Acorah Software Products - Accounts Production 16.0.110 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 10685942 Mr S J Francis Mr B S Francis Mr P K Francis iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10685942 2023-03-31 10685942 2024-03-31 10685942 2023-04-01 2024-03-31 10685942 frs-core:CurrentFinancialInstruments 2024-03-31 10685942 frs-core:Non-currentFinancialInstruments 2024-03-31 10685942 frs-core:BetweenOneFiveYears 2024-03-31 10685942 frs-core:ComputerEquipment 2024-03-31 10685942 frs-core:ComputerEquipment 2023-04-01 2024-03-31 10685942 frs-core:ComputerEquipment 2023-03-31 10685942 frs-core:NetGoodwill 2024-03-31 10685942 frs-core:NetGoodwill 2023-04-01 2024-03-31 10685942 frs-core:NetGoodwill 2023-03-31 10685942 frs-core:MotorVehicles 2024-03-31 10685942 frs-core:MotorVehicles 2023-04-01 2024-03-31 10685942 frs-core:MotorVehicles 2023-03-31 10685942 frs-core:PlantMachinery 2024-03-31 10685942 frs-core:PlantMachinery 2023-04-01 2024-03-31 10685942 frs-core:PlantMachinery 2023-03-31 10685942 frs-core:WithinOneYear 2024-03-31 10685942 frs-core:ShareCapital 2024-03-31 10685942 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 10685942 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10685942 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 10685942 frs-bus:SmallEntities 2023-04-01 2024-03-31 10685942 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 10685942 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 10685942 frs-bus:Director1 2023-04-01 2024-03-31 10685942 frs-bus:Director2 2023-04-01 2024-03-31 10685942 frs-bus:Director3 2023-04-01 2024-03-31 10685942 frs-countries:EnglandWales 2023-04-01 2024-03-31 10685942 2022-03-31 10685942 2023-03-31 10685942 2022-04-01 2023-03-31 10685942 frs-core:CurrentFinancialInstruments 2023-03-31 10685942 frs-core:Non-currentFinancialInstruments 2023-03-31 10685942 frs-core:BetweenOneFiveYears 2023-03-31 10685942 frs-core:WithinOneYear 2023-03-31 10685942 frs-core:ShareCapital 2023-03-31 10685942 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 10685942
Argon Services UHV Limited
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—8
Page 1
Balance Sheet
Registered number: 10685942
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 465,800 548,000
Tangible Assets 5 849,033 1,090,451
1,314,833 1,638,451
CURRENT ASSETS
Stocks 6 385,200 347,135
Debtors 7 367,151 463,020
Cash at bank and in hand 13,292 9,378
765,643 819,533
Creditors: Amounts Falling Due Within One Year 8 (1,038,867 ) (1,290,580 )
NET CURRENT ASSETS (LIABILITIES) (273,224 ) (471,047 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,041,609 1,167,404
Creditors: Amounts Falling Due After More Than One Year 9 (643,565 ) (829,924 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (215,808 ) -
NET ASSETS 182,236 337,480
CAPITAL AND RESERVES
Called up share capital 11 1,000 1,000
Profit and Loss Account 181,236 336,480
SHAREHOLDERS' FUNDS 182,236 337,480
Page 1
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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 P K Francis
Director
18 November 2024
The notes on pages 3 to 8 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
The Company is incorporated in England and Wales and is limited by shares. The registered office is located at Yew Tree House, Lewes Road, Forest Row, East Sussex, RH18 5AA. The Company's principal place of business is Unit 10, The Felbridge Centre, Birches Industrial Estate, East Grinstead, West Sussex, RH19 1XP.
The company's principal activity consists of the manufacture of bespoke vacuum vessels and instruments for the high, ultrahigh vacuum, medical and pharmaceutical industries.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. 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 25% reducing balance
Motor Vehicles 25% reducing balance
Computer Equipment 25% reducing balance
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2.5. Leasing and Hire Purchase Contracts
Assets obtained under 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 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.
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 as incurred.
2.6. 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.
2.7. Financial Instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
...CONTINUED
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2.7. Financial Instruments - continued
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
2.8. 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.
2.9. Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 22 (2023: 19)
22 19
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4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 822,000
As at 31 March 2024 822,000
Amortisation
As at 1 April 2023 274,000
Provided during the period 82,200
As at 31 March 2024 356,200
Net Book Value
As at 31 March 2024 465,800
As at 1 April 2023 548,000
5. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 1,471,244 11,000 2,150 1,484,394
Additions 41,791 - - 41,791
As at 31 March 2024 1,513,035 11,000 2,150 1,526,185
Depreciation
As at 1 April 2023 385,877 6,747 1,319 393,943
Provided during the period 281,938 1,063 208 283,209
As at 31 March 2024 667,815 7,810 1,527 677,152
Net Book Value
As at 31 March 2024 845,220 3,190 623 849,033
As at 1 April 2023 1,085,367 4,253 831 1,090,451
6. Stocks
2024 2023
£ £
Materials 170,950 153,800
Work in progress 214,250 193,335
385,200 347,135
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 338,504 447,233
Other debtors 28,647 15,787
367,151 463,020
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 206,195 253,132
Trade creditors 153,152 342,425
Bank loans and overdrafts 249,208 131,815
Other creditors 417,789 550,188
Taxation and social security 12,523 13,020
1,038,867 1,290,580
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 566,898 713,257
Bank loans 76,667 116,667
643,565 829,924
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 206,195 253,132
Later than one year and not later than five years 566,898 713,257
773,093 966,389
773,093 966,389
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
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12. Directors Advances, Credits and Guarantees
Included in other creditors due within one year are loans from the director, Mr P Francis amounting to £(179,367) 2023 - £(317,106).
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