March 2024.
10. Ultimate Controlling Party
The company's ultimate controlling parties are Mr and Mrs Herd by virtue of their ownership of 100% of the issued share capital in the company.
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