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Registered number: 06584936
ACS Technology Group Ltd
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2023
Financial Statements
Contents
Page
Strategic Report 1
Directors' Report 2—3
Independent Auditor's Report 4—6
Income Statement 7
Statement of Comprehensive Income 8
Statement of Financial Position 9
Statement of Changes in Equity 10
Statement of Cash Flows 11
Notes to the Statement of Cash Flows 12
Notes to the Financial Statements 13—22
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 December 2023.
Review of the Business
The post Covid period remains challenging within the industry in general primarily due to a continued slow return of office workers to the workplace. During the year the company consolidated its sales on higher margins as it continued to secure new contracts from developing revenue streams with the company core business focussed as a technology business.
The company has slightly improved its Balance Sheet position as the directors continued to pursue the business restructure plan to provide strong and longer term returns.
The company has adequate facilities in place to take advantage of business opportunities as they arise and consider the state of affairs to be satisfactory to enable it to continue its business strategy.
The company faces a number of risks and uncertainties and the directors believe that the key business risks are in respect of the recovery of the economy as it continues to move out of the effects caused by the post pandemic turbulence. In view of these risks and uncertainties, the directors are aware that the development of the company may be affected by factors outside their control.
The directors anticipate the business environment will be competitive but believe that the company is in a good financial position and they remain confident that the company will continue to improve profitability.
Principal Risks and Uncertainties
The company faces a number of business risks and uncertainties due to competition and economic climate, which has been increased in the post pandemic period. In view of this, the directors continue to look at both existing and potential new markets to mitigate the risks.
Future Developments
The company has progressed developments to improve the performance of its trading activities and to improve margins and profitability. Whilst trading conditions continue to be challenging the directors feel there have been improvements to take advantage of opportunities as they arise.
Financial Instruments
The company continues to have a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are only conducted in sterling. The company does not enter into any hedging transactions.
On behalf of the board
Mr Mukhtar Hussain
Director
25th September 2024
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2023.
Principal Activity
The company's principal activity during the year continued to be that of the distribution and sale of Information Technology and office  products and services.
Directors
The directors who held office during the year were as follows:
Mrs Sacha Jones
Mr Mukhtar Hussain
Mr Robert Stevenson
Mrs Martine Box
Mrs Elizabeth Stevenson Appointed 21/05/2024
Mr Adam Coates Appointed 21/05/2024
Mr Simon Walsh Appointed 29/07/2024
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
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Independent Auditors
The auditors, McKelvie & Co LLP, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Mukhtar Hussain
Director
25th September 2024
Page 3
Page 4
Independent Auditor's Report
Opinion
We have audited the financial statements of ACS Technology Group Ltd for the year ended 31 December 2023 which comprise the Income Statement, Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit/(loss) for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
Page 4
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Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records or returns; or
  • certain disclosures of directors' remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2—3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our
audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Page 5
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Allan W McKelvie (Senior Statutory Auditor)
for and on behalf of McKelvie & Co LLP , Statutory Auditor
25th September 2024
McKelvie & Co LLP
82 Wandsworth Bridge Road
London
SW6 2TF
Page 6
Page 7
Income Statement
2023 2022
Notes £ £
TURNOVER 3 31,801,561 34,743,033
Cost of sales (24,388,997 ) (27,909,293 )
GROSS PROFIT 7,412,564 6,833,740
Administrative expenses (7,140,732 ) (6,791,199 )
Other operating income 3,000 33,688
OPERATING PROFIT 5 274,832 76,229
Loss on disposal of fixed assets (6,209 ) (17,553 )
Other interest receivable and similar income 10 55,239 -
Interest payable and similar charges 11 (62,970 ) (37,382 )
PROFIT BEFORE TAXATION 260,892 21,294
Tax on Profit 12 (122,486 ) (3,883 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 138,406 17,411
The notes on pages 12 to 22 form part of these financial statements.
