Acorah Software Products - Accounts Production 15.0.600 false true 28 February 2023 1 March 2022 false 1 March 2023 29 February 2024 29 February 2024 05372441 Ian Ball Matthew Pallett Hannah Jones Ezekiel Taylor Matthew Pallett iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05372441 2023-02-28 05372441 2024-02-29 05372441 2023-03-01 2024-02-29 05372441 frs-core:CurrentFinancialInstruments 2024-02-29 05372441 frs-core:Non-currentFinancialInstruments 2024-02-29 05372441 frs-core:BetweenOneFiveYears 2024-02-29 05372441 frs-core:ComputerEquipment 2024-02-29 05372441 frs-core:ComputerEquipment 2023-03-01 2024-02-29 05372441 frs-core:ComputerEquipment 2023-02-28 05372441 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-01 2024-02-29 05372441 frs-core:NetGoodwill 2024-02-29 05372441 frs-core:NetGoodwill 2023-03-01 2024-02-29 05372441 frs-core:NetGoodwill 2023-02-28 05372441 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-02-29 05372441 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-03-01 2024-02-29 05372441 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-02-28 05372441 frs-core:MotorVehicles 2024-02-29 05372441 frs-core:MotorVehicles 2023-03-01 2024-02-29 05372441 frs-core:MotorVehicles 2023-02-28 05372441 frs-core:OtherResidualIntangibleAssets 2024-02-29 05372441 frs-core:OtherResidualIntangibleAssets 2023-03-01 2024-02-29 05372441 frs-core:OtherResidualIntangibleAssets 2023-02-28 05372441 frs-core:PlantMachinery 2024-02-29 05372441 frs-core:PlantMachinery 2023-03-01 2024-02-29 05372441 frs-core:PlantMachinery 2023-02-28 05372441 frs-core:WithinOneYear 2024-02-29 05372441 frs-core:RevaluationReserve 2023-03-01 2024-02-29 05372441 frs-core:RevaluationReserve 2023-02-28 05372441 frs-core:RevaluationReserve 2024-02-29 05372441 frs-core:ShareCapital 2024-02-29 05372441 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29 05372441 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 05372441 frs-bus:FilletedAccounts 2023-03-01 2024-02-29 05372441 frs-bus:SmallEntities 2023-03-01 2024-02-29 05372441 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 05372441 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 05372441 frs-bus:OrdinaryShareClass1 2023-03-01 2024-02-29 05372441 frs-bus:OrdinaryShareClass1 2024-02-29 05372441 frs-bus:OrdinaryShareClass2 2023-03-01 2024-02-29 05372441 frs-bus:OrdinaryShareClass2 2024-02-29 05372441 frs-bus:OrdinaryShareClass3 2023-03-01 2024-02-29 05372441 frs-bus:OrdinaryShareClass3 2024-02-29 05372441 frs-bus:Director1 2023-03-01 2024-02-29 05372441 frs-bus:Director2 2023-03-01 2024-02-29 05372441 frs-bus:Director3 2023-03-01 2024-02-29 05372441 frs-bus:Director4 2023-03-01 2024-02-29 05372441 frs-bus:CompanySecretary1 2023-03-01 2024-02-29 05372441 frs-core:CurrentFinancialInstruments 1 2024-02-29 05372441 frs-core:Non-currentFinancialInstruments 1 2024-02-29 05372441 frs-countries:EnglandWales 2023-03-01 2024-02-29 05372441 2022-02-28 05372441 2023-02-28 05372441 2022-03-01 2023-02-28 05372441 frs-core:CurrentFinancialInstruments 2023-02-28 05372441 frs-core:Non-currentFinancialInstruments 2023-02-28 05372441 frs-core:BetweenOneFiveYears 2023-02-28 05372441 frs-core:MoreThanFiveYears 2023-02-28 05372441 frs-core:WithinOneYear 2023-02-28 05372441 frs-core:RevaluationReserve 2023-02-28 05372441 frs-core:ShareCapital 2023-02-28 05372441 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28 05372441 frs-bus:OrdinaryShareClass1 2022-03-01 2023-02-28 05372441 frs-bus:OrdinaryShareClass2 2022-03-01 2023-02-28 05372441 frs-bus:OrdinaryShareClass3 2022-03-01 2023-02-28 05372441 frs-core:CurrentFinancialInstruments 1 2023-02-28 05372441 frs-core:Non-currentFinancialInstruments 1 2023-02-28
Registered number: 05372441
Comech Metrology Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—8
Page 1
Balance Sheet
Registered number: 05372441
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 176,640 86,400
Tangible Assets 5 345,439 395,253
522,079 481,653
CURRENT ASSETS
Stocks 6 45,553 26,819
Debtors 7 865,021 825,850
Cash at bank and in hand 118,797 72,516
1,029,371 925,185
Creditors: Amounts Falling Due Within One Year 8 (803,159 ) (714,296 )
NET CURRENT ASSETS (LIABILITIES) 226,212 210,889
TOTAL ASSETS LESS CURRENT LIABILITIES 748,291 692,542
Creditors: Amounts Falling Due After More Than One Year 9 (137,851 ) (203,177 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (22,586 ) (50,461 )
NET ASSETS 587,854 438,904
CAPITAL AND RESERVES
Called up share capital 11 1,000 1,000
Revaluation reserve 13 68,280 77,256
Profit and Loss Account 518,574 360,648
SHAREHOLDERS' FUNDS 587,854 438,904
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For the year ending 29 February 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 Profit and Loss Account.
