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 SC653705 Mr Peter Gaskin P Gaskin true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC653705 2023-03-31 SC653705 2024-03-31 SC653705 2023-04-01 2024-03-31 SC653705 frs-core:CurrentFinancialInstruments 2024-03-31 SC653705 frs-core:Non-currentFinancialInstruments 2024-03-31 SC653705 frs-core:BetweenOneFiveYears 2024-03-31 SC653705 frs-core:ComputerEquipment 2024-03-31 SC653705 frs-core:ComputerEquipment 2023-04-01 2024-03-31 SC653705 frs-core:ComputerEquipment 2023-03-31 SC653705 frs-core:NetGoodwill 2024-03-31 SC653705 frs-core:NetGoodwill 2023-04-01 2024-03-31 SC653705 frs-core:NetGoodwill 2023-03-31 SC653705 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-03-31 SC653705 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC653705 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-03-31 SC653705 frs-core:MoreThanFiveYears 2024-03-31 SC653705 frs-core:MotorVehicles 2024-03-31 SC653705 frs-core:MotorVehicles 2023-04-01 2024-03-31 SC653705 frs-core:MotorVehicles 2023-03-31 SC653705 frs-core:PlantMachinery 2024-03-31 SC653705 frs-core:PlantMachinery 2023-04-01 2024-03-31 SC653705 frs-core:PlantMachinery 2023-03-31 SC653705 frs-core:WithinOneYear 2024-03-31 SC653705 frs-core:SharePremium 2024-03-31 SC653705 frs-core:ShareCapital 2024-03-31 SC653705 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 SC653705 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC653705 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 SC653705 frs-bus:SmallEntities 2023-04-01 2024-03-31 SC653705 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 SC653705 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC653705 1 2023-04-01 2024-03-31 SC653705 frs-bus:Director1 2023-04-01 2024-03-31 SC653705 frs-countries:Scotland 2023-04-01 2024-03-31 SC653705 2022-03-31 SC653705 2023-03-31 SC653705 2022-04-01 2023-03-31 SC653705 frs-core:CurrentFinancialInstruments 2023-03-31 SC653705 frs-core:Non-currentFinancialInstruments 2023-03-31 SC653705 frs-core:BetweenOneFiveYears 2023-03-31 SC653705 frs-core:MoreThanFiveYears 2023-03-31 SC653705 frs-core:WithinOneYear 2023-03-31 SC653705 frs-core:SharePremium 2023-03-31 SC653705 frs-core:ShareCapital 2023-03-31 SC653705 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: SC653705
TFT Electronics Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Devonports LAS Accountants Ltd
10 Station Court
Station Approach
Wickford
Essex
SS11 7AT
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—7
Page 1
Statement of Financial Position
Registered number: SC653705
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 30,014 35,014
Tangible Assets 5 71,469 81,913
101,483 116,927
CURRENT ASSETS
Stocks 6 60,000 60,000
Debtors 7 12,365 14,730
Cash at bank and in hand 3,026 -
75,391 74,730
Creditors: Amounts Falling Due Within One Year 8 (84,491 ) (61,995 )
NET CURRENT ASSETS (LIABILITIES) (9,100 ) 12,735
TOTAL ASSETS LESS CURRENT LIABILITIES 92,383 129,662
Creditors: Amounts Falling Due After More Than One Year 9 (47,471 ) (60,549 )
NET ASSETS 44,912 69,113
CAPITAL AND RESERVES
Called up share capital 11 100 100
Share premium account 25,000 25,000
Income Statement 19,812 44,013
SHAREHOLDERS' FUNDS 44,912 69,113
Page 1
Page 2
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 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 Income Statement.
On behalf of the board
Mr Peter Gaskin
Director
27/11/2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
TFT Electronics Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC653705 . The registered office is Unit 1, Skeld Industrial Estate, Shetland, SCOTLAND, ZE2 9NL.
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 income statement 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:
Freehold 2% on cost
Plant & Machinery 15% Reducing balance
Motor Vehicles 15% Reducing balance
Computer Equipment 33% Reducing baalnce
Page 3
Page 4
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 income statement 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 income statement 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. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.
2.8. Taxation
Corporation 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.
Page 4
Page 5
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 3)
2 3
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 50,000
As at 31 March 2024 50,000
Amortisation
As at 1 April 2023 14,986
Provided during the period 5,000
As at 31 March 2024 19,986
Net Book Value
As at 31 March 2024 30,014
As at 1 April 2023 35,014
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 21,000 94,006 3,500 406 118,912
As at 31 March 2024 21,000 94,006 3,500 406 118,912
Depreciation
As at 1 April 2023 1,259 34,106 1,350 284 36,999
Provided during the period 420 9,661 323 40 10,444
As at 31 March 2024 1,679 43,767 1,673 324 47,443
Net Book Value
As at 31 March 2024 19,321 50,239 1,827 82 71,469
As at 1 April 2023 19,741 59,900 2,150 122 81,913
6. Stocks
2024 2023
£ £
Stock 60,000 60,000
Page 5
Page 6
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 12,155 14,730
Other debtors 210 -
12,365 14,730
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 5,083 5,083
Trade creditors 27,018 3,897
Bank loans and overdrafts 25,097 10,089
Other creditors 26,207 40,833
Taxation and social security 1,086 2,093
84,491 61,995
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 34,738 37,419
Bank loans 12,733 23,130
47,471 60,549
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 9,264 9,264
Later than one year and not later than five years 25,476 25,476
Later than five years 17,949 24,896
52,689 59,636
Less: Finance charges allocated to future periods 12,868 17,134
39,821 42,502
Page 6
Page 7
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
12. Ultimate Controlling Party
The company's ultimate controlling party is P Gaskin by virtue of his ownership of 100% of the issued share capital in the company.
Page 7