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Statement of Comprehensive Income
2023 2022
£ £
PROFIT FOR THE FINANCIAL YEAR 138,406 17,411
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 138,406 17,411
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Page 9
Statement of Financial Position
Registered number: 06584936
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 13 769,029 924,067
Investments 14 319 319
769,348 924,386
CURRENT ASSETS
Stocks 15 87,726 504,568
Debtors 16 4,347,885 6,546,035
Cash at bank and in hand 1,060,837 119,746
5,496,448 7,170,349
Creditors: Amounts Falling Due Within One Year 17 (4,604,896 ) (6,215,167 )
NET CURRENT ASSETS (LIABILITIES) 891,552 955,182
TOTAL ASSETS LESS CURRENT LIABILITIES 1,660,900 1,879,568
Creditors: Amounts Falling Due After More Than One Year 18 (257,576 ) (521,454 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 21 (117,569 ) (110,765 )
NET ASSETS 1,285,755 1,247,349
CAPITAL AND RESERVES
Called up share capital 23 1,000 1,000
Income Statement 1,284,755 1,246,349
SHAREHOLDERS' FUNDS 1,285,755 1,247,349
On behalf of the board
Mr Mukhtar Hussain
Director
25th September 2024
The notes on pages 12 to 22 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Income Statement Total
£ £ £
As at 1 January 2022 1,000 1,228,938 1,229,938
Profit for the year and total comprehensive income - 17,411 17,411
As at 31 December 2022 and 1 January 2023 1,000 1,246,349 1,247,349
Profit for the year and total comprehensive income - 138,406 138,406
Dividends paid - (100,000) (100,000)
As at 31 December 2023 1,000 1,284,755 1,285,755
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Statement of Cash Flows
2023 2022
Notes £ £
Cash flows from operating activities
Net cash generated from/(used in) operations 1 3,205,489 (756,531 )
Interest paid (62,970 ) (37,382 )
Tax paid (69,333 ) (29,037 )
Net cash generated from/(used in) operating activities 3,073,186 (822,950 )
Cash flows from investing activities
Purchase of tangible assets (41,937 ) (212,821 )
Proceeds from disposal of tangible assets (1 ) 1,299
Purchase of investment in subsidiary undertaking - (1 )
Interest received 55,239 -
Net cash generated from/(used in) investing activities 13,301 (211,523 )
Cash flows from financing activities
Equity dividends paid (100,000 ) -
Proceeds from new bank borrowings - 1,033,902
Repayment of bank borrowings (1,955,711 ) -
Repayment of finance leases (89,685 ) (23,309 )
Net cash (used in)/generated from financing activities (2,145,396 ) 1,010,593
Increase/(decrease) in cash and cash equivalents 941,091 (23,880 )
Cash and cash equivalents at beginning of year 2 119,746 143,626
Cash and cash equivalents at end of year 2 1,060,837 119,746
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Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from/(used in) operations
2023 2022
£ £
Profit for the financial year 138,406 17,411
Adjustments for:
Tax on profit 122,486 3,883
Interest expense 62,970 37,382
Interest income (55,239 ) -
Depreciation of tangible assets 190,767 202,918
Loss on disposal of tangible assets 6,209 17,553
Movements in working capital:
Decrease/(increase) in stocks 416,842 (120,137 )
Decrease/(increase) in trade and other debtors 2,198,150 (2,007,388 )
Increase in trade and other creditors 124,898 1,091,847
Net cash generated from/(used in) operations 3,205,489 (756,531 )
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2023 2022
£ £
Cash at bank and in hand 1,060,837 119,746
3. Analysis of changes in net (debt)/funds
As at 1 January 2023 Cash flows As at 31 December 2023
£ £ £
Cash at bank and in hand 119,746 941,091 1,060,837
Finance leases (105,369) 89,685 (15,684)
Debts falling due within one year (2,009,790 ) 1,773,893 (235,897 )
Debts falling due after more than one year (439,394) 181,818 (257,576)
(2,434,807) 2,986,487 551,680
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Notes to the Financial Statements
1. General Information
ACS Technology Group Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06584936 . The registered office is Kismet Buildings, Otley Road, Baildon, West Yorkshire, BD17 7HB.
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 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Exemption From Preparing Consolidated Financial Statements
The company has taken advantage of the exemption under section 402 of the Companies Act 2006 not to prepare consolidated accounts as the susidiary undertakings are non-trading entities or not materially trading entities and as such would not materially impact on the reported figures. Thereforethe accounts present information about the company as an individual undertaking and not about its group
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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.
Income from operating leases, where substantially all of the benefits and risks of ownership remain with the lessor, is credited to the profit and loss account over the period of the lease on a straight line basis
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses.
Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold 10% Straight line
