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Registered number: 07240681
Evans Piling Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Price Mann Limited
Chartered Certified Accountants
Magnolia House, Spring Villa
11 Spring Villa Road
Edgware
HA8 7EB
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07240681
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 360,539 361,064
360,539 361,064
CURRENT ASSETS
Stocks 5 4,749,166 3,947,455
Debtors 6 787,163 681,136
Cash at bank and in hand 360,539 158,499
5,896,868 4,787,090
Creditors: Amounts Falling Due Within One Year 7 (5,239,136 ) (4,236,577 )
NET CURRENT ASSETS (LIABILITIES) 657,732 550,513
TOTAL ASSETS LESS CURRENT LIABILITIES 1,018,271 911,577
Creditors: Amounts Falling Due After More Than One Year 8 (40,175 ) (79,626 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (46 ) (46 )
NET ASSETS 978,050 831,905
CAPITAL AND RESERVES
Called up share capital 9 266,667 266,667
Share premium account 233,333 233,333
Profit and Loss Account 478,050 331,905
SHAREHOLDERS' FUNDS 978,050 831,905
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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 Tariq Asghar
Director
20 September 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Evans Piling Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07240681 . The registered office is Magnolia House, Spring Villa Park, 11 Spring Villa Road, Edgware, HA8 7EB.
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 2% straight line
Plant & Machinery 20% straight line
Motor Vehicles 20% straight line
Fixtures & Fittings 20% straight line
Computer Equipment 20% straight line
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.
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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 year 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 asset reflects 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. 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: 11 (2022: 11)
11 11
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4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 January 2023 450,583 91,441 - 22,213
Additions - - 6,850 -
As at 31 December 2023 450,583 91,441 6,850 22,213
Depreciation
As at 1 January 2023 89,700 91,260 - 22,213
Provided during the period 6,900 181 1,100 -
As at 31 December 2023 96,600 91,441 1,100 22,213
Net Book Value
As at 31 December 2023 353,983 - 5,750 -
As at 1 January 2023 360,883 181 - -
Computer Equipment Total
£ £
Cost
As at 1 January 2023 - 564,237
Additions 1,087 7,937
As at 31 December 2023 1,087 572,174
Depreciation
As at 1 January 2023 - 203,173
Provided during the period 281 8,462
As at 31 December 2023 281 211,635
Net Book Value
As at 31 December 2023 806 360,539
As at 1 January 2023 - 361,064
5. Stocks
2023 2022
£ £
Finished goods 4,749,166 3,947,455
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6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 765,427 663,260
Prepayments and accrued income 21,736 17,876
787,163 681,136
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 388,596 79,871
Bank loans and overdrafts 48,514 47,208
Corporation tax 34,339 29,103
Other taxes and social security 10,113 8,633
VAT 108,003 63,171
Other creditors - 94
Accruals and deferred income 2,657,898 2,110,918
Amounts owed to parent undertaking 1,991,673 1,897,579
5,239,136 4,236,577
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 40,175 79,626
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 266,667 266,667
10. Pension Commitments
The company operates a defined contribution pension scheme on behalf of certain employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
11. Related Party Transactions
At the year end the company owed £1,991,673 (2022 - £1,1897,579) to Metpro Europe Limited, the holding company, in respect of an interest free loan which is repayable on demand. During the year, the company also made  purchases from the holding company amounting to £115,525. This was at arms length.
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