Acorah Software Products - Accounts Production 16.1.200 false true 30 April 2023 1 May 2022 false 1 May 2023 30 April 2024 30 April 2024 04748999 Mr Omar Miqdadi iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 04748999 2023-04-30 04748999 2024-04-30 04748999 2023-05-01 2024-04-30 04748999 frs-core:CurrentFinancialInstruments 2024-04-30 04748999 frs-core:Non-currentFinancialInstruments 2024-04-30 04748999 frs-core:ComputerEquipment 2024-04-30 04748999 frs-core:ComputerEquipment 2023-05-01 2024-04-30 04748999 frs-core:ComputerEquipment 2023-04-30 04748999 frs-core:PlantMachinery 2024-04-30 04748999 frs-core:PlantMachinery 2023-05-01 2024-04-30 04748999 frs-core:PlantMachinery 2023-04-30 04748999 frs-core:ShareCapital 2024-04-30 04748999 frs-core:RetainedEarningsAccumulatedLosses 2024-04-30 04748999 frs-bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 04748999 frs-bus:FilletedAccounts 2023-05-01 2024-04-30 04748999 frs-bus:SmallEntities 2023-05-01 2024-04-30 04748999 frs-bus:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 04748999 frs-bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 04748999 frs-bus:Director1 2023-05-01 2024-04-30 04748999 frs-countries:EnglandWales 2023-05-01 2024-04-30 04748999 2022-04-30 04748999 2023-04-30 04748999 2022-05-01 2023-04-30 04748999 frs-core:CurrentFinancialInstruments 2023-04-30 04748999 frs-core:Non-currentFinancialInstruments 2023-04-30 04748999 frs-core:ShareCapital 2023-04-30 04748999 frs-core:RetainedEarningsAccumulatedLosses 2023-04-30
Registered number: 04748999
Megnet Ltd.
Unaudited Financial Statements
For The Year Ended 30 April 2024
Inspire Accounting (UK) Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04748999
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 9,870 13,161
9,870 13,161
CURRENT ASSETS
Stocks 5 37,944 72,349
Debtors 6 103,913 129,217
Investments 7 170,907 150,000
Cash at bank and in hand 610,953 303,238
923,717 654,804
Creditors: Amounts Falling Due Within One Year 8 (268,470 ) (91,467 )
NET CURRENT ASSETS (LIABILITIES) 655,247 563,337
TOTAL ASSETS LESS CURRENT LIABILITIES 665,117 576,498
Creditors: Amounts Falling Due After More Than One Year 9 (162,500 ) (212,500 )
NET ASSETS 502,617 363,998
CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Profit and Loss Account 501,617 362,998
SHAREHOLDERS' FUNDS 502,617 363,998
Page 1
Page 2
For the year ending 30 April 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 Omar Miqdadi
Director
09/01/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Megnet Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 04748999 . The registered office is Mortlake Business Centre, 20, Mortlake High Street, London, England, SW14 8JN.
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. 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.
2.3. 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% on written down value
Computer Equipment 25% on written down value
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.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
Page 3
Page 4
4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 May 2023 5,381 27,283 32,664
As at 30 April 2024 5,381 27,283 32,664
Depreciation
As at 1 May 2023 5,381 14,122 19,503
Provided during the period - 3,291 3,291
As at 30 April 2024 5,381 17,413 22,794
Net Book Value
As at 30 April 2024 - 9,870 9,870
As at 1 May 2023 - 13,161 13,161
5. Stocks
2024 2023
£ £
Materials 37,944 72,349
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 98,120 109,455
Prepayments and accrued income 2,009 2,009
Other debtors - 10,540
VAT 260 1,782
Other taxes and social security 3,524 5,431
103,913 129,217
7. Current Asset Investments
2024 2023
£ £
Listed investments 170,907 150,000
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 71,318 48,140
Corporation tax 77,715 31,995
Other creditors 92,196 9,232
Accruals and deferred income 25,753 1,500
Director's loan account 1,488 600
268,470 91,467
Page 4
Page 5
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 162,500 212,500
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
Page 5