Acorah Software Products - Accounts Production 16.1.300 false true 31 October 2023 1 November 2022 false 1 November 2023 31 October 2024 31 October 2024 SC027369 Ms Lorna Hillhouse Campbell Riddell Breeze Paterson Miss L Hillhouse true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC027369 2023-10-31 SC027369 2024-10-31 SC027369 2023-11-01 2024-10-31 SC027369 frs-core:CurrentFinancialInstruments 2024-10-31 SC027369 frs-core:Non-currentFinancialInstruments 2024-10-31 SC027369 frs-core:BetweenOneFiveYears 2024-10-31 SC027369 frs-core:ComputerEquipment 2024-10-31 SC027369 frs-core:ComputerEquipment 2023-11-01 2024-10-31 SC027369 frs-core:ComputerEquipment 2023-10-31 SC027369 frs-core:FurnitureFittings 2024-10-31 SC027369 frs-core:FurnitureFittings 2023-11-01 2024-10-31 SC027369 frs-core:FurnitureFittings 2023-10-31 SC027369 frs-core:NetGoodwill 2024-10-31 SC027369 frs-core:NetGoodwill 2023-11-01 2024-10-31 SC027369 frs-core:NetGoodwill 2023-10-31 SC027369 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 SC027369 frs-core:MotorVehicles 2024-10-31 SC027369 frs-core:MotorVehicles 2023-11-01 2024-10-31 SC027369 frs-core:MotorVehicles 2023-10-31 SC027369 frs-core:PlantMachinery 2024-10-31 SC027369 frs-core:PlantMachinery 2023-11-01 2024-10-31 SC027369 frs-core:PlantMachinery 2023-10-31 SC027369 frs-core:WithinOneYear 2024-10-31 SC027369 frs-core:ShareCapital 2024-10-31 SC027369 frs-core:RetainedEarningsAccumulatedLosses 2024-10-31 SC027369 frs-bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 SC027369 frs-bus:FilletedAccounts 2023-11-01 2024-10-31 SC027369 frs-bus:SmallEntities 2023-11-01 2024-10-31 SC027369 frs-bus:AuditExempt-NoAccountantsReport 2023-11-01 2024-10-31 SC027369 frs-bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 SC027369 1 2023-11-01 2024-10-31 SC027369 frs-bus:Director1 2023-11-01 2024-10-31 SC027369 frs-bus:CompanySecretary1 2023-11-01 2024-10-31 SC027369 frs-countries:Scotland 2023-11-01 2024-10-31 SC027369 2022-10-31 SC027369 2023-10-31 SC027369 2022-11-01 2023-10-31 SC027369 frs-core:CurrentFinancialInstruments 2023-10-31 SC027369 frs-core:Non-currentFinancialInstruments 2023-10-31 SC027369 frs-core:BetweenOneFiveYears 2023-10-31 SC027369 frs-core:MotorVehicles 2022-11-01 2023-10-31 SC027369 frs-core:WithinOneYear 2023-10-31 SC027369 frs-core:ShareCapital 2023-10-31 SC027369 frs-core:RetainedEarningsAccumulatedLosses 2023-10-31 SC027369 frs-core:CurrentFinancialInstruments 1 2023-10-31
Registered number: SC027369
South West Paint Supplies Limited
Unaudited Financial Statements
For The Year Ended 31 October 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: SC027369
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 50,297 27,909
50,297 27,909
CURRENT ASSETS
Stocks 6 95,147 134,739
Debtors 7 138,085 155,307
Cash at bank and in hand 1,069 -
234,301 290,046
Creditors: Amounts Falling Due Within One Year 8 (138,527 ) (126,034 )
NET CURRENT ASSETS (LIABILITIES) 95,774 164,012
TOTAL ASSETS LESS CURRENT LIABILITIES 146,071 191,921
Creditors: Amounts Falling Due After More Than One Year 9 (42,280 ) (30,220 )
NET ASSETS 103,791 161,701
CAPITAL AND RESERVES
Called up share capital 11 412 412
Profit and Loss Account 103,379 161,289
SHAREHOLDERS' FUNDS 103,791 161,701
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For the year ending 31 October 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 her 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
Ms Lorna Hillhouse
Director
8th January 2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
South West Paint Supplies Limited is a private company, limited by shares, incorporated in Scotland, registered number SC027369 . The registered office is Crofthead Farm, Ryelands, Strathaven, ML10 6QF.
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 ten 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 10% on cost
Plant & Machinery 20% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 15% on reducing balance
Computer Equipment 25% on reducing balance
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.
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2.7. 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 4)
3 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 November 2023 128,623
As at 31 October 2024 128,623
Amortisation
As at 1 November 2023 128,623
As at 31 October 2024 128,623
Net Book Value
As at 31 October 2024 -
As at 1 November 2023 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 November 2023 114,586 46,008 25,723 32,806 219,123
Additions - 31,664 - - 31,664
As at 31 October 2024 114,586 77,672 25,723 32,806 250,787
Depreciation
As at 1 November 2023 109,750 23,925 24,700 32,839 191,214
Provided during the period 967 8,160 149 - 9,276
As at 31 October 2024 110,717 32,085 24,849 32,839 200,490
...CONTINUED
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Net Book Value
As at 31 October 2024 3,869 45,587 874 (33 ) 50,297
As at 1 November 2023 4,836 22,083 1,023 (33 ) 27,909
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Motor Vehicles - 22,083
6. Stocks
2024 2023
£ £
Stock 95,147 134,739
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 83,308 98,447
Prepayments and accrued income - 2,083
Other debtors 54,777 54,777
138,085 155,307
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 8,163 7,890
Trade creditors 16,509 60,034
Bank loans and overdrafts 53,520 10,376
Other taxes and social security 1,234 3,405
VAT 1,894 11,161
Pension - 110
Accruals and deferred income 2,944 1,429
Director's loan account 54,263 31,629
138,527 126,034
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 33,897 11,837
Bank loans 8,383 18,383
42,280 30,220
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10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 8,163 7,890
Later than one year and not later than five years 33,897 11,837
42,060 19,727
42,060 19,727
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 412 412
12. Related Party Transactions
No dividends have been paid in the year to the Parent Company, Aggtech Services Ltd. The director, Lorna Hillhouse, is a director and majority shareholder of that company.
13. Ultimate Controlling Party
The company's ultimate controlling party is Miss L Hillhouse .
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