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Registered number: 07782652
F.A.M. Commercials Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 07782652
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,947,016 2,296,342
Investments 5 134,167 134,167
3,081,183 2,430,509
CURRENT ASSETS
Stocks 6 38,000 10,000
Debtors 7 1,686,345 1,576,102
Cash at bank and in hand 852,727 732,630
2,577,072 2,318,732
Creditors: Amounts Falling Due Within One Year 8 (854,012 ) (896,427 )
NET CURRENT ASSETS (LIABILITIES) 1,723,060 1,422,305
TOTAL ASSETS LESS CURRENT LIABILITIES 4,804,243 3,852,814
Creditors: Amounts Falling Due After More Than One Year 9 (945,791 ) (747,894 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 11 (604,360 ) (429,379 )
NET ASSETS 3,254,092 2,675,541
CAPITAL AND RESERVES
Called up share capital 12 1 1
Profit and Loss Account 3,254,091 2,675,540
SHAREHOLDERS' FUNDS 3,254,092 2,675,541
Page 1
Page 2
For the year ending 31 March 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 M Scott
Director
10 October 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
F.A.M. Commercials Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07782652 . The registered office is 41 Knowsley Street, Bury, Lancashire, BL9 0ST.
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. Going Concern Disclosure
After reviewing the company's forecasts and projections the director have a resaonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
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 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.
2.4. 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:

Assets which are not carried at fair value are reviewed for evidence of impairement at each reporting date. Where the assets is showing indicators of impairement, the recoverable amount of the assets, is estimated and then compared to the carrying value in the financial statements. Where the carrying amount is in excess of recoverable amount , an impairement loss is recognised in the profit and loss account.
Plant & Machinery 25% on a reducing balance basis
Motor Vehicles 25% on a reducing balance basis
Fixtures & Fittings 25% on a reducing balance basis
Computer Equipment 33.3% on a reducing balance basis
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2.5. 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.
2.6. 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. 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 40 41
40 41
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 1,045,995 4,310,516 274,592 26,486 5,657,589
Additions 298,008 1,479,712 4,084 2,906 1,784,710
Disposals - (711,744 ) - - (711,744 )
As at 31 March 2024 1,344,003 5,078,484 278,676 29,392 6,730,555
Depreciation
As at 1 April 2023 498,290 2,753,669 94,559 14,729 3,361,247
Provided during the period 211,967 727,275 60,349 6,991 1,006,582
Disposals - (584,290 ) - - (584,290 )
As at 31 March 2024 710,257 2,896,654 154,908 21,720 3,783,539
Net Book Value
As at 31 March 2024 633,746 2,181,830 123,768 7,672 2,947,016
As at 1 April 2023 547,705 1,556,847 180,033 11,757 2,296,342
5. Investments
Other
£
Cost
As at 1 April 2023 134,167
As at 31 March 2024 134,167
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 134,167
As at 1 April 2023 134,167
Page 5
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Investments relate to an investment in an listed entity which is stated at cost less impairement. At each balance sheet date, the investment is assessed for indicators of impairement and where there are indicators of impairement , recoverable amount is assessed. If the recoberable amount is less than carrying amount, the investment is written down to recobverable amount by way of an impairement loss which is recognised in profit or loss
6. Stocks
2024 2023
£ £
Materials 38,000 10,000
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,114,373 957,731
Prepayments and accrued income 110,965 7,152
Other debtors 362,284 512,496
Corporation tax recoverable assets 98,723 98,723
1,686,345 1,576,102
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 451,111 373,362
Trade creditors 247,329 231,641
Corporation tax - 98,723
Other taxes and social security 42,530 44,556
VAT 109,739 144,639
Other creditors 303 806
Accruals and deferred income 3,000 2,700
854,012 896,427
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 945,791 747,894
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10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 451,111 373,362
Later than one year and not later than five years 945,791 747,894
1,396,902 1,121,256
1,396,902 1,121,256
11. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 604,360 429,379
12. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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