Acorah Software Products - Accounts Production 15.0.500 false true 31 January 2023 1 February 2022 false 1 February 2023 31 January 2024 31 January 2024 12421890 S Wallace C Wallace iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12421890 2023-01-31 12421890 2024-01-31 12421890 2023-02-01 2024-01-31 12421890 frs-core:CurrentFinancialInstruments 2024-01-31 12421890 frs-core:Non-currentFinancialInstruments 2024-01-31 12421890 frs-core:MotorVehicles 2024-01-31 12421890 frs-core:MotorVehicles 2023-02-01 2024-01-31 12421890 frs-core:MotorVehicles 2023-01-31 12421890 frs-core:PlantMachinery 2024-01-31 12421890 frs-core:PlantMachinery 2023-02-01 2024-01-31 12421890 frs-core:PlantMachinery 2023-01-31 12421890 frs-core:ShareCapital 2024-01-31 12421890 frs-core:RetainedEarningsAccumulatedLosses 2024-01-31 12421890 frs-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 12421890 frs-bus:FilletedAccounts 2023-02-01 2024-01-31 12421890 frs-bus:SmallEntities 2023-02-01 2024-01-31 12421890 frs-bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 12421890 frs-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 12421890 frs-bus:Director1 2023-02-01 2024-01-31 12421890 frs-bus:Director2 2023-02-01 2024-01-31 12421890 frs-countries:EnglandWales 2023-02-01 2024-01-31 12421890 2022-01-31 12421890 2023-01-31 12421890 2022-02-01 2023-01-31 12421890 frs-core:CurrentFinancialInstruments 2023-01-31 12421890 frs-core:Non-currentFinancialInstruments 2023-01-31 12421890 frs-core:ShareCapital 2023-01-31 12421890 frs-core:RetainedEarningsAccumulatedLosses 2023-01-31
Registered number: 12421890
S.O. Wallace Fencing Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Naylor Accountancy Services Ltd
25 Hursley Road
Chandler's Ford
Eastleigh
Hampshire
SO53 2FS
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12421890
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 43,083 43,849
43,083 43,849
CURRENT ASSETS
Debtors 5 29,719 50,205
Cash at bank and in hand 27,075 13,269
56,794 63,474
Creditors: Amounts Falling Due Within One Year 6 (16,321 ) (16,374 )
NET CURRENT ASSETS (LIABILITIES) 40,473 47,100
TOTAL ASSETS LESS CURRENT LIABILITIES 83,556 90,949
Creditors: Amounts Falling Due After More Than One Year 7 (41,741 ) (41,741 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,906 ) (8,331 )
NET ASSETS 35,909 40,877
CAPITAL AND RESERVES
Called up share capital 8 5 5
Profit and Loss Account 35,904 40,872
SHAREHOLDERS' FUNDS 35,909 40,877
Page 1
Page 2
For the year ending 31 January 2024 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
S Wallace
Director
25th July 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
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Notes to the Financial Statements
1. General Information
S.O. Wallace Fencing Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12421890 . The registered office is 25 Hursley Road, Chandler's Ford, Eastleigh, Hampshire, SO53 2FS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordancee with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as appliable to comapanies subject to the small companies regime. The disclosure requiremets of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statemetns are prepared in sterling, which is the functional currentcy of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set our below.
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:
Plant & Machinery 25% Straight line
Motor Vehicles 25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference beween the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
2.4. 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.
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2.5. Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.6. Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 3)
1 3
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 February 2023 4,598 53,339 57,937
Additions 4,250 7,750 12,000
As at 31 January 2024 8,848 61,089 69,937
Depreciation
As at 1 February 2023 707 13,381 14,088
Provided during the period 1,150 11,616 12,766
As at 31 January 2024 1,857 24,997 26,854
Net Book Value
As at 31 January 2024 6,991 36,092 43,083
As at 1 February 2023 3,891 39,958 43,849
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 9,195 33,988
Other debtors 20,524 16,217
29,719 50,205
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1 960
Other creditors 8,069 756
Taxation and social security 8,251 14,658
16,321 16,374
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 41,741 41,741
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Page 5
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 5 5
2023
2022
2023
2022
Ordinary share capital


Number
Number
£
£
Issued and fully paid
4 Ordinary shares of £1 each
4
4
4
4
1 Ordinary A share of £ each
1
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1
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1
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1
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5
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5
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5
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9. Directors Advances, Credits and Guarantees
Dividends paid to directors
2024 2023
£ £
S Wallace 41,000 26,000
Page 5