Acorah Software Products - Accounts Production 15.0.600 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 06511386 Mr M A Elliott Mr K K Deboo Mrs C A Elliott Mr R Tumbridge Mrs C A Elliott iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 06511386 2023-03-31 06511386 2024-03-31 06511386 2023-04-01 2024-03-31 06511386 frs-core:CurrentFinancialInstruments 2024-03-31 06511386 frs-core:ComputerEquipment 2024-03-31 06511386 frs-core:ComputerEquipment 2023-04-01 2024-03-31 06511386 frs-core:ComputerEquipment 2023-03-31 06511386 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-03-31 06511386 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 06511386 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-03-31 06511386 frs-core:MotorVehicles 2024-03-31 06511386 frs-core:MotorVehicles 2023-04-01 2024-03-31 06511386 frs-core:MotorVehicles 2023-03-31 06511386 frs-core:PlantMachinery 2024-03-31 06511386 frs-core:PlantMachinery 2023-04-01 2024-03-31 06511386 frs-core:PlantMachinery 2023-03-31 06511386 frs-core:ShareCapital 2024-03-31 06511386 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 06511386 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06511386 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 06511386 frs-bus:SmallEntities 2023-04-01 2024-03-31 06511386 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 06511386 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06511386 frs-bus:Director1 2023-04-01 2024-03-31 06511386 frs-bus:Director2 2023-04-01 2024-03-31 06511386 frs-bus:Director3 2023-04-01 2024-03-31 06511386 frs-bus:Director4 2023-04-01 2024-03-31 06511386 frs-bus:CompanySecretary1 2023-04-01 2024-03-31 06511386 frs-countries:EnglandWales 2023-04-01 2024-03-31 06511386 2022-03-31 06511386 2023-03-31 06511386 2022-04-01 2023-03-31 06511386 frs-core:CurrentFinancialInstruments 2023-03-31 06511386 frs-core:ShareCapital 2023-03-31 06511386 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 06511386
Distinction Contracts Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06511386
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 16,649 25,515
16,649 25,515
CURRENT ASSETS
Stocks 5 136,324 237,164
Debtors 6 610,770 959,210
Cash at bank and in hand 814,719 5,355
1,561,813 1,201,729
Creditors: Amounts Falling Due Within One Year 7 (850,630 ) (876,491 )
NET CURRENT ASSETS (LIABILITIES) 711,183 325,238
TOTAL ASSETS LESS CURRENT LIABILITIES 727,832 350,753
PROVISIONS FOR LIABILITIES
Provisions For Charges (24,069 ) -
NET ASSETS 703,763 350,753
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 703,663 350,653
SHAREHOLDERS' FUNDS 703,763 350,753
Page 1
Page 2
For the year ending 31 March 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
Mr M A Elliott
Director
20 August 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Distinction Contracts Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06511386 . The registered office is 3 West Buildings, Worthing, BN11 3BS.
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. 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 20% on reducing balance
Plant & Machinery 20% on reducing balance
Motor Vehicles 20% on reducing balance
Computer Equipment 20% on reducing balance
2.4. 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.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. 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.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 8)
6 8
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 23,324 8,489 40,855 33,328 105,996
Additions - - - 1,665 1,665
Disposals (17,442 ) - - - (17,442 )
As at 31 March 2024 5,882 8,489 40,855 34,993 90,219
Depreciation
As at 1 April 2023 12,249 7,210 36,707 24,315 80,481
Provided during the period 940 256 830 2,136 4,162
Disposals (11,073 ) - - - (11,073 )
As at 31 March 2024 2,116 7,466 37,537 26,451 73,570
Net Book Value
As at 31 March 2024 3,766 1,023 3,318 8,542 16,649
As at 1 April 2023 11,075 1,279 4,148 9,013 25,515
5. Stocks
2024 2023
£ £
Finished goods 136,324 237,164
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 513,081 383,786
Prepayments and accrued income 84,356 91,361
Other debtors 13,333 484,063
610,770 959,210
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 389,749 302,456
Bank loans and overdrafts - 106,196
Corporation tax 41,161 -
Other taxes and social security 115,699 9,272
Other creditors 289,249 391,335
Accruals and deferred income 10,022 7,232
Directors' loan accounts 4,750 60,000
850,630 876,491
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5