Acorah Software Products - Accounts Production 16.0.110 false true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 09036233 Mr G P Snow Mrs M J Snow iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09036233 2023-05-31 09036233 2024-05-31 09036233 2023-06-01 2024-05-31 09036233 frs-core:CurrentFinancialInstruments 2024-05-31 09036233 frs-core:Non-currentFinancialInstruments 2024-05-31 09036233 frs-core:BetweenOneFiveYears 2024-05-31 09036233 frs-core:ComputerEquipment 2024-05-31 09036233 frs-core:ComputerEquipment 2023-06-01 2024-05-31 09036233 frs-core:ComputerEquipment 2023-05-31 09036233 frs-core:MotorVehicles 2024-05-31 09036233 frs-core:MotorVehicles 2023-06-01 2024-05-31 09036233 frs-core:MotorVehicles 2023-05-31 09036233 frs-core:PlantMachinery 2024-05-31 09036233 frs-core:PlantMachinery 2023-06-01 2024-05-31 09036233 frs-core:PlantMachinery 2023-05-31 09036233 frs-core:WithinOneYear 2024-05-31 09036233 frs-core:ShareCapital 2024-05-31 09036233 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 09036233 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 09036233 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 09036233 frs-bus:SmallEntities 2023-06-01 2024-05-31 09036233 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 09036233 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 09036233 frs-bus:Director1 2023-06-01 2024-05-31 09036233 frs-bus:Director1 2023-05-31 09036233 frs-bus:Director1 2024-05-31 09036233 frs-bus:Director2 2023-06-01 2024-05-31 09036233 frs-countries:EnglandWales 2023-06-01 2024-05-31 09036233 2022-05-31 09036233 2023-05-31 09036233 2022-06-01 2023-05-31 09036233 frs-core:CurrentFinancialInstruments 2023-05-31 09036233 frs-core:Non-currentFinancialInstruments 2023-05-31 09036233 frs-core:BetweenOneFiveYears 2023-05-31 09036233 frs-core:WithinOneYear 2023-05-31 09036233 frs-core:ShareCapital 2023-05-31 09036233 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Registered number: 09036233
McTaggart Farley Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09036233
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 45,791 54,362
45,791 54,362
CURRENT ASSETS
Debtors 5 11,035 840
Cash at bank and in hand 5,182 3,269
16,217 4,109
Creditors: Amounts Falling Due Within One Year 6 (27,281 ) (15,659 )
NET CURRENT ASSETS (LIABILITIES) (11,064 ) (11,550 )
TOTAL ASSETS LESS CURRENT LIABILITIES 34,727 42,812
Creditors: Amounts Falling Due After More Than One Year 7 (15,994 ) (21,325 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (11,447 ) (10,328 )
NET ASSETS 7,286 11,159
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 7,186 11,059
SHAREHOLDERS' FUNDS 7,286 11,159
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Page 2
For the year ending 31 May 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 G P Snow
Director
15th November 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
McTaggart Farley Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09036233 . The registered office is 139-141 Watling Street, Gillingham, Kent, ME7 2YY.
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.
2.3. 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 value amount and are recognised in the Income Statement.
Plant & Machinery Not provided
Motor Vehicles 25% on reducing balance
Computer Equipment 33% on cost
2.4. 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.
2.5. Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
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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.
2.7. Employee benefits
 The cost of short-term employee benefits are recognised as a libility and an expense.
2.8. Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions.
2.9. Debtors
Short term debtors are measured at transaction price, less any impairments for bad and doubtful debts.
 Creditors
Short term creditors are measured at the transaction price.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 June 2023 18,020 37,328 2,340 57,688
Additions - - 1,232 1,232
As at 31 May 2024 18,020 37,328 3,572 58,920
Depreciation
As at 1 June 2023 - 1,560 1,766 3,326
Provided during the period - 8,942 861 9,803
As at 31 May 2024 - 10,502 2,627 13,129
Net Book Value
As at 31 May 2024 18,020 26,826 945 45,791
As at 1 June 2023 18,020 35,768 574 54,362
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5. Debtors
2024 2023
£ £
Due within one year
Other debtors 11,035 840
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 5,331 5,331
Other creditors 1,200 1,316
Taxation and social security 20,750 9,012
27,281 15,659
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 15,994 21,325
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 5,331 5,331
Later than one year and not later than five years 15,994 21,325
21,325 26,656
21,325 26,656
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 June 2023 Amounts advanced Amounts repaid Amounts written off As at 31 May 2024
£ £ £ £ £
Mr Gary Snow (116 ) 100,737 97,546 - 3,075
The above loan is unsecured, interest free and repayable on demand.
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