Acorah Software Products - Accounts Production 15.0.600 false true 30 November 2022 1 December 2021 false 1 December 2022 30 November 2023 30 November 2023 SC410932 Mr Luciano Crolla Mrs Anna Crolla iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC410932 2022-11-30 SC410932 2023-11-30 SC410932 2022-12-01 2023-11-30 SC410932 frs-core:CurrentFinancialInstruments 2023-11-30 SC410932 frs-core:Non-currentFinancialInstruments 2023-11-30 SC410932 frs-core:FurnitureFittings 2023-11-30 SC410932 frs-core:FurnitureFittings 2022-12-01 2023-11-30 SC410932 frs-core:FurnitureFittings 2022-11-30 SC410932 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-11-30 SC410932 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 SC410932 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-11-30 SC410932 frs-core:ShareCapital 2023-11-30 SC410932 frs-core:RetainedEarningsAccumulatedLosses 2023-11-30 SC410932 frs-bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 SC410932 frs-bus:FilletedAccounts 2022-12-01 2023-11-30 SC410932 frs-bus:SmallEntities 2022-12-01 2023-11-30 SC410932 frs-bus:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 SC410932 frs-bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 SC410932 frs-bus:Director1 2022-12-01 2023-11-30 SC410932 frs-bus:Director2 2022-12-01 2023-11-30 SC410932 frs-core:CurrentFinancialInstruments 1 2023-11-30 SC410932 frs-countries:Scotland 2022-12-01 2023-11-30 SC410932 2021-11-30 SC410932 2022-11-30 SC410932 2021-12-01 2022-11-30 SC410932 frs-core:CurrentFinancialInstruments 2022-11-30 SC410932 frs-core:Non-currentFinancialInstruments 2022-11-30 SC410932 frs-core:ShareCapital 2022-11-30 SC410932 frs-core:RetainedEarningsAccumulatedLosses 2022-11-30 SC410932 frs-core:CurrentFinancialInstruments 1 2022-11-30
Registered number: SC410932
U Crolla & Sons Ltd.
Unaudited Financial Statements
For The Year Ended 30 November 2023
Gallone & Co
1a Torphichen Street
Edinburgh
EH3 8HX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: SC410932
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 319,404 218,929
319,404 218,929
CURRENT ASSETS
Stocks 5 13,125 12,500
Debtors 6 (4,597 ) (7,279 )
Cash at bank and in hand 77,547 92,905
86,075 98,126
Creditors: Amounts Falling Due Within One Year 7 (283,047 ) (189,560 )
NET CURRENT ASSETS (LIABILITIES) (196,972 ) (91,434 )
TOTAL ASSETS LESS CURRENT LIABILITIES 122,432 127,495
Creditors: Amounts Falling Due After More Than One Year 8 (15,000 ) (25,000 )
NET ASSETS 107,432 102,495
CAPITAL AND RESERVES
Called up share capital 9 4 3
Profit and Loss Account 107,428 102,492
SHAREHOLDERS' FUNDS 107,432 102,495
Page 1
Page 2
For the year ending 30 November 2023 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 Luciano Crolla
Director
29/08/2024
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
U Crolla & Sons Ltd. is a private company, limited by shares, incorporated in Scotland, registered number SC410932 . The registered office is 1a Torphichen Street, Edinburgh, EH3 8HX.
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:
Freehold -
Fixtures & Fittings 15% 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. 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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3. Average Number of Employees
Average number of employees, including directors, during the year was: 22 (2022: 21)
22 21
4. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 December 2022 114,168 241,380 355,548
Additions 75,511 47,857 123,368
As at 30 November 2023 189,679 289,237 478,916
Depreciation
As at 1 December 2022 - 136,619 136,619
Provided during the period - 22,893 22,893
As at 30 November 2023 - 159,512 159,512
Net Book Value
As at 30 November 2023 189,679 129,725 319,404
As at 1 December 2022 114,168 104,761 218,929
5. Stocks
2023 2022
£ £
Finished goods 13,125 12,500
6. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 647 221
Other debtors - LM Galeto Ltd 20,000 20,000
Other debtors (1) (27,500 ) (27,500 )
Other taxes and social security 2,256 -
(4,597 ) (7,279 )
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 30,698 43,873
Bank loans and overdrafts 10,000 10,000
Corporation tax 9,687 19,653
Other taxes and social security - 9,045
VAT 69,058 32,985
Net wages 9,401 7,339
Other creditors - Inter companies 104,500 19,500
Accruals and deferred income 46,658 36,959
Directors' loan accounts 3,045 10,206
283,047 189,560
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans > 1 year 15,000 25,000
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 4 3
Page 5