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Registered number: SC609319
Dima Group Ltd
Unaudited Financial Statements
For The Year Ended 28 March 2024
NSB Chartered Certified Accountants
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Company Information
Director Mr Andrew Gilmour
Company Number SC609319
Registered Office First Floor, Suite F4 Buchan House
Enterprise Way
Dunfermline
KY11 8PL
Accountants NSB Chartered Certified Accountants
39 Hunter Grove
Bathgate
West Lothian
EH48 1NN
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Balance Sheet
Registered number: SC609319
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 40,485 14,075
40,485 14,075
CURRENT ASSETS
Debtors 5 218,863 221,827
Cash at bank and in hand 157,560 92,390
376,423 314,217
Creditors: Amounts Falling Due Within One Year 6 (380,433 ) (302,707 )
NET CURRENT ASSETS (LIABILITIES) (4,010 ) 11,510
TOTAL ASSETS LESS CURRENT LIABILITIES 36,475 25,585
Creditors: Amounts Falling Due After More Than One Year 7 (113,738 ) (38,333 )
NET LIABILITIES (77,263 ) (12,748 )
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account (77,264 ) (12,749 )
SHAREHOLDERS' FUNDS (77,263) (12,748)
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For the year ending 28 March 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 Gilmour
Director
8 November 2024
The notes on pages 4 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Dima Group Ltd is a private Company, limited by shares, incorporated in Scotland: registration number SC609319 . The registered office address is First Floor, Suite F4 Buchan House, Enterprise Way, Dunfermline, KY11 8PL.
The financial statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention unless otherwise specified within these accounting policies 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 following principal accounting policies have been applied:
2.2. Going Concern Disclosure
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered a period of 12 months from the date of approval of the financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3. Significant judgements and estimations
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affect is only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2.4. Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
  • the Company has transferred the significant risks and rewards of ownership to the buyer;
  • the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
  • the amount of turnover can be measured reliably;
  • it is probable that the Company will receive the consideration due under the transaction; and
  • the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
  • the amount of turnover can be measured reliably;
  • it is probable that the Company will receive the consideration due under the contract;
  • the stage of completion of the contract at the end of the reporting period can be measured reliably; and
  • the costs incurred and the costs to complete the contract can be measured reliably.
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2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis:
Plant & Machinery 15% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 10% reducing balance
2.6. Leasing and Hire Purchase Contracts
Operating leases: the Company as lessee
Rentals paid under operating leases are charged to the profit and loss account on a straight-line basis over the lease term.
Hire purchase contracts and finance leases
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets and depreciated over the shorter of the lease term and their useful lives. 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.
2.7. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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2.8. Taxation
Current taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred taxation
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
  • the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
  • any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
2.9. Pensions
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
3. Average Number of Employees
The average number of employees, including directors, during the year was as follows: 86 (2023: 145)
86 145
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 29 March 2023 9,098 10,500 1,994 21,592
Additions 1,114 37,000 - 38,114
As at 28 March 2024 10,212 47,500 1,994 59,706
Depreciation
As at 29 March 2023 2,160 4,722 635 7,517
Provided during the period 1,009 10,695 - 11,704
As at 28 March 2024 3,169 15,417 635 19,221
Net Book Value
As at 28 March 2024 7,043 32,083 1,359 40,485
As at 29 March 2023 6,938 5,778 1,359 14,075
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5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 96,176 97,760
Amounts owed by participating interests 41,280 68,280
Other debtors 81,407 55,787
218,863 221,827
Included within "other debtors" is an amount of £57,847 (2023 - £41,843) due to Mr Andrew Gilmour, a director and shareholder. There are no fixed terms of repayment. Interest is accrued at the official rate of interest.
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 7,420 -
Bank loans and overdrafts 24,276 27,097
Other loans 169,685 53,635
Other creditors 2,648 11,801
Taxation and social security 176,404 210,174
380,433 302,707
Net obligations under finance lease and hire purchase contracts falling due within one year are secured over the assets to which they relate.
The bank loans are secured by fixed and floating charges over the assets of the company.
The other loans are secured by fixed and floating charges over the assets of the company.
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 13,293 -
Bank loans 28,333 38,333
Other loans 72,112 -
113,738 38,333
Net obligations under finance lease and hire purchase contracts falling due after one year are secured over the assets to which they relate.
The bank loans are secured by fixed and floating charges over the assets of the company.
The other loans are secured by fixed and floating charges over the assets of the company.
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
9. Related Party Transactions
Included within "amounts owed by participating interests" is an amount of £41,280 (2023 - £68,280) due from AG Hood Property Investment Limited, a company in which the director, Mr Andrew Gilmour is also a director and shareholder. This loan is interest free with no fixed terms of repayment.
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