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Registered number: SC490704
Old Millhouse Dalkeith Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2023
Lothian Accounting Limited (SC556470)
CA
3 Priory Gate
North Berwick
EH39 4SA
Unaudited Financial Statements
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Old Millhouse Dalkeith Ltd for the year ended 30 November 2023 which comprise the profit and loss account and balance sheet from the company's accounting records and from information and explanations you have given me. 
As a practising member of the Institute of Chartered Accountants of Scotland, I am subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the Board of Directors of Old Millhouse Dalkeith Limited, as a body, in accordance with the terms of my engagement letter dated 10 January 2024. My work has been undertaken in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020. To the fullest extent permitted by law, I do not accept responsibility to anyone other than Old Millhouse Dalkeith Limited and its Board of Directors as a body for my work or for this report.
I have not been instructed to carry out an audit or a review of the accounts of Old Millhouse Dalkeith Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the financial statements.
Signed
Michele-Ange Anderson
03/09/2024
Lothian Accounting Limited (SC556470)
CA
3 Priory Gate
North Berwick
EH39 4SA
Page 1
Page 2
Balance Sheet
Registered number: SC490704
2023 2022
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 32,111 27,815
32,111 27,815
CURRENT ASSETS
Debtors 4 8,913 -
Cash at bank and in hand 19,256 12,398
28,169 12,398
Creditors: Amounts Falling Due Within One Year 5 (83,158 ) (51,792 )
NET CURRENT ASSETS (LIABILITIES) (54,989 ) (39,394 )
TOTAL ASSETS LESS CURRENT LIABILITIES (22,878 ) (11,579 )
Creditors: Amounts Falling Due After More Than One Year 6 (5,183 ) (8,128 )
NET LIABILITIES (28,061 ) (19,707 )
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account (28,062 ) (19,708 )
SHAREHOLDERS' FUNDS (28,061) (19,707)
Page 2
Page 3
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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 Sally De Waard
Director
03/09/2024
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. Accounting Policies
1.1. 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.
1.2. 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.
1.3. 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:
Leasehold Straightline 20%
Plant & Machinery Straightline 20%
Fixtures & Fittings Straightline 20%
Computer Equipment Straightline 20%
1.4. 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.
1.5. 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.
Page 4
Page 5
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 3 (2022: 3)
3 3
3. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 December 2022 38,526 38,669 12,921 90,116
Additions 17,520 3,293 1,407 22,220
As at 30 November 2023 56,046 41,962 14,328 112,336
Depreciation
As at 1 December 2022 20,930 28,619 12,752 62,301
Provided during the period 9,514 8,115 295 17,924
As at 30 November 2023 30,444 36,734 13,047 80,225
Net Book Value
As at 30 November 2023 25,602 5,228 1,281 32,111
As at 1 December 2022 17,596 10,050 169 27,815
4. Debtors
2023 2022
as restated
£ £
Due within one year
Trade debtors 8,913 -
8,913 -
5. Creditors: Amounts Falling Due Within One Year
2023 2022
as restated
£ £
Net obligations under finance lease and hire purchase contracts - 532
Trade creditors 2,023 2,635
Bank loans and overdrafts 2,500 2,500
Corporation tax 205 28
Other taxes and social security - 1,557
VAT 5,459 3,458
Net wages - 3,955
Other creditors 245 446
Accruals and deferred income 38,889 -
Director's loan account 33,837 36,681
83,158 51,792
The bank loans and overdrafts are secured by a d floating charge over the company's assets and a negative pledge. 
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Page 6
6. Creditors: Amounts Falling Due After More Than One Year
2023 2022
as restated
£ £
Bank loans 5,183 8,128
5,183 8,128
7. Obligations Under Finance Leases and Hire Purchase
2023 2022
as restated
£ £
The maturity of these amounts is as follows:
Within one year - 532
8. Share Capital
2023 2022
as restated
£ £
Allotted, Called up and fully paid 1 1
9. General Information
Old Millhouse Dalkeith Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC490704 . The registered office is The Old Millhouse, 40, Newmills Road, Dalkeith, EH22 2AQ.
A prior year adjustment has been made to write off a trade debtor balance that had been recognised twice in the year ended 30 November 2022.  There were minor adjustments for bank loan interest, VAT and PAYE liability.  The net impact has been a decrease in profits and net assets of £1,825 but no change in taxation. 
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