Acorah Software Products - Accounts Production 16.0.110 false true 30 June 2021 1 July 2020 false 1 July 2021 30 June 2022 30 June 2022 SC600089 Mr James Petrie iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC600089 2021-06-30 SC600089 2022-06-30 SC600089 2021-07-01 2022-06-30 SC600089 frs-core:CurrentFinancialInstruments 2022-06-30 SC600089 frs-core:Non-currentFinancialInstruments 2022-06-30 SC600089 frs-core:ComputerEquipment 2022-06-30 SC600089 frs-core:ComputerEquipment 2021-07-01 2022-06-30 SC600089 frs-core:ComputerEquipment 2021-06-30 SC600089 frs-core:PlantMachinery 2022-06-30 SC600089 frs-core:PlantMachinery 2021-07-01 2022-06-30 SC600089 frs-core:PlantMachinery 2021-06-30 SC600089 frs-core:ShareCapital 2022-06-30 SC600089 frs-core:RetainedEarningsAccumulatedLosses 2022-06-30 SC600089 frs-bus:PrivateLimitedCompanyLtd 2021-07-01 2022-06-30 SC600089 frs-bus:FilletedAccounts 2021-07-01 2022-06-30 SC600089 frs-bus:SmallEntities 2021-07-01 2022-06-30 SC600089 frs-bus:AuditExempt-NoAccountantsReport 2021-07-01 2022-06-30 SC600089 frs-bus:SmallCompaniesRegimeForAccounts 2021-07-01 2022-06-30 SC600089 frs-bus:Director1 2021-07-01 2022-06-30 SC600089 frs-core:Non-currentFinancialInstruments 2 2022-06-30 SC600089 frs-countries:Scotland 2021-07-01 2022-06-30 SC600089 2020-06-30 SC600089 2021-06-30 SC600089 2020-07-01 2021-06-30 SC600089 frs-core:CurrentFinancialInstruments 2021-06-30 SC600089 frs-core:Non-currentFinancialInstruments 2021-06-30 SC600089 frs-core:ShareCapital 2021-06-30 SC600089 frs-core:RetainedEarningsAccumulatedLosses 2021-06-30 SC600089 frs-core:Non-currentFinancialInstruments 2 2021-06-30
Registered number: SC600089
Varsity Joiners Ltd
Financial Statements
For The Year Ended 30 June 2022
Donoghue & Co. Ltd
19a Wellside Place
Falkirk
FK1 5RL
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: SC600089
2022 2021
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,266 1,672
1,266 1,672
CURRENT ASSETS
Debtors 5 61,420 43,479
Cash at bank and in hand 495 423
61,915 43,902
Creditors: Amounts Falling Due Within One Year 6 (59,674 ) (42,581 )
NET CURRENT ASSETS (LIABILITIES) 2,241 1,321
TOTAL ASSETS LESS CURRENT LIABILITIES 3,507 2,993
Creditors: Amounts Falling Due After More Than One Year 7 (2,300 ) (2,300 )
NET ASSETS 1,207 693
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 1,107 593
SHAREHOLDERS' FUNDS 1,207 693
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For the year ending 30 June 2022 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 James Petrie
Director
30th October 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Varsity Joiners Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC600089 . The registered office is 19a Wellside Place, Falkirk, FK1 5RL.
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:
Plant & Machinery 20% Reducing Balance
Computer Equipment 33.3% Straight Line
2.4. 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 year 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 asset reflects 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows: nil 7 (2021: 2)
7 2
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4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 July 2021 1,790 360 2,150
As at 30 June 2022 1,790 360 2,150
Depreciation
As at 1 July 2021 358 120 478
Provided during the period 286 120 406
As at 30 June 2022 644 240 884
Net Book Value
As at 30 June 2022 1,146 120 1,266
As at 1 July 2021 1,432 240 1,672
5. Debtors
2022 2021
£ £
Due within one year
Trade debtors 50,136 31,843
Other taxes and social security 8,984 2,259
Director's loan account - 7,077
59,120 41,179
Due after more than one year
S455 Tax Recoverable 2,300 2,300
61,420 43,479
6. Creditors: Amounts Falling Due Within One Year
2022 2021
£ £
Trade creditors 2,423 2,423
Bank loans and overdrafts 20,000 20,000
Corporation tax 36,470 17,870
VAT 184 2,288
Director's loan account 597 -
59,674 42,581
7. Creditors: Amounts Falling Due After More Than One Year
2022 2021
£ £
S455 Tax Payable 2,300 2,300
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8. Share Capital
2022 2021
£ £
Allotted, Called up and fully paid 100 100
9. Directors Advances, Credits and Guarantees
Dividends paid to directors
2022 2021
£ £
Mr James Petrie 59,320 45,000
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