Plant & Machinery 25% reducing balance
Fixtures & Fittings 15-25% reducing balance
2.5. Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
2.6. 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 income statement 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 income statement as incurred.
2.7. Stocks and Work in Progress
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.Cost is determined using the first in first out method.
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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2.8. 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.
2.9. Foreign Currencies
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.
At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2.10. 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.
2.11. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
2.12. Government Grant
Government grants are recognised in the income statement 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 income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement 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 income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
2.13. Invoice discounting
The company has entered into an arrangement with its bankers to assign its entitlement to funds receivable from its invoices to its bankers for which the company receives advanced funds. The terms of the agreement are that the company retains the ultimate responsibility for the assigned debt and as such the assigned debtors are included gross as assets and advances received from the company's bankers are included as liabilities within creditors. Interest charged by the bank under this arrangement is accrued and charged to the profit and loss account as interest payable.
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3. Turnover
Analysis of turnover by geographical market is as follows:
2023 2022
£ £
United Kingdom 31,801,007 34,739,797
Europe 554 3,236
31,801,561 34,743,033
4. Other Operating Income
2023 2022
£ £
Other operating income 3,000 33,688
3,000 33,688
5. Operating Profit
The operating profit is stated after charging:
2023 2022
£ £
Bad debts 37,961 17,163
Operating lease rentals 412,725 433,649
Depreciation of tangible fixed assets - owned 174,327 180,998
Depreciation of tangible fixed assets - finance leases and hire purchase contracts 16,440 21,920
6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2023 2022
£ £
Audit Services
Audit of the company's financial statements 20,000 18,000
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2023 2022
£ £
Wages and salaries 4,322,198 4,061,399
Social security costs 446,712 435,791
Other pension costs 305,499 292,767
5,074,409 4,789,957
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8. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2023 2022
Office and administration 47 49
Sales, marketing and distribution 74 76
121 125
9. Directors' remuneration
2023 2022
£ £
Emoluments 387,102 350,925
Company contributions to money purchase pension schemes 9,200 10,247
396,302 361,172
The number of directors to whom retirement benefits were accruing was as follows:
2023 2022
Money purchase pension schemes 4 4
Information regarding the highest paid director was as follows:
2023 2022
£ £
Emoluments 117,815 123,946
Company contributions to money purchase pension schemes 4,800 4,680
122,615 128,626
10. Interest Receivable and Similar Income
2023 2022
£ £
Bank interest receivable 55,224 -
Other interest receivable 15 -
55,239 -
11. Interest Payable and Similar Charges
2023 2022
£ £
Bank loans and overdrafts 48,227 1,773
Other finance charges 14,743 35,609
62,970 37,382
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12. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2023 2022
2023 2022 £ £
Current tax
UK Corporation Tax 23.5% 19.0% 118,653 21,592
Prior period adjustment (2,971 ) (1,365 )
115,682 20,227
Deferred Tax
Deferred taxation 6,804 (16,344 )
Total tax charge for the period 122,486 3,883
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2023 2022
£ £
Profit before tax 260,892 21,294
Tax on profit at 23.5% (UK standard rate) 61,364 4,046
Goodwill/depreciation not allowed for tax 46,330 41,889
Expenses not deductible for tax purposes 20,980 16,558
Capital allowances (9,920 ) (42,178 )
Short term timing differences (101 ) 1,277
Prior period adjustment (2,971 ) (1,365 )
Total tax charge for the period 115,682 20,227
13. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost or Valuation
As at 1 January 2023 835,962 191,242 717,673 1,744,877
Additions - - 41,937 41,937
Disposals (1,650 ) (4,807 ) (71,531 ) (77,988 )
As at 31 December 2023 834,312 186,435 688,079 1,708,826
Depreciation
As at 1 January 2023 268,021 96,170 456,619 820,810
Provided during the period 90,087 23,769 76,911 190,767
Disposals (1,650 ) (4,808 ) (65,322 ) (71,780 )
As at 31 December 2023 356,458 115,131 468,208 939,797
Net Book Value
As at 31 December 2023 477,854 71,304 219,871 769,029
As at 1 January 2023 567,941 95,072 261,054 924,067
