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Registered number: SC422518
Overton Trading Limited
Financial Statements
For The Year Ended 31 July 2023
Khokhar McAdam Ltd
Chartered Accountants
1 Eagle Street
Glasgow
G4 9XA
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: SC422518
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 27,600
Tangible Assets 5 73,332 113,435
73,332 141,035
CURRENT ASSETS
Stocks 6 297,963 306,895
Debtors 7 1,141,209 903,708
Cash at bank and in hand 30,602 37,570
1,469,774 1,248,173
Creditors: Amounts Falling Due Within One Year 8 (394,982 ) (314,452 )
NET CURRENT ASSETS (LIABILITIES) 1,074,792 933,721
TOTAL ASSETS LESS CURRENT LIABILITIES 1,148,124 1,074,756
Creditors: Amounts Falling Due After More Than One Year 9 (271,932 ) (343,363 )
NET ASSETS 876,192 731,393
CAPITAL AND RESERVES
Called up share capital 11 2 2
Profit and Loss Account 876,190 731,391
SHAREHOLDERS' FUNDS 876,192 731,393
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.
On behalf of the board
Mr Zahid Mukhtar
Director
17 June 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
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Notes to the Financial Statements
1. General Information
Overton Trading Limited is a private company, limited by shares, incorporated in Scotland, registered number SC422518 . The registered office is 1 Eagle Street, Craighall Business Park, Glasgow, G4 9 XA.
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 form the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover form 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 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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 10%
Computer Equipment 10%
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2.5. Leasing and Hire Purchase Contracts
Assets obtained under 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.
2.6. 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.
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 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 31 (2022: 31)
31 31
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4. Intangible Assets
Goodwill
£
Cost
As at 1 August 2022 276,000
As at 31 July 2023 276,000
Amortisation
As at 1 August 2022 248,400
Provided during the period 27,600
As at 31 July 2023 276,000
Net Book Value
As at 31 July 2023 -
As at 1 August 2022 27,600
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 August 2022 7,806 71,890 239,035 16,492 335,223
Additions 1,100 - - 564 1,664
As at 31 July 2023 8,906 71,890 239,035 17,056 336,887
Depreciation
As at 1 August 2022 5,926 24,578 180,948 10,336 221,788
Provided during the period 1,781 14,378 23,903 1,705 41,767
As at 31 July 2023 7,707 38,956 204,851 12,041 263,555
Net Book Value
As at 31 July 2023 1,199 32,934 34,184 5,015 73,332
As at 1 August 2022 1,880 47,312 58,087 6,156 113,435
6. Stocks
2023 2022
£ £
Finished goods 297,963 306,895
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Page 6
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 41,626 39,245
Amounts owed by group undertakings 957,812 767,134
Other debtors 141,771 97,329
1,141,209 903,708
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 159,040 126,119
Bank loans and overdrafts 2,156 220
Amounts owed to group undertakings 23,836 42,076
Other creditors 130,779 64,479
Taxation and social security 79,171 81,558
394,982 314,452
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 39,907 48,503
Bank loans 232,025 294,860
271,932 343,363
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 39,907 48,503
11. Share Capital
2023 2022
Allotted, called up and fully paid £ £
2 Ordinary Shares of £ 1 each 2 2
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