Acorah Software Products - Accounts Production 15.0.600 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 SC331588 Mr David Louden Mr Jonathan Richards Ms Angela Auld Mr David Louden iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC331588 2023-03-31 SC331588 2024-03-31 SC331588 2023-04-01 2024-03-31 SC331588 frs-core:CurrentFinancialInstruments 2024-03-31 SC331588 frs-core:Non-currentFinancialInstruments 2024-03-31 SC331588 frs-core:ComputerEquipment 2024-03-31 SC331588 frs-core:ComputerEquipment 2023-04-01 2024-03-31 SC331588 frs-core:ComputerEquipment 2023-03-31 SC331588 frs-core:FurnitureFittings 2024-03-31 SC331588 frs-core:FurnitureFittings 2023-04-01 2024-03-31 SC331588 frs-core:FurnitureFittings 2023-03-31 SC331588 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-03-31 SC331588 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 SC331588 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-03-31 SC331588 frs-core:MotorVehicles 2024-03-31 SC331588 frs-core:MotorVehicles 2023-04-01 2024-03-31 SC331588 frs-core:MotorVehicles 2023-03-31 SC331588 frs-core:PlantMachinery 2024-03-31 SC331588 frs-core:PlantMachinery 2023-04-01 2024-03-31 SC331588 frs-core:PlantMachinery 2023-03-31 SC331588 frs-core:ShareCapital 2024-03-31 SC331588 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 SC331588 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC331588 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 SC331588 frs-bus:SmallEntities 2023-04-01 2024-03-31 SC331588 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 SC331588 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC331588 frs-core:DeferredTaxation 2023-04-01 2024-03-31 SC331588 frs-core:DeferredTaxation 2023-03-31 SC331588 frs-core:DeferredTaxation 2024-03-31 SC331588 frs-bus:Director1 2023-04-01 2024-03-31 SC331588 frs-bus:Director2 2023-04-01 2024-03-31 SC331588 frs-bus:Director3 2023-04-01 2024-03-31 SC331588 frs-bus:CompanySecretary1 2023-04-01 2024-03-31 SC331588 frs-core:CurrentFinancialInstruments 1 2024-03-31 SC331588 frs-countries:Scotland 2023-04-01 2024-03-31 SC331588 2022-03-31 SC331588 2023-03-31 SC331588 2022-04-01 2023-03-31 SC331588 frs-core:CurrentFinancialInstruments 2023-03-31 SC331588 frs-core:Non-currentFinancialInstruments 2023-03-31 SC331588 frs-core:ShareCapital 2023-03-31 SC331588 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31 SC331588 frs-core:CurrentFinancialInstruments 1 2023-03-31 SC331588 frs-core:CurrentFinancialInstruments 2 2023-03-31
Registered number: SC331588
Style Scotland Limited
Financial Statements
For The Year Ended 31 March 2024
Stewart Accounting Services Limited
Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—7
Page 1
Statement of Financial Position
Registered number: SC331588
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 34,579 40,126
34,579 40,126
CURRENT ASSETS
Stocks 5 37,204 139,037
Debtors 6 421,126 445,040
Cash at bank and in hand 85,941 13,138
544,271 597,215
Creditors: Amounts Falling Due Within One Year 7 (314,225 ) (438,821 )
NET CURRENT ASSETS (LIABILITIES) 230,046 158,394
TOTAL ASSETS LESS CURRENT LIABILITIES 264,625 198,520
Creditors: Amounts Falling Due After More Than One Year 8 (5,555 ) (27,777 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 - (7,624 )
NET ASSETS 259,070 163,119
CAPITAL AND RESERVES
Called up share capital 11 100 100
Income Statement 258,970 163,019
SHAREHOLDERS' FUNDS 259,070 163,119
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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 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 Income Statement.
On behalf of the board
Mr David Louden
Director
18th October 2024
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Style Scotland Limited is a private company, limited by shares, incorporated in Scotland, registered number SC331588 . The registered office is Townhouse Business Centre, 10 Bank Street, Tillicoultry, Clackmannanshire, FK13 6DP.
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:
Leasehold 15% per annum Striaght line
Plant & Machinery 25% per annum Reducing balance
Motor Vehicles 25% per annum Reducing balance
Fixtures & Fittings 25% per annum Reducing balance
Computer Equipment 33% per annum Straight line
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. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.6. 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.
2.7. Government Grant
Government grants are recognised in the income statement 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 income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement 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 income statement over the useful life of the asset concerned.
All grants in the income statement 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: 16 (2023: 16)
16 16
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4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 April 2023 34,599 13,716 15,795 12,905
Additions - (6,354 ) 13,450 791
Disposals (3,959 ) - (15,795 ) (7,862 )
As at 31 March 2024 30,640 7,362 13,450 5,834
Depreciation
As at 1 April 2023 16,150 10,204 5,396 8,178
Provided during the period 3,843 547 3,363 619
Disposals (3,437 ) (6,152 ) (5,396 ) (7,712 )
As at 31 March 2024 16,556 4,599 3,363 1,085
Net Book Value
As at 31 March 2024 14,084 2,763 10,087 4,749
As at 1 April 2023 18,449 3,512 10,399 4,727
Computer Equipment Total
£ £
Cost
As at 1 April 2023 35,549 112,564
Additions 592 8,479
Disposals (32,196 ) (59,812 )
As at 31 March 2024 3,945 61,231
Depreciation
As at 1 April 2023 32,510 72,438
Provided during the period 541 8,913
Disposals (32,002 ) (54,699 )
As at 31 March 2024 1,049 26,652
Net Book Value
As at 31 March 2024 2,896 34,579
As at 1 April 2023 3,039 40,126
Tangible fixed assets with a carrying value of £40,126 (2022: £82,375) have been pledged to secure the borrowings of the company.
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5. Stocks
2024 2023
£ £
Stock 37,204 35,998
Work in progress - 103,039
37,204 139,037
Stock and Work in progresss with a carrying value of £35,998 (2022: £29,720) and £103,039 (2022: Nil) have been pledged to secure the borrowings of the company.
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 395,928 425,698
Prepayments and accrued income 14,075 13,722
Other debtors 1,200 1,566
Deferred tax current asset 2,878 -
Directors' loan accounts 7,045 4,054
421,126 445,040
Debtors with a carrying value of £450,360 (2022:£485,797) have been pledged to secure the borrowings of the company.
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 150,781 214,901
Bank loans and overdrafts 22,222 22,222
Corporation tax 55,047 22,534
Other taxes and social security 13,226 16,461
VAT 14,595 140
Shareholder Loan account 13,827 32,400
Pension liability 2,264 4,963
Credit Card - 507
Accruals and deferred income 42,263 124,693
314,225 438,821
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 5,555 27,777
5,555 27,777
9. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences (2,878) 7,624
10. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 April 2023 7,624 7,624
Utilised (10,502 ) (10,502)
Balance at 31 March 2024 (2,878 ) (2,878)
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
12. Contingent Liabilities
Due to the nature of the business the company provides Collateral Warranties to customers.
There is a possibility that this will give rise to future obligations although these obligations cannot be reliably
measured.
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