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Included above are assets held under finance leases and hire purchase contracts with a net book value as follows:
2023 2022
£ £
Plant & Machinery 49,320 65,760
49,320 65,760
14. Investments
Subsidiaries Unlisted Total
£ £ £
Cost
As at 1 January 2023 301 18 319
As at 31 December 2023 301 18 319
Provision
As at 1 January 2023 - - -
As at 31 December 2023 - - -
Net Book Value
As at 31 December 2023 301 18 319
As at 1 January 2023 301 18 319
Subsidiaries
Details of the company's subsidiaries as at 31 December 2023 are as follows:
Name of undertaking Registered Office Class of shares held Direct holding Indirect holding
ACS Business Supplies Ltd 82 Wandsworth Bridge Road, London SW6 2TF Ordinary 100.00% -
Amalgamated Computer Supplies Ltd 82 Wandsworth Bridge Road, London SW6 2TF Ordinary 100.00% -
PFS Managed Services Limited 82 Wandsworth Bridge Road, London SW6 2TF Ordinary 100.00% -
Scribble and Print Ltd 82 Wandsworth Bridge Road, London SW6 2TF Ordinary 100.00% -
The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:
Capital and Reserves Profit/(loss)
£ £
ACS Business Supplies Ltd 1 -
Amalgamated Computer Supplies Ltd 100 -
PFS Managed Services Limited 100 -
Scribble and Print Ltd 100 5,078
15. Stocks
2023 2022
£ £
Finished goods 87,726 504,568
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16. Debtors
2023 2022
£ £
Due within one year
Trade debtors 3,533,847 5,546,294
Prepayments and accrued income 364,747 384,736
Other debtors 394,103 564,042
4,292,697 6,495,072
Due after more than one year
Other debtors 55,188 50,963
55,188 50,963
4,347,885 6,546,035
17. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 15,684 23,309
Trade creditors 2,240,020 2,291,275
Bank loans and overdrafts 235,897 2,009,790
Other creditors 161,315 158,189
Corporation tax 115,681 69,332
Taxation and social security 461,990 451,261
Accruals and deferred income 1,374,309 1,212,011
4,604,896 6,215,167
18. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts - 82,060
Bank loans 257,576 439,394
257,576 521,454
19. Loans
An analysis of the maturity of loans is given below:
The company obtained Coronavirus Business Interruption Loan from Lloyds bank in 2020 which is repayable in 66 monthly  instalments and commenced December 2020. Interest rate on the loan is base rate plus 2.06% per annum.
2023 2022
£ £
Amounts falling due within one year or on demand:
Bank loans 235,897 2,009,790
235,897 2,009,790
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2023 2022
£ £
Amounts falling due between one and five years:
Bank loans 257,576 439,394
257,576 439,394
The bank facility is secured on the company's book debts and other assets. Also Rozy Futures Limited, where director M Hussain is a director and majority shareholder, provided a cross guarantee over the bank borrowings of the company. Bank interest was charged at 2.16% - 2.25% per annum. The £100,000 third party loan matured in October 2017 and is repayable on demand.
20. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 15,684 23,309
Later than one year and not later than five years - 82,060
15,684 105,369
15,684 105,369
21. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 117,569 110,765
22. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 January 2023 110,765 110,765
Deferred taxation 6,804 6,804
Balance at 31 December 2023 117,569 117,569
23. Share Capital
2023 2022
Allotted, called up and fully paid £ £
80,000 Ordinary A shares of £ 0.01 each 800 800
20,000 Ordinary B shares of £ 0.01 each 200 200
1,000 1,000
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24. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 311,387 391,985
Later than one year and not later than five years 789,990 861,229
Later than five years 13,333 173,333
1,114,710 1,426,547
The commitments above include property leases at the current annual rentals of £160,000 per annum that expires on 4th February 2029 and £106,500 on 3rd May 2024.
25. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £305,499 (2022: £292,767).
At the statement of financial position date contributions of £0 (2022: £55,794) were due to the fund and are included in creditors.
26. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mrs Sacha Jones 5,338 - (5,338 ) - -
Mr Mukhtar Hussain 194,000 - (49,000 ) - 145,000
Mr Robert Stevenson 25,000 - - - 25,000
Mrs Martine Box 211 - (211 ) - -
The above loans are unsecured, interest free and repayable on demand.
27. Dividends
2023 2022
£ £
On equity shares:
Interim dividend paid 100,000 -
100,000 -
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28. Related Party Disclosures
The related party transactions during the year are:
Rozy Futures LimitedMr Hussain, the company's director and shareholder has a significant interest in Rozy Futures Limited.The company has rental lease agreement with Rozy Futures Limited for its premises and the rent charged to the company during the period amounted to £115,310 (2022:£115,310). Rozy Futures Limited has a loan balance with the company on an interest free and unsecured basis which is repayable on demand. At the year end the balance owed to the company amounted to £132,328 (2022: £168,328).

