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 SC136128 Mrs Anne Campbell Mr Alistair Logan iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC136128 2022-12-31 SC136128 2023-12-31 SC136128 2023-01-01 2023-12-31 SC136128 frs-core:CurrentFinancialInstruments 2023-12-31 SC136128 frs-core:ComputerEquipment 2023-12-31 SC136128 frs-core:ComputerEquipment 2023-01-01 2023-12-31 SC136128 frs-core:ComputerEquipment 2022-12-31 SC136128 frs-core:FurnitureFittings 2023-12-31 SC136128 frs-core:FurnitureFittings 2023-01-01 2023-12-31 SC136128 frs-core:FurnitureFittings 2022-12-31 SC136128 frs-core:NetGoodwill 2023-12-31 SC136128 frs-core:NetGoodwill 2023-01-01 2023-12-31 SC136128 frs-core:NetGoodwill 2022-12-31 SC136128 frs-core:InvestmentPropertyIncludedWithinPPE 2023-12-31 SC136128 frs-core:InvestmentPropertyIncludedWithinPPE 2022-12-31 SC136128 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-12-31 SC136128 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC136128 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-12-31 SC136128 frs-core:MotorVehicles 2023-12-31 SC136128 frs-core:MotorVehicles 2023-01-01 2023-12-31 SC136128 frs-core:MotorVehicles 2022-12-31 SC136128 frs-core:PlantMachinery 2023-12-31 SC136128 frs-core:PlantMachinery 2023-01-01 2023-12-31 SC136128 frs-core:PlantMachinery 2022-12-31 SC136128 frs-core:CapitalRedemptionReserve 2023-12-31 SC136128 frs-core:ShareCapital 2023-12-31 SC136128 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 SC136128 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC136128 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 SC136128 frs-bus:SmallEntities 2023-01-01 2023-12-31 SC136128 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 SC136128 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 SC136128 frs-core:DeferredTaxation 2023-01-01 2023-12-31 SC136128 frs-core:DeferredTaxation 2022-12-31 SC136128 frs-core:DeferredTaxation 2023-12-31 SC136128 frs-bus:Director1 2023-01-01 2023-12-31 SC136128 frs-bus:Director2 2023-01-01 2023-12-31 SC136128 frs-core:CurrentFinancialInstruments 1 2023-12-31 SC136128 frs-core:CurrentFinancialInstruments 2 2023-12-31 SC136128 frs-countries:Scotland 2023-01-01 2023-12-31 SC136128 2021-12-31 SC136128 2022-12-31 SC136128 2022-01-01 2022-12-31 SC136128 frs-core:CurrentFinancialInstruments 2022-12-31 SC136128 frs-core:CapitalRedemptionReserve 2022-12-31 SC136128 frs-core:ShareCapital 2022-12-31 SC136128 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 SC136128 frs-core:CurrentFinancialInstruments 1 2022-12-31 SC136128 frs-core:CurrentFinancialInstruments 2 2022-12-31
Registered number: SC136128
Ovec Systems Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: SC136128
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 2,728,305 1,153,886
2,728,305 1,153,886
CURRENT ASSETS
Stocks 6 31,476 40,783
Debtors 7 286,314 665,574
Cash at bank and in hand 1,618,726 2,316,716
1,936,516 3,023,073
Creditors: Amounts Falling Due Within One Year 8 (579,423 ) (587,911 )
NET CURRENT ASSETS (LIABILITIES) 1,357,093 2,435,162
TOTAL ASSETS LESS CURRENT LIABILITIES 4,085,398 3,589,048
PROVISIONS FOR LIABILITIES
Deferred Taxation (10,119 ) (2,549 )
NET ASSETS 4,075,279 3,586,499
CAPITAL AND RESERVES
Called up share capital 10 8 8
Capital redemption reserve 192 192
Profit and Loss Account 4,075,079 3,586,299
SHAREHOLDERS' FUNDS 4,075,279 3,586,499
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
Mrs Anne Campbell
Director
Mr Alistair Logan
Director
26/09/2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Ovec Systems Limited is a private company, limited by shares, incorporated in Scotland, registered number SC136128 . The registered office is 7 Deerdykes Road, Cumbernauld, Glasgow, G68 9HF.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets in 2008. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. 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 0% - 5% on cost
Plant & Machinery 20% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 15% on reducing balance
Computer Equipment 10% on reducing balance
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. 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 has basic financial instruments.

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured
initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective
interest method, less any impairment.

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans,
are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost
using the effective interest method.
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2.8. 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.
2.9. 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.
2.10. 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: 20 (2022: 19)
20 19
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 5,000
As at 31 December 2023 5,000
Amortisation
As at 1 January 2023 5,000
As at 31 December 2023 5,000
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 -
Page 4
Page 5
5. Tangible Assets
Land & Property
Freehold Investment Properties Plant & Machinery Motor Vehicles
£ £ £ £
Cost
As at 1 January 2023 207,575 1,049,868 117,393 44,883
Additions 1,591,538 - - -
As at 31 December 2023 1,799,113 1,049,868 117,393 44,883
Depreciation
As at 1 January 2023 148,593 - 110,653 32,597
Provided during the period 10,379 - 1,011 3,072
As at 31 December 2023 158,972 - 111,664 35,669
Net Book Value
As at 31 December 2023 1,640,141 1,049,868 5,729 9,214
As at 1 January 2023 58,982 1,049,868 6,740 12,286
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 7,217 80,000 1,506,936
Additions - - 1,591,538
As at 31 December 2023 7,217 80,000 3,098,474
Depreciation
As at 1 January 2023 6,081 55,126 353,050
Provided during the period 170 2,487 17,119
As at 31 December 2023 6,251 57,613 370,169
Net Book Value
As at 31 December 2023 966 22,387 2,728,305
As at 1 January 2023 1,136 24,874 1,153,886
Page 5
Page 6
Cost or valuation as at 31 December 2023 represented by:
Land & Property
Freehold Investment Properties Plant & Machinery Motor Vehicles
£ £ £ £
At cost 1,799,113 - 117,393 44,883
At valuation - 1,049,868 - -
1,799,113 1,049,868 117,393 44,883
Fixtures & Fittings Computer Equipment Total
£ £ £
At cost 7,217 80,000 2,048,606
At valuation - - 1,049,868
7,217 80,000 3,098,474
If investment property had not been revalued it would have been included at the following historical cost of £1,049,868 (2022: £1,049,868)
Investment property was valued on an open market basis on 31 December 2023 by the directors
6. Stocks
2023 2022
£ £
Stock 31,476 40,783
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 253,434 640,485
Prepayments and accrued income 5,541 8,448
VAT 27,339 16,641
286,314 665,574
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 123,808 80,175
Corporation tax 147,687 175,632
Other taxes and social security 15,721 23,816
Other creditors 95,212 67,096
Deposits Received 150,723 202,079
Pension creditor 3,133 -
Accruals and deferred income 4,167 3,989
Directors' loan accounts 38,972 35,124
579,423 587,911
Page 6
Page 7
9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 January 2023 2,549 2,549
Additions 7,570 7,570
Balance at 31 December 2023 10,119 10,119
The provision for deferred taxation is made up of accelerated capital allowances.
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 8 8
Page 7