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Registered number: 05872565
MP Costcutter UK Limited
Financial Statements
For The Year Ended 31 July 2023
Financial Statements
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—7
Page 1
Balance Sheet
Registered number: 05872565
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 131,383 141,833
Tangible Assets 5 53,200 55,386
184,583 197,219
CURRENT ASSETS
Stocks 6 75,406 79,582
Debtors 7 258,758 834,004
Cash at bank and in hand 652,054 88,506
986,218 1,002,092
Creditors: Amounts Falling Due Within One Year 8 (428,832 ) (380,539 )
NET CURRENT ASSETS (LIABILITIES) 557,386 621,553
TOTAL ASSETS LESS CURRENT LIABILITIES 741,969 818,772
Creditors: Amounts Falling Due After More Than One Year 9 (143,831 ) (193,006 )
NET ASSETS 598,138 625,766
CAPITAL AND RESERVES
Called up share capital 100 100
Profit and Loss Account 598,038 625,666
SHAREHOLDERS' FUNDS 598,138 625,766
Page 1
Page 2
For the year ending 31 July 2023 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.
The financial statements were approved by the board of directors on 5 March 2024 and were signed on its behalf by:
Mr Mikin Patel
Director
5 March 2024
The notes on pages 4 to 7 form part of these financial statements.
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Page 3
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 August 2021 100 576,626 576,726
Profit for the year and total comprehensive income - 124,040 124,040
Dividends paid - (75,000) (75,000)
As at 31 July 2022 and 1 August 2022 100 625,666 625,766
Profit for the year and total comprehensive income - 87,372 87,372
Dividends paid - (115,000) (115,000)
As at 31 July 2023 100 598,038 598,138
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Page 4
Notes to the Financial Statements
1. General Information
MP Costcutter UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05872565 . The registered office is 124 Downsway, East Preston, Littlehampton, West Sussex, BN16 1AF.
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. 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 20 years.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line
basis over the lease term.
2.5. 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:
Leasehold Non depreciable
Plant & Machinery 25% reducing balance
Motor Vehicles 20% reducing balance
Fixtures & Fittings 25% reducing balance
2.6. 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.
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2.7. 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 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.
2.8. 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.
2.9. Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
2.10. Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.11. Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2022: 7)
7 7
4. Intangible Assets
Goodwill
£
Cost
As at 1 August 2022 209,000
As at 31 July 2023 209,000
...CONTINUED
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Amortisation
As at 1 August 2022 67,167
Provided during the period 10,450
As at 31 July 2023 77,617
Net Book Value
As at 31 July 2023 131,383
As at 1 August 2022 141,833
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
5. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 August 2022 5,929 23,806 168,537 198,272
Additions - - 10,898 10,898
As at 31 July 2023 5,929 23,806 179,435 209,170
Depreciation
As at 1 August 2022 - 21,698 121,188 142,886
Provided during the period - 422 12,662 13,084
As at 31 July 2023 - 22,120 133,850 155,970
Net Book Value
As at 31 July 2023 5,929 1,686 45,585 53,200
As at 1 August 2022 5,929 2,108 47,349 55,386
6. Stocks
2023 2022
£ £
Stock 75,406 79,582
7. Debtors
2023 2022
£ £
Due within one year
Other debtors 258,758 834,004
258,758 834,004
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8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 107,818 115,626
Corporation tax 94,088 88,677
Other taxes and social security 3,973 1,279
Other creditors 222,953 174,957
428,832 380,539
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 143,831 193,006
143,831 193,006
10. Related party note
Mr Mikin Patel is director of the company.
At the end of the year amount owed by the company to the director is £986.27 (2022: -£558,015.61).
During the year, the company has declared dividend of £115,000.00 (2022: 75,000).
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