Rozy Futures Limited

Mr Hussain, the company's director and shareholder has a significant interest in Rozy Futures Limited.

The company has rental lease agreement with Rozy Futures Limited for its premises and the rent charged to the company during the period amounted to £115,310 (2022:£115,310). Rozy Futures Limited has a loan balance with the company on an interest free and unsecured basis which is repayable on demand. At the year end the balance owed to the company amounted to £132,328 (2022: £168,328).

Scribble and Print LimitedWholly owned subsidiaryThe company had historically paid expenses on behalf of Scribble and Print Limited amounting to £5,078 which has been fully provided this year. The balance due from Scribble and Print Limited as at 31 December 2023 was £Nil (2022: £5,078)

Scribble and Print Limited

Wholly owned subsidiary

The company had historically paid expenses on behalf of Scribble and Print Limited amounting to £5,078 which has been fully provided this year. The balance due from Scribble and Print Limited as at 31 December 2023 was £Nil (2022: £5,078)

JC Assets LtdSohaib Hussain, a shareholder, has an interest in JC Assets LtdThe company loaned £50,000 to JC Assets Ltd with a £1,000 coupon which was repaid during the year. The balance outstanding as at 31 December 2023 was £Nil (2022: £50,000).

JC Assets Ltd

Sohaib Hussain, a shareholder, has an interest in JC Assets Ltd

The company loaned £50,000 to JC Assets Ltd with a £1,000 coupon which was repaid during the year. The balance outstanding as at 31 December 2023 was £Nil (2022: £50,000).

Organon Pension SIPP re M HussainMr M Hussain, the company's director and shareholder is a trustee and beneficiary of Organon Pension SIPP re M. Hussain.The Pension Scheme and Rozy Futures Limited own the property and jointly charge rent to the company under a lease agreement. Rent paid to the Pension Scheme in 2023 amounted to £44,690 (2022: £44,690). There was no outstanding balance at the year end.

Organon Pension SIPP re M Hussain

Mr M Hussain, the company's director and shareholder is a trustee and beneficiary of Organon Pension SIPP re M. Hussain.

The Pension Scheme and Rozy Futures Limited own the property and jointly charge rent to the company under a lease agreement. Rent paid to the Pension Scheme in 2023 amounted to £44,690 (2022: £44,690). There was no outstanding balance at the year end.

29. Controlling Parties
The company's ultimate controlling party is Mr Mukhtar Hussain by virtue of their interest in the share capital of the company.
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