Acorah Software Products - Accounts Production 15.0.600 false true 31 January 2023 1 February 2022 false 1 February 2023 31 January 2024 31 January 2024 02547201 Mr Andrew Scott Mrs Janet Scott iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 02547201 2023-01-31 02547201 2024-01-31 02547201 2023-02-01 2024-01-31 02547201 frs-core:CurrentFinancialInstruments 2024-01-31 02547201 frs-core:Non-currentFinancialInstruments 2024-01-31 02547201 frs-core:ComputerEquipment 2024-01-31 02547201 frs-core:ComputerEquipment 2023-02-01 2024-01-31 02547201 frs-core:ComputerEquipment 2023-01-31 02547201 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-01 2024-01-31 02547201 frs-core:FurnitureFittings 2024-01-31 02547201 frs-core:FurnitureFittings 2023-02-01 2024-01-31 02547201 frs-core:FurnitureFittings 2023-01-31 02547201 frs-core:MotorVehicles 2024-01-31 02547201 frs-core:MotorVehicles 2023-02-01 2024-01-31 02547201 frs-core:MotorVehicles 2023-01-31 02547201 frs-core:OtherResidualIntangibleAssets 2024-01-31 02547201 frs-core:OtherResidualIntangibleAssets 2023-02-01 2024-01-31 02547201 frs-core:OtherResidualIntangibleAssets 2023-01-31 02547201 frs-core:PlantMachinery 2024-01-31 02547201 frs-core:PlantMachinery 2023-02-01 2024-01-31 02547201 frs-core:PlantMachinery 2023-01-31 02547201 frs-core:WithinOneYear 2024-01-31 02547201 frs-core:ShareCapital 2024-01-31 02547201 frs-core:RetainedEarningsAccumulatedLosses 2024-01-31 02547201 frs-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 02547201 frs-bus:FilletedAccounts 2023-02-01 2024-01-31 02547201 frs-bus:SmallEntities 2023-02-01 2024-01-31 02547201 frs-bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 02547201 frs-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 02547201 frs-core:DeferredTaxation 2023-02-01 2024-01-31 02547201 frs-core:DeferredTaxation 2023-01-31 02547201 frs-core:DeferredTaxation 2024-01-31 02547201 frs-bus:Director1 2023-02-01 2024-01-31 02547201 frs-bus:Director1 2023-01-31 02547201 frs-bus:Director1 2024-01-31 02547201 frs-bus:CompanySecretary1 2023-02-01 2024-01-31 02547201 frs-core:CurrentFinancialInstruments 1 2024-01-31 02547201 frs-countries:EnglandWales 2023-02-01 2024-01-31 02547201 2022-01-31 02547201 2023-01-31 02547201 2022-02-01 2023-01-31 02547201 frs-core:CurrentFinancialInstruments 2023-01-31 02547201 frs-core:Non-currentFinancialInstruments 2023-01-31 02547201 frs-core:BetweenOneFiveYears 2023-01-31 02547201 frs-core:MotorVehicles 2022-02-01 2023-01-31 02547201 frs-core:WithinOneYear 2023-01-31 02547201 frs-core:ShareCapital 2023-01-31 02547201 frs-core:RetainedEarningsAccumulatedLosses 2023-01-31 02547201 frs-core:CurrentFinancialInstruments 1 2023-01-31
Registered number: 02547201
Marine Components International Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—8
Page 1
Company Information
Director Mr Andrew Scott
Secretary Mrs Janet Scott
Company Number 02547201
Registered Office First Floor, New Barnes Mill
Cottonmill Lane
St Albans
AL1 2HA
Accountants Town & Forest
Chartered Accountants & Statutory Auditors
First Floor, New Barnes Mill
Cottonmill Lane
St Albans
AL1 2HA
Page 1
Page 2
Balance Sheet
Registered number: 02547201
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 5 6,112 7,742
Tangible Assets 6 27,438 37,706
33,550 45,448
CURRENT ASSETS
Stocks 7 289,113 273,698
Debtors 8 253,113 232,509
Cash at bank and in hand 36,908 62,037
579,134 568,244
Creditors: Amounts Falling Due Within One Year 9 (577,222 ) (487,912 )
NET CURRENT ASSETS (LIABILITIES) 1,912 80,332
TOTAL ASSETS LESS CURRENT LIABILITIES 35,462 125,780
Creditors: Amounts Falling Due After More Than One Year 10 (13,877 ) (43,521 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,578 ) (6,074 )
NET ASSETS 16,007 76,185
CAPITAL AND RESERVES
Called up share capital 100 100
Profit and Loss Account 15,907 76,085
SHAREHOLDERS' FUNDS 16,007 76,185
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For the year ending 31 January 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 Andrew Scott
Director
31 October 2024
The notes on pages 4 to 8 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Marine Components International Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02547201 . The registered office is First Floor, New Barnes Mill, Cottonmill Lane, St Albans, AL1 2HA.

