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 SC329980 Mr Colin Leishman Mr Keith Murray Mr Mark Davidson Mrs Jill Murray iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC329980 2022-12-31 SC329980 2023-12-31 SC329980 2023-01-01 2023-12-31 SC329980 frs-core:CurrentFinancialInstruments 2023-12-31 SC329980 frs-core:Non-currentFinancialInstruments 2023-12-31 SC329980 frs-core:BetweenOneFiveYears 2023-12-31 SC329980 frs-core:ComputerEquipment 2023-12-31 SC329980 frs-core:ComputerEquipment 2023-01-01 2023-12-31 SC329980 frs-core:ComputerEquipment 2022-12-31 SC329980 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 SC329980 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 SC329980 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 SC329980 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-12-31 SC329980 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC329980 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-12-31 SC329980 frs-core:PlantMachinery 2023-12-31 SC329980 frs-core:PlantMachinery 2023-01-01 2023-12-31 SC329980 frs-core:PlantMachinery 2022-12-31 SC329980 frs-core:WithinOneYear 2023-12-31 SC329980 frs-core:RevaluationReserve 2023-01-01 2023-12-31 SC329980 frs-core:RevaluationReserve 2023-12-31 SC329980 frs-core:ShareCapital 2023-12-31 SC329980 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 SC329980 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC329980 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 SC329980 frs-bus:SmallEntities 2023-01-01 2023-12-31 SC329980 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 SC329980 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 SC329980 frs-bus:Director1 2023-01-01 2023-12-31 SC329980 frs-bus:Director2 2023-01-01 2023-12-31 SC329980 frs-bus:Director3 2023-01-01 2023-12-31 SC329980 frs-bus:CompanySecretary1 2023-01-01 2023-12-31 SC329980 frs-countries:Scotland 2023-01-01 2023-12-31 SC329980 2021-12-31 SC329980 2022-12-31 SC329980 2022-01-01 2022-12-31 SC329980 frs-core:CurrentFinancialInstruments 2022-12-31 SC329980 frs-core:Non-currentFinancialInstruments 2022-12-31 SC329980 frs-core:BetweenOneFiveYears 2022-12-31 SC329980 frs-core:WithinOneYear 2022-12-31 SC329980 frs-core:RevaluationReserve 2022-12-31 SC329980 frs-core:ShareCapital 2022-12-31 SC329980 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: SC329980
Lochaven International Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Donn Sheldon
21 Forbes Place
Paisley
PA1 1UT
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: SC329980
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 175,460 183,357
Tangible Assets 5 458,621 427,348
Investment Properties 6 95,635 109,255
729,716 719,960
CURRENT ASSETS
Stocks 7 338,692 478,901
Debtors 8 735,946 829,871
Cash at bank and in hand 101,958 1,541
1,176,596 1,310,313
Creditors: Amounts Falling Due Within One Year 9 (435,689 ) (533,928 )
NET CURRENT ASSETS (LIABILITIES) 740,907 776,385
TOTAL ASSETS LESS CURRENT LIABILITIES 1,470,623 1,496,345
Creditors: Amounts Falling Due After More Than One Year 10 (111,858 ) (235,715 )
NET ASSETS 1,358,765 1,260,630
CAPITAL AND RESERVES
Called up share capital 12 197,000 197,000
Revaluation reserve 13 61,475 -
Profit and Loss Account 1,100,290 1,063,630
SHAREHOLDERS' FUNDS 1,358,765 1,260,630
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 Keith Murray
Director
05/09/2024
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
Lochaven International Limited is a private company, limited by shares, incorporated in Scotland, registered number SC329980 . The registered office is 21 Forbes Place, Paisley , Renfrewshire, PA1 1UT.
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. Research and Development
Expenditure on research and development is written off in the year it is incurred, except where the directors are satisfied that development expenditure incurred on an individual project is carried forward as permitted by SSAP13 when its future recoverability can be regarded as assured. The expenditure carried forward is treated as an intangible fixed asset and amortised over its estimated economic life of 5 Years so as to match the expenditure with the anticipated sales from the related project. Provision is made for any impairment.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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 10% on reducing balance
Computer Equipment 33% on cost
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised 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 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.
2.7. 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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2.8. 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 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 42 (2022: 37)
42 37
4. Intangible Assets
Development Costs
£
Cost
As at 1 January 2023 843,113
Additions 29,162
As at 31 December 2023 872,275
Amortisation
As at 1 January 2023 659,756
Provided during the period 37,059
As at 31 December 2023 696,815
Net Book Value
As at 31 December 2023 175,460
As at 1 January 2023 183,357
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Page 5
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 133,525 683,095 10,701 827,321
Additions 61,475 2,521 1,407 65,403
As at 31 December 2023 195,000 685,616 12,108 892,724
Depreciation
As at 1 January 2023 8,012 383,283 8,678 399,973
Provided during the period 2,670 30,235 1,225 34,130
As at 31 December 2023 10,682 413,518 9,903 434,103
Net Book Value
As at 31 December 2023 184,318 272,098 2,205 458,621
As at 1 January 2023 125,513 299,812 2,023 427,348
6. Investment Property
2023
£
Fair Value
As at 1 January 2023 136,194
Depreciation and impairment (40,559)
As at 31 December 2023 95,635
7. Stocks
2023 2022
£ £
Materials 106,777 165,732
Finished goods 50,232 22,291
Work in progress 181,683 290,878
338,692 478,901
8. Debtors
2023 2022
£ £
Due within one year
Trade debtors 382,778 401,872
Prepayments and accrued income 201,904 210,709
Other debtors 132,946 199,783
VAT 18,318 17,507
735,946 829,871
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Page 6
9. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 57,354 61,917
Trade creditors 185,150 284,880
Bank loans and overdrafts 65,521 144,777
Corporation tax 90,026 33,414
Other taxes and social security 34,905 7,785
Other creditors 1,473 315
Accruals and deferred income 1,260 840
435,689 533,928
10. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 33,203 89,674
Bank loans 78,655 146,041
111,858 235,715
11. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 57,354 61,917
Later than one year and not later than five years 33,203 89,674
90,557 151,591
90,557 151,591
12. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 197,000 197,000
13. Reserves
Revaluation Reserve
£
Surplus on revaluation 61,475
As at 31 December 2023 61,475
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