On behalf of the board
Matthew Pallett
Director
30 October 2024
The notes on pages 3 to 8 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Comech Metrology Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05372441 . The registered office is Unit 1 Victoria Way, Pride Park, Derby, DE24 8AN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared in Sterling (£), which is the functional currency of the company. The financial statements are for the year ended 29 February 2024 (2023: year ended 28 February 2023).
The financial statements are prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, 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
Negative goodwill of £92,099 was fully written off to the profit and loss account prior to 2006.
Goodwill, of £28,000, being the amount paid in connection with the acquisition of sales rights in 2019, was fully written off to the profit and loss account in 2022.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets relate to software development and are measured at cost less accumulated amortisation. Amortisation is charged to the profit and loss account when the intangible asset is available for use.
2.5. 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 10% straight line
Plant & Machinery 2.5%-10% straight line
Motor Vehicles 25% straight line
Computer Equipment 20% straight line
Plant and machinery assets are carried at their revalued amount less any subsequent accumulated depreciation. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using the fair value at the Balance Sheet date.
Revaluation gains and losses are recognised in the profit and loss account unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
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2.6. 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 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 on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
2.7. 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.
2.8. Financial Instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors and loans from banks.
All financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found and impairment loss is recognised in the profit and loss account.
2.9. 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.
2.10. 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.
2.11. 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.
2.12. Research and development
Research expenditure is written off to the profit and loss account in the year in which it is incurred.
2.13. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 51 (2023: 45)
51 45
4. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 March 2023 (64,099 ) 86,400 22,301
Additions - 90,240 90,240
As at 29 February 2024 (64,099 ) 176,640 112,541
Amortisation
As at 1 March 2023 (64,099 ) - (64,099 )
As at 29 February 2024 (64,099 ) - (64,099 )
Net Book Value
As at 29 February 2024 - 176,640 176,640
As at 1 March 2023 - 86,400 86,400
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost or Valuation
As at 1 March 2023 70,211 617,277 74,180 97,167 858,835
Additions - 21,228 88,333 11,764 121,325
Disposals - (84,287 ) (45,940 ) (330 ) (130,557 )
As at 29 February 2024 70,211 554,218 116,573 108,601 849,603
Depreciation
As at 1 March 2023 34,912 323,058 41,860 63,752 463,582
Provided during the period 4,918 25,477 25,577 11,723 67,695
Disposals - (4,144 ) (22,963 ) (6 ) (27,113 )
As at 29 February 2024 39,830 344,391 44,474 75,469 504,164
Net Book Value
As at 29 February 2024 30,381 209,827 72,099 33,132 345,439
As at 1 March 2023 35,299 294,219 32,320 33,415 395,253
A valuation of the Plant and Machinery was last performed on 28 February 2023 by the Technical Director and the basis of which was at the prevailing market rate.
If the revaluation had not been carried out, the cost of Plant & Machinery at 29 February 2024 would have been £571,193, the accumulated depreciation at 29 February 2024 would have been £455,399 with a net book value of £115,794.
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6. Stocks
2024 2023
£ £
Materials 17,552 5,105
Finished goods 28,001 21,714
45,553 26,819
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 511,384 582,305
Prepayments and accrued income 95,417 144,987
Other debtors 182,485 80,503
Directors' loan accounts 75,735 18,055
865,021 825,850
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 20,502 3,822
Trade creditors 279,610 369,297
Bank loans and overdrafts 58,643 53,032
Other taxes and social security 32,017 29,702
VAT 97,477 94,771
Other creditors 220,778 40,620
Other loans 23,815 21,303
Accruals and deferred income 70,317 101,749
803,159 714,296
Hire purchase liabilities are secured over the assets to which they relate.
Within other creditors are factoring loans totalling £208,878. Factoring loans are secured by way of a fixed and floating charge over the leasehold building and tangible assets.
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 27,770 10,638
Bank loans 26,230 84,873
Other loans > 1 year 83,851 107,666
137,851 203,177
Hire purchase liabilities are secured over the assets to which they relate.
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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 20,502 3,822
Later than one year and not later than five years 27,770 10,638
48,272 14,460
48,272 14,460
11. Share Capital
2024 2023
Allotted, called up and fully paid £ £
900 Ordinary Shares of £ 1.000 each 900 900
50 Ordinary A shares of £ 1.000 each 50 50
50 Ordinary B shares of £ 1.000 each 50 50
1,000 1,000
All shares rank pari passu and carry equal voting rights.
12. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 62,428 63,268
Later than one year and not later than five years 265,833 282,426
Later than five years - 45,830
328,261 391,524
13. Reserves
Revaluation Reserve
£
As at 1 March 2023 77,256
Transfer to profit and loss (8,976 )
As at 29 February 2024 68,280
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14. Related Party Transactions
At the year end there was an amount due from a connected company of £58,353 (2023: £56,308), which is related by virtue of common control. The balance is repayable on demand and is interest free.
Shareholders Loans
As at 29 February 2024, a shareholder owed the company £93,369 (2023: -£26,643). Amounts advanced during the year were £184,468 and amounts repaid were £64,456. The loan is unsecured, repayable on demand is recognised within debtors.
As at 29 February 2024, another shareholder owed the company £8,506 (2023: -£1). Amounts advanced during the year were £18,507 and amounts repaid were £10,000. The loan is unsecured, repayable on demand is recognised within debtors.
Loans to Directors
As at 29 February 2024, a director owed the company £75,735 (2023: £18,055). Amounts advanced during the year were £94,680 and amounts repaid were £37,000. The loan is unsecured, repayable on demand and is recognised within debtors. 
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