Acorah Software Products - Accounts Production 15.0.600 false true 31 May 2023 4 May 2022 false 1 June 2023 31 May 2024 31 May 2024 SC731327 Mrs Jennifer Carmichael-Green Mr Mark Carmichael-Green Mr Mark and Mrs Jennifer Carmichael-Green true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC731327 2023-05-31 SC731327 2024-05-31 SC731327 2023-06-01 2024-05-31 SC731327 frs-core:CurrentFinancialInstruments 2024-05-31 SC731327 frs-core:ComputerEquipment 2024-05-31 SC731327 frs-core:ComputerEquipment 2023-06-01 2024-05-31 SC731327 frs-core:ComputerEquipment 2023-05-31 SC731327 frs-core:FurnitureFittings 2024-05-31 SC731327 frs-core:FurnitureFittings 2023-06-01 2024-05-31 SC731327 frs-core:FurnitureFittings 2023-05-31 SC731327 frs-core:NetGoodwill 2024-05-31 SC731327 frs-core:NetGoodwill 2023-06-01 2024-05-31 SC731327 frs-core:NetGoodwill 2023-05-31 SC731327 frs-core:ShareCapital 2024-05-31 SC731327 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 SC731327 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC731327 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 SC731327 frs-bus:SmallEntities 2023-06-01 2024-05-31 SC731327 frs-bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 SC731327 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 SC731327 1 2023-06-01 2024-05-31 SC731327 frs-bus:Director1 2023-06-01 2024-05-31 SC731327 frs-bus:Director1 2023-05-31 SC731327 frs-bus:Director1 2024-05-31 SC731327 frs-bus:Director2 2023-06-01 2024-05-31 SC731327 frs-bus:Director2 2023-05-31 SC731327 frs-bus:Director2 2024-05-31 SC731327 frs-countries:Scotland 2023-06-01 2024-05-31 SC731327 2022-05-03 SC731327 2023-05-31 SC731327 2022-05-04 2023-05-31 SC731327 frs-core:CurrentFinancialInstruments 2023-05-31 SC731327 frs-core:ShareCapital 2023-05-31 SC731327 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Registered number: SC731327
Spindrift (Guesthouse) Ltd
Financial Statements
For The Year Ended 31 May 2024
Gillespie's Fife
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountants' Report
Chartered Accountants' report to the directors on the preparation of the unaudited statutory accounts of Spindrift (Guesthouse) Ltd for the year ended 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Spindrift (Guesthouse) Ltd for the year ended 31 May 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of Spindrift (Guesthouse) Ltd , as a body, in accordance with the terms of our engagement letter dated 05 May 2022. Our work has been undertaken solely to prepare for your approval the accounts of Spindrift (Guesthouse) Ltd and state those matters that we have agreed to state to the directors of Spindrift (Guesthouse) Ltd , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Spindrift (Guesthouse) Ltd and its directors, as a body, for our work or for this report.
It is your duty to ensure that Spindrift (Guesthouse) Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Spindrift (Guesthouse) Ltd . You consider that Spindrift (Guesthouse) Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Spindrift (Guesthouse) Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
31st July 2024
Gillespie's Fife
Accountants
Fric Ajax Way
Methil
Leven
KY8 3RS
Page 1
Page 2
Balance Sheet
Registered number: SC731327
31 May 2024 31 May 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 14,580 16,200
Tangible Assets 5 15,209 13,444
29,789 29,644
CURRENT ASSETS
Stocks 6 8,500 8,500
Debtors 7 1,702 1,499
Cash at bank and in hand 13,013 14,511
23,215 24,510
Creditors: Amounts Falling Due Within One Year 8 (62,115 ) (43,251 )
NET CURRENT ASSETS (LIABILITIES) (38,900 ) (18,741 )
TOTAL ASSETS LESS CURRENT LIABILITIES (9,111 ) 10,903
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,054 ) (316 )
NET (LIABILITIES)/ASSETS (10,165 ) 10,587
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account (10,265 ) 10,487
SHAREHOLDERS' FUNDS (10,165) 10,587
Page 2
Page 3
For the year ending 31 May 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 Mark Carmichael-Green
Director
31st July 2024
The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Spindrift (Guesthouse) Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC731327 . The registered office is The Spindrift, Pittenweem Road, Anstruther, Fife, KY10 3DT.
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. 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 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:
Fixtures & Fittings 20% reducing balance
Computer Equipment 33.33% reducing balance
2.5. 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.
2.6. Taxation
Corporation 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
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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: 12 (2023: 3)
12 3
4. Intangible Assets
Goodwill
£
Cost
As at 1 June 2023 18,000
As at 31 May 2024 18,000
Amortisation
As at 1 June 2023 1,800
Provided during the period 1,620
As at 31 May 2024 3,420
Net Book Value
As at 31 May 2024 14,580
As at 1 June 2023 16,200
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 June 2023 15,249 724 15,973
Additions 4,552 - 4,552
As at 31 May 2024 19,801 724 20,525
Depreciation
As at 1 June 2023 2,288 241 2,529
Provided during the period 2,626 161 2,787
As at 31 May 2024 4,914 402 5,316
Net Book Value
As at 31 May 2024 14,887 322 15,209
As at 1 June 2023 12,961 483 13,444
6. Stocks
31 May 2024 31 May 2023
£ £
Stock 8,500 8,500
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7. Debtors
31 May 2024 31 May 2023
£ £
Due within one year
Trade debtors 260 -
Prepayments and accrued income 1,442 1,499
1,702 1,499
8. Creditors: Amounts Falling Due Within One Year
31 May 2024 31 May 2023
£ £
Trade creditors 1,981 1,265
Corporation tax 306 3,737
Other taxes and social security 43 -
VAT 4,559 4,662
Accruals and deferred income 1,895 2,769
Directors' loan accounts 53,331 30,818
62,115 43,251
9. Share Capital
31 May 2024 31 May 2023
£ £
Allotted, Called up and fully paid 100 100
10. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans from directors:
As at 1 June 2023 Amounts advanced Amounts repaid Amounts written off As at 31 May 2024
£ £ £ £ £
Mrs Jennifer Carmichael-Green 15,408 25,375 14,118 - 26,665
Mr Mark Carmichael-Green 15,409 25,375 14,118 - 26,666
The above loan is unsecured, interest free and repayable on demand.
11. Dividends
31 May 2024 31 May 2023
£ £
On equity shares:
Final dividend paid - 4,000
12. Ultimate Controlling Party
The company's ultimate controlling party is Mr Mark and Mrs Jennifer Carmichael-Green by virtue of their ownership of 100% of the issued share capital in the company.
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