Acorah Software Products - Accounts Production 16.0.110 false true 31 July 2023 1 August 2022 false 1 August 2023 31 July 2024 31 July 2024 SC173451 Mr Joseph Nimmo iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC173451 2023-07-31 SC173451 2024-07-31 SC173451 2023-08-01 2024-07-31 SC173451 frs-core:CurrentFinancialInstruments 2024-07-31 SC173451 frs-core:Non-currentFinancialInstruments 2024-07-31 SC173451 frs-core:ComputerEquipment 2023-08-01 2024-07-31 SC173451 frs-core:FurnitureFittings 2024-07-31 SC173451 frs-core:FurnitureFittings 2023-08-01 2024-07-31 SC173451 frs-core:FurnitureFittings 2023-07-31 SC173451 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-08-01 2024-07-31 SC173451 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-07-31 SC173451 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 SC173451 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-07-31 SC173451 frs-core:MotorVehicles 2024-07-31 SC173451 frs-core:MotorVehicles 2023-08-01 2024-07-31 SC173451 frs-core:MotorVehicles 2023-07-31 SC173451 frs-core:PlantMachinery 2024-07-31 SC173451 frs-core:PlantMachinery 2023-08-01 2024-07-31 SC173451 frs-core:PlantMachinery 2023-07-31 SC173451 frs-core:RevaluationReserve 2023-07-31 SC173451 frs-core:RevaluationReserve 2024-07-31 SC173451 frs-core:ShareCapital 2024-07-31 SC173451 frs-core:RetainedEarningsAccumulatedLosses 2024-07-31 SC173451 frs-bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 SC173451 frs-bus:FilletedAccounts 2023-08-01 2024-07-31 SC173451 frs-bus:SmallEntities 2023-08-01 2024-07-31 SC173451 frs-bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 SC173451 frs-bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 SC173451 frs-bus:Director1 2023-08-01 2024-07-31 SC173451 frs-countries:Scotland 2023-08-01 2024-07-31 SC173451 2022-07-31 SC173451 2023-07-31 SC173451 2022-08-01 2023-07-31 SC173451 frs-core:CurrentFinancialInstruments 2023-07-31 SC173451 frs-core:Non-currentFinancialInstruments 2023-07-31 SC173451 frs-core:RevaluationReserve 2023-07-31 SC173451 frs-core:ShareCapital 2023-07-31 SC173451 frs-core:RetainedEarningsAccumulatedLosses 2023-07-31
Registered number: SC173451
j n Electrics Limited
Financial Statements
For The Year Ended 31 July 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: SC173451
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 606,863 553,705
606,863 553,705
CURRENT ASSETS
Stocks 5 300 -
Cash at bank and in hand 28,985 1,638
29,285 1,638
Creditors: Amounts Falling Due Within One Year 6 (83,696 ) (36,369 )
NET CURRENT ASSETS (LIABILITIES) (54,411 ) (34,731 )
TOTAL ASSETS LESS CURRENT LIABILITIES 552,452 518,974
Creditors: Amounts Falling Due After More Than One Year 7 (8,351 ) (34,798 )
NET ASSETS 544,101 484,176
CAPITAL AND RESERVES
Called up share capital 8 100 100
Revaluation reserve 9 353,131 353,131
Profit and Loss Account 190,870 130,945
SHAREHOLDERS' FUNDS 544,101 484,176
Page 1
Page 2
For the year ending 31 July 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 Joseph Nimmo
Director
28/10/2024
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
j n Electrics Limited is a private company, limited by shares, incorporated in Scotland, registered number SC173451 . The registered office is 2271 Great Western Road, Glasgow, G15 6UY.
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. 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%
Leasehold 0%
Plant & Machinery 0%
Motor Vehicles 10% RB
Fixtures & Fittings 50%
Computer Equipment 50%
2.4. 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.
2.5. 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.
...CONTINUED
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2.5. Taxation - continued
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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are 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: 1 (2023: NIL)
1 -
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 August 2023 500,000 94,200 25,900 18,727 638,827
Additions - 18,355 47,000 - 65,355
As at 31 July 2024 500,000 112,555 72,900 18,727 704,182
Depreciation
As at 1 August 2023 - 40,495 25,900 18,727 85,122
Provided during the period - 5,371 6,826 - 12,197
As at 31 July 2024 - 45,866 32,726 18,727 97,319
Net Book Value
As at 31 July 2024 500,000 66,689 40,174 - 606,863
As at 1 August 2023 500,000 53,705 - - 553,705
5. Stocks
2024 2023
£ £
Stock 300 -
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1 -
Bank loans and overdrafts 33,987 -
Other creditors 31,373 26,708
Taxation and social security 18,335 9,661
83,696 36,369
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 8,351 34,798
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Page 5
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Reserves
Revaluation Reserve
£
As at 1 August 2023 353,131
As at 31 July 2024 353,131
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