Acorah Software Products - Accounts Production 14.5.601 false true true 31 August 2022 1 September 2021 false 1 September 2022 31 August 2023 31 August 2023 7759073 Mr Ian Allen Mr Marc Greene iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 7759073 2022-08-31 7759073 2023-08-31 7759073 2022-09-01 2023-08-31 7759073 frs-core:CurrentFinancialInstruments 2023-08-31 7759073 frs-core:Non-currentFinancialInstruments 2023-08-31 7759073 frs-core:BetweenOneFiveYears 2023-08-31 7759073 frs-core:ComputerEquipment 2023-08-31 7759073 frs-core:ComputerEquipment 2022-09-01 2023-08-31 7759073 frs-core:ComputerEquipment 2022-08-31 7759073 frs-core:FurnitureFittings 2023-08-31 7759073 frs-core:FurnitureFittings 2022-09-01 2023-08-31 7759073 frs-core:FurnitureFittings 2022-08-31 7759073 frs-core:NetGoodwill 2023-08-31 7759073 frs-core:NetGoodwill 2022-09-01 2023-08-31 7759073 frs-core:NetGoodwill 2022-08-31 7759073 frs-core:InvestmentPropertyIncludedWithinPPE 2023-08-31 7759073 frs-core:InvestmentPropertyIncludedWithinPPE 2022-08-31 7759073 frs-core:MotorVehicles 2023-08-31 7759073 frs-core:MotorVehicles 2022-09-01 2023-08-31 7759073 frs-core:MotorVehicles 2022-08-31 7759073 frs-core:PlantMachinery 2023-08-31 7759073 frs-core:PlantMachinery 2022-09-01 2023-08-31 7759073 frs-core:PlantMachinery 2022-08-31 7759073 frs-core:ShareCapital 2023-08-31 7759073 frs-core:RetainedEarningsAccumulatedLosses 2023-08-31 7759073 frs-bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 7759073 frs-bus:FilletedAccounts 2022-09-01 2023-08-31 7759073 frs-bus:SmallEntities 2022-09-01 2023-08-31 7759073 frs-bus:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 7759073 frs-bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 7759073 frs-bus:Director1 2022-09-01 2023-08-31 7759073 frs-bus:Director2 2022-09-01 2023-08-31 7759073 frs-countries:EnglandWales 2022-09-01 2023-08-31 7759073 2021-08-31 7759073 2022-08-31 7759073 2021-09-01 2022-08-31 7759073 frs-core:CurrentFinancialInstruments 2022-08-31 7759073 frs-core:Non-currentFinancialInstruments 2022-08-31 7759073 frs-core:BetweenOneFiveYears 2022-08-31 7759073 frs-core:ShareCapital 2022-08-31 7759073 frs-core:RetainedEarningsAccumulatedLosses 2022-08-31
Registered number: 7759073
SKIRTING WORLD LTD
Unaudited Financial Statements
For The Year Ended 31 August 2023
AMCI ASSOCIATES LTD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 7759073
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1 1
Tangible Assets 5 3,663,728 1,368,252
3,663,729 1,368,253
CURRENT ASSETS
Stocks 6 404,200 297,900
Debtors 7 600,834 -
Cash at bank and in hand 2,455,571 2,771,753
3,460,605 3,069,653
Creditors: Amounts Falling Due Within One Year 8 (903,868 ) (353,419 )
NET CURRENT ASSETS (LIABILITIES) 2,556,737 2,716,234
TOTAL ASSETS LESS CURRENT LIABILITIES 6,220,466 4,084,487
Creditors: Amounts Falling Due After More Than One Year 9 (140,187 ) (44,235 )
NET ASSETS 6,080,279 4,040,252
CAPITAL AND RESERVES
Called up share capital 11 200 200
Profit and Loss Account 6,080,079 4,040,052
SHAREHOLDERS' FUNDS 6,080,279 4,040,252
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 Marc Greene
Director
03/04/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
SKIRTING WORLD LTD is a private company, limited by shares, incorporated in England & Wales, registered number 7759073 . The registered office is Unit 25 Thompson Drive, Gravelly Industrial Park, Birmingham, West Midlands, B24 8HZ.
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. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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.
2.4. 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.
2.5. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised to ... on a straight line basis over their expected useful economic lives, which range from ... to ... years.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
2.6. 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 20%
Motor Vehicles 20%
Fixtures & Fittings 20%
Computer Equipment 20%
2.7. 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.
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2.8. 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.
2.9. 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.
2.10. 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.
2.11. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.12. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.13. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 26 (2022: 27)
26 27
4. Intangible Assets
Goodwill
£
Cost
As at 1 September 2022 15,000
As at 31 August 2023 15,000
Amortisation
As at 1 September 2022 14,999
As at 31 August 2023 14,999
Net Book Value
As at 31 August 2023 1
As at 1 September 2022 1
5. Tangible Assets
Investment Properties Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 September 2022 894,485 814,557 204,401 62,627
Additions 2,258,000 150 149,692 3,314
As at 31 August 2023 3,152,485 814,707 354,093 65,941
Depreciation
As at 1 September 2022 - 451,859 148,509 32,413
Provided during the period - 72,569 41,116 6,705
As at 31 August 2023 - 524,428 189,625 39,118
Net Book Value
As at 31 August 2023 3,152,485 290,279 164,468 26,823
As at 1 September 2022 894,485 362,698 55,892 30,214
Computer Equipment Total
£ £
Cost
As at 1 September 2022 49,801 2,025,871
Additions 12,128 2,423,284
As at 31 August 2023 61,929 4,449,155
Depreciation
As at 1 September 2022 24,838 657,619
Provided during the period 7,418 127,808
As at 31 August 2023 32,256 785,427
...CONTINUED
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Net Book Value
As at 31 August 2023 29,673 3,663,728
As at 1 September 2022 24,963 1,368,252
6. Stocks
2023 2022
£ £
Stock 404,200 297,900
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 95,478 -
Net wages 7,053 -
102,531 -
Due after more than one year
Other debtors 498,303 -
600,834 -
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Corporation tax 577,880 145,842
Other taxes and social security 16,729 -
VAT 215,323 144,253
Other creditors 51,936 41,517
Directors' loan accounts 42,000 21,807
903,868 353,419
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 140,187 44,235
10. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Later than one year and not later than five years 140,187 44,235
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 200 200
12. Directors Advances, Credits and Guarantees
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Dividends paid to directors
2023 2022
£ £
Mr Ian Allen 28,112 57,500
Mr Marc Greene 28,112 57,500
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