2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

The presentation currency of the financial statements is the Pound Sterling (£).

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
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. 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.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Website development costs are being amortised to the profit and loss account evenly over their estimated useful life of five 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% straight line
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 20% straight line
Computer Equipment 20% straight line
Included within Fixtures & Fittings are Leasehold Property Improvements, which are depreciated at 10% straight line.
2.5. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and 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 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.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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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2.8. Taxation
Taxation expense represents the sum of the tax currently payable and deferred tax.
Taxation for the year comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing difference that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in the tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.10. Government Grant
Government grants are recognised in the profit and loss account 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 profit and loss account.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.11. Provisions and accruals
Provisions are recognised when there is a present legal or constructive obligation as a result of past events and the amount can be reliably estimated. Provisions are not recognised for future operating losses.
2.12. Trade debtors
Trade debtors are carried at original net invoice amount less an estimate for doubtful debtors. Bad debts are written off when identified. Specific provisions are made against debts whose recovery is considered doubtful.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 7)
7 7
4. Prior Period Adjustment
A prior year adjustment was made in respect of intangible fixed assets, prepayments, amortisation and advertising and marketing costs. At 31 January 2023, this has resulted in intangible assets increasing by £7,742, prepayments decreasing by £1,604, the loss after tax being £738 lower and the restated net assets being £6,138 higher. The previous loss after tax was £93,119, and the previous net assets at 31 January 2023 were £70,047 before the necessary adjustments.
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5. Intangible Assets
Website Development Costs
£
Cost
As at 1 February 2023 8,150
As at 31 January 2024 8,150
Amortisation
As at 1 February 2023 408
Provided during the period 1,630
As at 31 January 2024 2,038
Net Book Value
As at 31 January 2024 6,112
As at 1 February 2023 7,742
6. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 February 2023 12,489 46,672 15,546 7,637 82,344
As at 31 January 2024 12,489 46,672 15,546 7,637 82,344
Depreciation
As at 1 February 2023 9,098 17,104 12,585 5,851 44,638
Provided during the period 568 7,392 1,638 670 10,268
As at 31 January 2024 9,666 24,496 14,223 6,521 54,906
Net Book Value
As at 31 January 2024 2,823 22,176 1,323 1,116 27,438
As at 1 February 2023 3,391 29,568 2,961 1,786 37,706
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
as restated
£ £
Motor Vehicles 18,056 24,075
7. Stocks
2024 2023
as restated
£ £
Stock 289,113 273,698
Page 6
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8. Debtors
2024 2023
as restated
£ £
Due within one year
Trade debtors 189,470 167,211
Prepayments and accrued income 28,569 23,907
Other debtors - 7,955
Rent deposit 5,950 5,950
Corporation tax recoverable assets 7,159 6,746
Director's loan account 21,965 20,740
253,113 232,509
9. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Net obligations under finance lease and hire purchase contracts 19,498 5,895
Trade creditors 507,905 419,499
Bank loans and overdrafts 10,163 9,908
Corporation tax 413 6,839
Other taxes and social security 5,359 5,300
VAT 14,277 6,662
Other creditors 16,345 29,301
Accruals and deferred income 3,262 4,508
577,222 487,912
10. Creditors: Amounts Falling Due After More Than One Year
2024 2023
as restated
£ £
Net obligations under finance lease and hire purchase contracts - 19,498
Bank loans 13,877 24,023
13,877 43,521
11. Obligations Under Finance Leases and Hire Purchase
2024 2023
as restated
£ £
The future minimum finance lease payments are as follows:
Not later than one year 19,498 5,895
Later than one year and not later than five years - 19,498
19,498 25,393
19,498 25,393
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12. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 February 2023 6,074 6,074
Utilised (496 ) (496)
Balance at 31 January 2024 5,578 5,578
13. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 February 2023 Amounts advanced Amounts repaid Amounts written off As at 31 January 2024
£ £ £ £ £
Mr Andrew Scott 20,740 1,225 - - 21,965
The above loan is unsecured, interest bearing and repayable on demand.
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