Acorah Software Products - Accounts Production 15.0.600 false true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 SC270053 Mr Malcom Kirkpatrick iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC270053 2023-05-31 SC270053 2024-05-31 SC270053 2023-06-01 2024-05-31 SC270053 frs-core:CurrentFinancialInstruments 2024-05-31 SC270053 frs-core:Non-currentFinancialInstruments 2024-05-31 SC270053 frs-core:NetGoodwill 2024-05-31 SC270053 frs-core:NetGoodwill 2023-06-01 2024-05-31 SC270053 frs-core:NetGoodwill 2023-05-31 SC270053 frs-core:PlantMachinery 2024-05-31 SC270053 frs-core:PlantMachinery 2023-06-01 2024-05-31 SC270053 frs-core:PlantMachinery 2023-05-31 SC270053 frs-core:ShareCapital 2024-05-31 SC270053 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 SC270053 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC270053 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 SC270053 frs-bus:SmallEntities 2023-06-01 2024-05-31 SC270053 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 SC270053 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 SC270053 frs-bus:Director1 2023-06-01 2024-05-31 SC270053 frs-countries:Scotland 2023-06-01 2024-05-31 SC270053 2022-05-31 SC270053 2023-05-31 SC270053 2022-06-01 2023-05-31 SC270053 frs-core:CurrentFinancialInstruments 2023-05-31 SC270053 frs-core:Non-currentFinancialInstruments 2023-05-31 SC270053 frs-core:ShareCapital 2023-05-31 SC270053 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Registered number: SC270053
THE WIND SECTION LIMITED
Unaudited Financial Statements
For The Year Ended 31 May 2024
Menzies Accountants Ltd
18 Campbell Road
Edinburgh
EH12 6DT
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: SC270053
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 50,000 52,500
Tangible Assets 5 1,858 2,065
51,858 54,565
CURRENT ASSETS
Stocks 6 217,080 176,846
Debtors 7 31,377 36,059
Cash at bank and in hand 253,613 137,170
502,070 350,075
Creditors: Amounts Falling Due Within One Year 8 (493,417 ) (367,524 )
NET CURRENT ASSETS (LIABILITIES) 8,653 (17,449 )
TOTAL ASSETS LESS CURRENT LIABILITIES 60,511 37,116
Creditors: Amounts Falling Due After More Than One Year 9 (29,151 ) (34,724 )
NET ASSETS 31,360 2,392
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 31,260 2,292
SHAREHOLDERS' FUNDS 31,360 2,392
Page 1
Page 2
For the year ending 31 May 2024 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 his 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 Malcom Kirkpatrick
Director
14/09/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
THE WIND SECTION LIMITED is a private company, limited by shares, incorporated in Scotland, registered number SC270053 . The registered office is 11-13 Cumberland Street, EDINBURGH, EH3 6RT.
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. It is amortised to profit and loss account over its estimated economic life of 40 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:
Plant & Machinery 10% reducing balance
2.5. 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.
2.6. Taxation
Corporation 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.
...CONTINUED
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2.6. Taxation - continued
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:
2024 2023
Office and administration 3 3
3 3
4. Intangible Assets
Goodwill
£
Cost
As at 1 June 2023 100,000
As at 31 May 2024 100,000
Amortisation
As at 1 June 2023 47,500
Provided during the period 2,500
As at 31 May 2024 50,000
Net Book Value
As at 31 May 2024 50,000
As at 1 June 2023 52,500
5. Tangible Assets
Plant & Machinery
£
Cost
As at 1 June 2023 12,227
As at 31 May 2024 12,227
Depreciation
As at 1 June 2023 10,162
Provided during the period 207
As at 31 May 2024 10,369
Net Book Value
As at 31 May 2024 1,858
As at 1 June 2023 2,065
6. Stocks
2024 2023
£ £
Stock 217,080 176,846
Page 4
Page 5
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 30,852 36,059
Other debtors 525 -
31,377 36,059
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 179,454 205,643
Bank loans and overdrafts 5,555 5,555
Corporation tax 38,894 29,766
Other taxes and social security 22,188 10,381
Other creditors 3,416 -
Accruals and deferred income 243,252 115,990
Director's loan account 658 189
493,417 367,524
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 29,151 34,724
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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