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Registered number: 12582706
Mco Group Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
ChadSan Limited
Castle House
Castle Street
Guildford
GU1 3UW
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 12582706
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,547 2,919
Investments 5 65,650 51,600
68,197 54,519
CURRENT ASSETS
Debtors 6 339,480 359,403
Cash at bank and in hand 111,058 105,786
450,538 465,189
Creditors: Amounts Falling Due Within One Year 7 (390,059 ) (507,535 )
NET CURRENT ASSETS (LIABILITIES) 60,479 (42,346 )
TOTAL ASSETS LESS CURRENT LIABILITIES 128,676 12,173
PROVISIONS FOR LIABILITIES
Deferred Taxation (638 ) (730 )
NET ASSETS 128,038 11,443
CAPITAL AND RESERVES
Called up share capital 8 120 120
Profit and Loss Account 127,918 11,323
SHAREHOLDERS' FUNDS 128,038 11,443
Page 1
Page 2
For the year ending 31 December 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 Michael Stokes
Director
20th January 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Mco Group Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12582706 . The registered office is Unit A7 The Seedbed Centre Vanguard Way, Shoeburyness, Southend-On-Sea, Essex, SS3 9QY.
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. 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 33% Straight Line
Fixtures & Fittings 33% Straight Line
Computer Equipment 33% Straight Line
2.4. 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.
...CONTINUED
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2.4. Taxation - continued
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.
2.5. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.6. Investments
The company has purchased luxury goods from Rolex, which are held as part of the company's investment portfolio. These luxury goods are held primarily for capital appreciation and are not intended for sale in the ordinary course of business.
The luxury goods are initially recognized at their purchase cost and are subsequently measured at fair value at each reporting date. The fair value is determined based on the market prices for similar items or other appropriate valuation techniques. Any changes in the fair value are recognized in profit or loss for the period in which they arise.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 5)
4 5
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2024 1,980 980 5,602 8,562
Additions - - 1,712 1,712
As at 31 December 2024 1,980 980 7,314 10,274
...CONTINUED
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Depreciation
As at 1 January 2024 720 449 4,474 5,643
Provided during the period 653 323 1,108 2,084
As at 31 December 2024 1,373 772 5,582 7,727
Net Book Value
As at 31 December 2024 607 208 1,732 2,547
As at 1 January 2024 1,260 531 1,128 2,919
5. Investments
Other
£
Cost
As at 1 January 2024 51,600
Additions 14,050
As at 31 December 2024 65,650
Provision
As at 1 January 2024 -
As at 31 December 2024 -
Net Book Value
As at 31 December 2024 65,650
As at 1 January 2024 51,600
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 191,735 226,320
Other debtors 147,745 133,083
339,480 359,403
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 162,171 91,910
Other creditors 7,120 208,851
Taxation and social security 220,768 206,774
390,059 507,535
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8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 120 120
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2024 Amounts advanced Amounts repaid Amounts written off As at 31 December 2024
£ £ £ £ £
Mr Matthew Haines 79,786 119,043 155,950 - 42,879
Mr Michael Stokes 49,867 192,682 169,172 - 73,376
The above loan is unsecured, interest free and repayable on demand.
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