Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 06405798 Mr Stephen Michael Peter Mcgloin Mr Gary Lane Mr Stephen James Foster Mr Stephen James Foster iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 06405798 2022-12-31 06405798 2023-12-31 06405798 2023-01-01 2023-12-31 06405798 frs-core:CurrentFinancialInstruments 2023-12-31 06405798 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 06405798 frs-core:FurnitureFittings 2023-12-31 06405798 frs-core:FurnitureFittings 2023-01-01 2023-12-31 06405798 frs-core:FurnitureFittings 2022-12-31 06405798 frs-core:NetGoodwill 2023-12-31 06405798 frs-core:NetGoodwill 2023-01-01 2023-12-31 06405798 frs-core:NetGoodwill 2022-12-31 06405798 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-12-31 06405798 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 06405798 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2022-12-31 06405798 frs-core:MotorVehicles 2023-12-31 06405798 frs-core:MotorVehicles 2023-01-01 2023-12-31 06405798 frs-core:MotorVehicles 2022-12-31 06405798 frs-core:PlantMachinery 2023-12-31 06405798 frs-core:PlantMachinery 2023-01-01 2023-12-31 06405798 frs-core:PlantMachinery 2022-12-31 06405798 frs-core:SharePremium 2023-12-31 06405798 frs-core:ShareCapital 2023-12-31 06405798 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 06405798 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06405798 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 06405798 frs-bus:SmallEntities 2023-01-01 2023-12-31 06405798 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 06405798 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 06405798 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-12-31 06405798 frs-bus:Director1 2023-01-01 2023-12-31 06405798 frs-bus:Director2 2023-01-01 2023-12-31 06405798 frs-bus:Director3 2023-01-01 2023-12-31 06405798 frs-bus:CompanySecretary1 2023-01-01 2023-12-31 06405798 frs-countries:EnglandWales 2023-01-01 2023-12-31 06405798 2021-12-31 06405798 2022-12-31 06405798 2022-01-01 2022-12-31 06405798 frs-core:CurrentFinancialInstruments 2022-12-31 06405798 frs-core:SharePremium 2022-12-31 06405798 frs-core:ShareCapital 2022-12-31 06405798 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 06405798 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2022-12-31
Registered number: 06405798
Advanced Machinery Services Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Max Accountants Ltd
Ketton Suite
The King Centre
Oakham
Rutland
LE15 7WD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06405798
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 151,520 175,523
151,520 175,523
CURRENT ASSETS
Stocks 6 1,693,649 1,616,736
Debtors 7 431,933 425,050
Cash at bank and in hand 942,922 941,842
3,068,504 2,983,628
Creditors: Amounts Falling Due Within One Year 8 (1,795,749 ) (1,733,998 )
NET CURRENT ASSETS (LIABILITIES) 1,272,755 1,249,630
TOTAL ASSETS LESS CURRENT LIABILITIES 1,424,275 1,425,153
PROVISIONS FOR LIABILITIES
Provisions For Charges (16,427 ) (52,254 )
Deferred Taxation 9 (19,400 ) (16,684 )
NET ASSETS 1,388,448 1,356,215
CAPITAL AND RESERVES
Called up share capital 10 305 300
Share premium account 24,995 -
Fair Value Reserve 10,221 -
Profit and Loss Account 1,352,927 1,355,915
SHAREHOLDERS' FUNDS 1,388,448 1,356,215
Page 1
Page 2
For the year ending 31 December 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 Stephen James Foster
Director
4 September 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Advanced Machinery Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06405798 . The registered office is Skeffington Mill Uppingham Road, Skeffington, Leicester, LE7 9YE.
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
2.2. Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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 7 years.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are Patents and licences. They are amortised to profit and loss account over their estimated economic life of 5 years.
2.5. 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 cost
Plant & Machinery 33% on cost
Motor Vehicles 25% on cost
Fixtures & Fittings 33% on cost
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. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.8. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
...CONTINUED
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Page 4
2.8. Financial Instruments - continued
Basic financial liabilities, including creditors, are recognised at transaction price including transaction costs.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities.
2.9. 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 profit / loss before taxation.
2.10. Taxation
Tax is recognised in profit or loss except that a charge is attributable to an item of income and expense recognised as other comphrehensive income or to an item recognised directly in equity is also recognised in other comphrehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
2.11. Provisions and Contingencies
Provisions
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.
2.12. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.13. Government Grant
Government grants are recognised in the profit and loss account 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 profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account 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 profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 28 (2022: 27)
28 27
Page 4
Page 5
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 2,674
As at 31 December 2023 2,674
Amortisation
As at 1 January 2023 2,674
As at 31 December 2023 2,674
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 -
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 January 2023 1,733 98,827 262,640 96,065 459,265
Additions - 10,264 25,993 5,579 41,836
As at 31 December 2023 1,733 109,091 288,633 101,644 501,101
Depreciation
As at 1 January 2023 1,733 87,690 103,225 91,094 283,742
Provided during the period - 5,164 56,838 3,837 65,839
As at 31 December 2023 1,733 92,854 160,063 94,931 349,581
Net Book Value
As at 31 December 2023 - 16,237 128,570 6,713 151,520
As at 1 January 2023 - 11,137 159,415 4,971 175,523
6. Stocks
2023 2022
£ £
Stock 1,657,251 1,569,562
Work in progress 36,398 47,174
1,693,649 1,616,736
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Page 6
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 336,495 309,833
Prepayments and accrued income 16,750 23,896
Other debtors 10,772 2,539
Amounts owed by subsidiaries 67,916 88,782
431,933 425,050
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 181,594 268,768
Corporation tax 176,840 118,448
Other taxes and social security 23,726 43,110
VAT 134,494 112,289
Other creditors 629,654 544,802
Accruals and deferred income 649,441 646,581
1,795,749 1,733,998
9. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 19,400 16,684
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 305 300
11. Dividends
2023 2022
£ £
On equity shares:
Interim dividend paid 548,592 656,367
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