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Registered number: SC267975
Ceimig Limited
Financial Statements
For The Year Ended 30 June 2024
Adams Accountants Liverpool LLP
2 Millers Bridge
Bootle
Liverpool
Merseyside
L20 8LH
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—6
Page 1
Balance Sheet
Registered number: SC267975
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 759,982 408,434
759,982 408,434
CURRENT ASSETS
Stocks 6 518,909 1,097,922
Debtors 7 712,298 710,233
Cash at bank and in hand 907,533 770,367
2,138,740 2,578,522
Creditors: Amounts Falling Due Within One Year 8 (1,016,331 ) (848,634 )
NET CURRENT ASSETS (LIABILITIES) 1,122,409 1,729,888
TOTAL ASSETS LESS CURRENT LIABILITIES 1,882,391 2,138,322
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (126,768 ) (102,109 )
NET ASSETS 1,755,623 2,036,213
CAPITAL AND RESERVES
Called up share capital 10 296,735 296,735
Profit and Loss Account 1,458,888 1,739,478
SHAREHOLDERS' FUNDS 1,755,623 2,036,213
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
R J Garrett
Director
18/09/2024
The notes on pages 2 to 6 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Ceimig Limited is a private company, limited by shares, incorporated in Scotland, registered number SC267975 . The registered office is c/o Adams Accountants Liverpool LLP, 2 Millers Bridge, Bootle, Liverpool, L20 8LH.
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. Significant judgements and estimations
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2.3. 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.
2.4. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are initially measured at cost. After initial recognisiton, intangible assets/Intellectual property assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
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:
Improvements to property Straight line over 7 years
Plant & Machinery Straight line over 7 years
Fixtures & Fittings Straight line over 7 years
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. Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from other third parties, loans from related parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Investments in non-puttable ordinary shares are measured at cost less impairment.
...CONTINUED
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2.7. Financial Instruments - continued
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.8. 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.
2.9. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2023: 13)
13 13
Page 3
Page 4
4. Intangible Assets
Intellectual Property
£
Cost
As at 1 July 2023 105,191
As at 30 June 2024 105,191
Amortisation
As at 1 July 2023 105,191
As at 30 June 2024 105,191
Net Book Value
As at 30 June 2024 -
As at 1 July 2023 -
5. Tangible Assets
Land & Property
Improvements to property Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 July 2023 32,127 916,374 1,617 950,118
Additions 352,420 166,394 - 518,814
As at 30 June 2024 384,547 1,082,768 1,617 1,468,932
Depreciation
As at 1 July 2023 25,217 514,850 1,617 541,684
Provided during the period 51,333 115,933 - 167,266
As at 30 June 2024 76,550 630,783 1,617 708,950
Net Book Value
As at 30 June 2024 307,997 451,985 - 759,982
As at 1 July 2023 6,910 401,524 - 408,434
6. Stocks
2024 2023
£ £
Stock 518,909 1,097,922
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 696,836 408,275
Other debtors 15,462 301,958
712,298 710,233
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Page 5
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 399,696 47,470
Amounts owed to group undertakings 471,504 507,198
Other creditors 107,980 127,830
Taxation and social security 37,151 166,136
1,016,331 848,634
9. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 126,768 102,109
(includes Deferred Tax asset of £60,998 due to losses at year end)
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 296,735 296,735
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 50,000 50,000
Later than one year and not later than five years 100,000 150,000
150,000 200,000
12. Related Party Disclosures
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with members of the same group that are wholly owned subsidiaries, on the basis that they are included in the consolidated financial statements.
13. Controlling Parties
The company's ultimate controlling party is Ames Goldsmith Corp. by virtue of their interest in the share capital of the company.
Ames Goldsmith Corp.
50 Harrison Avenue, Glens Falls 12803, New York, USA
14. Parent Consolidation
The company is included in the consolidated statements of Ames Goldsmith Corp. the Registered Office of which is:
50 Harrison Avenue
Glens Falls 12803
New York
USA
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Page 6
15. Audit Information
The auditors report on the account of Ceimig Limited for the year ended 30 June 2024 was unqualified
The auditor's report was signed by Suzanne Draper FCCA ACA (Senior Statutory Auditor) for and on behalf of SB & P Chartered Accountants & Statutory Auditors , Statutory Auditor
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