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Registered number: 08821205
Thermmark Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Bennett Verby Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08821205
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 448,997 496,291
448,997 496,291
CURRENT ASSETS
Stocks 5 167,581 83,718
Debtors 6 246,002 372,775
Cash at bank and in hand 18,997 112,527
432,580 569,020
Creditors: Amounts Falling Due Within One Year 7 (310,722 ) (426,306 )
NET CURRENT ASSETS (LIABILITIES) 121,858 142,714
TOTAL ASSETS LESS CURRENT LIABILITIES 570,855 639,005
Creditors: Amounts Falling Due After More Than One Year 8 (26,536 ) (66,528 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (108,923 ) (91,530 )
NET ASSETS 435,396 480,947
CAPITAL AND RESERVES
Called up share capital 9 200 200
Share premium account 2,450 2,450
Profit and Loss Account 432,746 478,297
SHAREHOLDERS' FUNDS 435,396 480,947
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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 Profit and Loss Account.
On behalf of the board
Mr N Robson
Director
12 September 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Thermmark Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08821205 . The registered office is Second Avenue, Radnor Park Industrial Estate, Congleton, Cheshire, CW12 4XJ.
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 recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs.  Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant & Machinery 10% Reducing balance
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 15% Reducing balance
Computer Equipment 33% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
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 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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2.6. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 29 (2023: 31)
29 31
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 695,019 11,200 25,950 24,603 756,772
Additions 5,605 - - 6,943 12,548
Disposals (5,695 ) - - - (5,695 )
As at 31 March 2024 694,929 11,200 25,950 31,546 763,625
Depreciation
As at 1 April 2023 229,964 4,725 6,887 18,905 260,481
Provided during the period 46,733 1,619 2,859 4,823 56,034
Disposals (1,887 ) - - - (1,887 )
As at 31 March 2024 274,810 6,344 9,746 23,728 314,628
Net Book Value
As at 31 March 2024 420,119 4,856 16,204 7,818 448,997
As at 1 April 2023 465,055 6,475 19,063 5,698 496,291
5. Stocks
2024 2023
£ £
Stock 167,581 83,718
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 229,046 284,395
Prepayments and accrued income 31,725 36,484
Other debtors - 200
Net wages 553 -
Directors' loan accounts 27,644 -
Amounts owed by subsidiaries (42,966 ) 51,696
246,002 372,775
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 87,979 83,821
Bank loans and overdrafts 55,088 78,906
Amounts owed to group undertakings - 146,243
Other creditors 13,100 11,514
Taxation and social security 154,555 105,822
310,722 426,306
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 26,536 66,528
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 200 200
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Ross Makin (666 ) 93,140 80,520 - 11,954
Mrs Victoria Robson (166 ) 86,608 81,587 - 4,855
Mr Neville Robson (332 ) 93,521 81,587 - 11,602
The above loan is unsecured, interest free and repayable on demand.
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11. Related Party Transactions
Thermmark Group Limited is considered to be a related party and at the year end, was owed £Nil (2023: £146,243) from the company. 
Grassmats Limited is considered to be a related party and at the year end, owed £51,600 (2023: £55) to the company.
Trim Trail Limited is considered to be a related party and at the year end, was owed £42,965 (2023: £151 owed by) from the company.
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