Acorah Software Products - Accounts Production 14.6.300 false true true 30 September 2022 1 October 2021 false 1 October 2022 30 September 2023 30 September 2023 09773181 Mr L Banwait iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09773181 2022-09-30 09773181 2023-09-30 09773181 2022-10-01 2023-09-30 09773181 frs-core:CurrentFinancialInstruments 2023-09-30 09773181 frs-core:Non-currentFinancialInstruments 2023-09-30 09773181 frs-core:ComputerEquipment 2023-09-30 09773181 frs-core:ComputerEquipment 2022-10-01 2023-09-30 09773181 frs-core:ComputerEquipment 2022-09-30 09773181 frs-core:FurnitureFittings 2023-09-30 09773181 frs-core:FurnitureFittings 2022-10-01 2023-09-30 09773181 frs-core:FurnitureFittings 2022-09-30 09773181 frs-core:MotorVehicles 2023-09-30 09773181 frs-core:MotorVehicles 2022-10-01 2023-09-30 09773181 frs-core:MotorVehicles 2022-09-30 09773181 frs-core:PlantMachinery 2023-09-30 09773181 frs-core:PlantMachinery 2022-10-01 2023-09-30 09773181 frs-core:PlantMachinery 2022-09-30 09773181 frs-core:ShareCapital 2023-09-30 09773181 frs-core:RetainedEarningsAccumulatedLosses 2023-09-30 09773181 frs-bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 09773181 frs-bus:FilletedAccounts 2022-10-01 2023-09-30 09773181 frs-bus:SmallEntities 2022-10-01 2023-09-30 09773181 frs-bus:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 09773181 frs-bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 09773181 frs-bus:Director1 2022-10-01 2023-09-30 09773181 frs-core:CurrentFinancialInstruments 1 2023-09-30 09773181 frs-countries:EnglandWales 2022-10-01 2023-09-30 09773181 2021-09-30 09773181 2022-09-30 09773181 2021-10-01 2022-09-30 09773181 frs-core:CurrentFinancialInstruments 2022-09-30 09773181 frs-core:Non-currentFinancialInstruments 2022-09-30 09773181 frs-core:ShareCapital 2022-09-30 09773181 frs-core:RetainedEarningsAccumulatedLosses 2022-09-30 09773181 frs-core:CurrentFinancialInstruments 1 2022-09-30 09773181 frs-core:CurrentFinancialInstruments 2 2022-09-30
Registered number: 09773181
ML Global Limited
Unaudited Financial Statements
For The Year Ended 30 September 2023
Goldwyns London LLP
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 09773181
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 151,612 73,883
151,612 73,883
CURRENT ASSETS
Debtors 5 233,196 266,689
Cash at bank and in hand 355,142 337,360
588,338 604,049
Creditors: Amounts Falling Due Within One Year 6 (250,482 ) (178,880 )
NET CURRENT ASSETS (LIABILITIES) 337,856 425,169
TOTAL ASSETS LESS CURRENT LIABILITIES 489,468 499,052
Creditors: Amounts Falling Due After More Than One Year 7 (17,583 ) (27,405 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (28,806 ) (14,038 )
NET ASSETS 443,079 457,609
CAPITAL AND RESERVES
Called up share capital 9 100 100
Income Statement 442,979 457,509
SHAREHOLDERS' FUNDS 443,079 457,609
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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 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 Income Statement.
On behalf of the board
Mr L Banwait
Director
30/07/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
ML Global Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09773181 . The registered office is C/O LAS Accountants LLP, No.1 Royal Exchange, London, EC3V 3DG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements are prepared in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial statements are prepared in UK sterling, which is the financial currency of the entity. Monetary amounts in these financial statements are rounded to the nearest UK pound.
The principle accounting policies adopted are set below.
2.2. Going Concern Disclosure
The director has considered the prospect of the business for the next twelve months and beyond and has arrived at a reasonable expectation the company will continue to meet its obligations as they fall due. The director has also pledged his financial support to assist with this if required. On this basis, the director will continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.4. Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant & Machinery 25% Straight Line
Motor Vehicles 25% Straight Line
Fixtures & Fittings 15% Reducing Balance
Computer Equipment 25% Straight Line
Tangible assets are initially recorded at cost and subsequently stated at cost less accumulated depreciation and impairment losses.
2.5. Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
2.6. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred Tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
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2.8. Government Grant
Government grants are recognised in the income statement 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 income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement 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 income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
Government Assistance
The company has received assistance in the form of a government backed loan (including Coronavirus Business Interruption Loan Scheme (CBILS),Coronavirus Large Business Interruption Loan Scheme (CLBILS), Bounce Back Loan Scheme (BBLS) and Future Fund Scheme) of which the outstanding balance as at the year end was £27,406. This is reported within the current and long term liabilities of the balance sheet based on the allocation of payments due within 12 months (£9,824) and greater than 12 months (£17,582).
2.9. 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.
2.10. Critical Accounting Judgements and Key Sources of Estimation Uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
The key areas of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Accrued Expenditure
The company includes a provision for invoices which are yet to be received from and amounts paid in advance to suppliers.These provisions are estimated based upon the expected values of the invoices which are issued and services received following the period end.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2022: 6)
5 6
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 October 2022 52,034 49,972 4,894 14,229 121,129
Additions 86,390 35,474 - 848 122,712
As at 30 September 2023 138,424 85,446 4,894 15,077 243,841
Depreciation
As at 1 October 2022 25,072 13,493 3,606 5,075 47,246
Provided during the period 21,567 20,062 193 3,161 44,983
As at 30 September 2023 46,639 33,555 3,799 8,236 92,229
Net Book Value
As at 30 September 2023 91,785 51,891 1,095 6,841 151,612
As at 1 October 2022 26,962 36,479 1,288 9,154 73,883
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5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 133,173 51,835
Prepayments and accrued income - 2,482
Amounts owed by connected undertakings 100,023 200,023
VAT recoverable - 12,349
233,196 266,689
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 24,545 56,914
Bank loans and overdrafts 9,823 9,824
Corporation tax 103,509 99,398
Other taxes and social security 20,171 9,167
VAT 78,143 -
Net wages 5,672 2,845
Pensions payable 444 -
Accruals and deferred income 7,813 -
Director's loan account 362 732
250,482 178,880
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 17,583 27,405
8. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 28,806 14,038
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
The nominal value of each share is £0.50 and as at the year-end, there are 200 Ordinary shares in issue.
10. Pension Commitments
The company operates a defined contribution pension scheme for staff. The assets of the scheme are held separately from those of the company in an independently administered fund. At the statement of financial position date unpaid contributions of £444 were due to the fund. They are included in creditors and shown seperatly.
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11. Dividends
2023 2022
£ £
On equity shares:
Interim dividend paid 17,000 16,000
12. Related Party Transactions
As at the year-end, the company owed Mr L Banwait, the sole director of the company, £362. This amount is a current liability, interest free and repayable on demand.
As at year-end, Iver Leaf Ltd, a company related by common directorship and ownership, owed the company £100,023. This amount is a current asset, interest free and repayable on demand.
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