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Registered number: 11259783
M Stevens Welcome Ltd
Unaudited Financial Statements
For The Year Ended 30 September 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11259783
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 60,899 55,204
60,899 55,204
CURRENT ASSETS
Stocks 5 14,122 11,110
Debtors 6 281,657 320,792
Cash at bank and in hand 2,039 4
297,818 331,906
Creditors: Amounts Falling Due Within One Year 7 (202,021 ) (221,666 )
NET CURRENT ASSETS (LIABILITIES) 95,797 110,240
TOTAL ASSETS LESS CURRENT LIABILITIES 156,696 165,444
Creditors: Amounts Falling Due After More Than One Year 8 (144,867 ) (156,888 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (10,932 ) (9,721 )
NET ASSETS/(LIABILITIES) 897 (1,165 )
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account 896 (1,166 )
SHAREHOLDERS' FUNDS 897 (1,165)
Page 1
Page 2
For the year ending 30 September 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 Mark Stevens
Director
19 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
M Stevens Welcome Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11259783 . The registered office is Welcome To Town Mill Lane, Llanrhidian, Swansea, SA3 1EH.
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 10% - Straight Line
Plant & Machinery 25% - Straight line
Motor Vehicles 20% - Reducing balance
Fixtures & Fittings 20% - Straight line
Computer Equipment 25% - Reducing balance
2.4. 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.
2.5. 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.
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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.
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.
2.7. 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.
2.8. 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: 22 (2022: 19)
22 19
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 October 2022 6,813 44,056 43,200 19,780
Additions - 1,600 35,495 2,400
Disposals - - (29,350 ) -
As at 30 September 2023 6,813 45,656 49,345 22,180
...CONTINUED
Page 4
Page 5
Depreciation
As at 1 October 2022 2,768 33,007 15,573 13,391
Provided during the period 681 5,174 8,484 4,036
Disposals - - (15,448 ) -
As at 30 September 2023 3,449 38,181 8,609 17,427
Net Book Value
As at 30 September 2023 3,364 7,475 40,736 4,753
As at 1 October 2022 4,045 11,049 27,627 6,389
Computer Equipment Total
£ £
Cost
As at 1 October 2022 10,681 124,530
Additions - 39,495
Disposals - (29,350 )
As at 30 September 2023 10,681 134,675
Depreciation
As at 1 October 2022 4,587 69,326
Provided during the period 1,523 19,898
Disposals - (15,448 )
As at 30 September 2023 6,110 73,776
Net Book Value
As at 30 September 2023 4,571 60,899
As at 1 October 2022 6,094 55,204
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2023 2022
£ £
Motor Vehicles 32,537 6,944
5. Stocks
2023 2022
£ £
Stock 14,122 11,110
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 1,192 720
Other debtors 280,465 320,072
281,657 320,792
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 5,877 8,874
Trade creditors 15,633 43,700
Bank loans and overdrafts 42,845 27,466
Other creditors 87,190 84,835
Taxation and social security 50,476 56,791
202,021 221,666
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 27,822 -
Other creditors 117,045 156,888
144,867 156,888
9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 5,877 8,874
Later than one year and not later than five years 27,822 -
33,699 8,874
33,699 8,874
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
11. Pension Commitments
The company operates a defined contribution pension scheme for their employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £483 (2022: £512 Cr) were due to the fund. They are included in Other Creditors.
12. Related Party Transactions
Amounts included in the financial statements owing from related parties are £225,608 (2022: £310,240 Dr)
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