Acorah Software Products - Accounts Production 15.0.600 false true true 30 June 2023 1 July 2022 false 1 July 2023 30 June 2024 30 June 2024 SC456424 Mr Gordon Simpson iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC456424 2023-06-30 SC456424 2024-06-30 SC456424 2023-07-01 2024-06-30 SC456424 frs-core:CurrentFinancialInstruments 2024-06-30 SC456424 frs-core:ShareCapital 2024-06-30 SC456424 frs-core:RetainedEarningsAccumulatedLosses 2024-06-30 SC456424 frs-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC456424 frs-bus:FilletedAccounts 2023-07-01 2024-06-30 SC456424 frs-bus:SmallEntities 2023-07-01 2024-06-30 SC456424 frs-bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 SC456424 frs-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 SC456424 frs-bus:Director1 2023-07-01 2024-06-30 SC456424 frs-countries:Scotland 2023-07-01 2024-06-30 SC456424 2022-06-30 SC456424 2023-06-30 SC456424 2022-07-01 2023-06-30 SC456424 frs-core:CurrentFinancialInstruments 2023-06-30 SC456424 frs-core:ShareCapital 2023-06-30 SC456424 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30
Registered number: SC456424
Ian Elliot Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Leitch Accountancy Services Limited
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Balance Sheet
Registered number: SC456424
2024 2023
Notes £ £ £ £
CURRENT ASSETS
Stocks 4 736,243 736,243
Debtors 5 17,400 5,523
Cash at bank and in hand 2,875 3,676
756,518 745,442
Creditors: Amounts Falling Due Within One Year 6 (794,480 ) (780,915 )
NET CURRENT ASSETS (LIABILITIES) (37,962 ) (35,473 )
TOTAL ASSETS LESS CURRENT LIABILITIES (37,962 ) (35,473 )
NET LIABILITIES (37,962 ) (35,473 )
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account (38,062 ) (35,573 )
SHAREHOLDERS' FUNDS (37,962) (35,473)
For the year ending 30 June 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 Gordon Simpson
Director
18/11/2024
The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Ian Elliot Limited is a private company, limited by shares, incorporated in Scotland, registered number SC456424 . The registered office is 23 Wellhouse, Beauly, IV4 7AS.
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. Going Concern Disclosure
The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £37,320. The company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements and all third party liabilities can be met within agreed payment terms. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
2.3. 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.
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.
2.4. 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. Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12
'Other Financial 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.
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. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the
financial asset expire or are settled.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the
financial asset expire or are settled, or the Company transfers to another party substantially all of the risks
and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all,
significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised
at transaction price and subsequently carried at amortised cost, using the effective interest rate method.
Financial liabilities classified as payable within one year are not amortised.
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
...CONTINUED
Page 2
Page 3
2.5. Financial Instruments - continued
transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Stocks
2024 2023
£ £
Work in progress 736,243 736,243
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 17,400 -
Other debtors - 5,523
17,400 5,523
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 3,000 540
Amounts owed to group undertakings 788,920 778,280
Other creditors 1,500 2,095
Taxation and social security 1,060 -
794,480 780,915
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
100 Ordinary Shares of £1.00 each
8. Related Party Transactions
During the year, owners holding a participating interest in the entity were owed £788,920 (2023 - £778,820) as at the year end. This loan is unsecured, interest free and has no fixed terms of repayment.
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