Acorah Software Products - Accounts Production 16.1.300 false true true 31 August 2023 1 September 2022 false 28 January 2025 true 1 September 2023 31 August 2024 31 August 2024 00582503 Mrs R L Choroszewska Mr R A Choroszewski Mr S J Wyatt Mrs R L Choroszewska false iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 00582503 2023-08-31 00582503 2024-08-31 00582503 2023-09-01 2024-08-31 00582503 frs-core:CurrentFinancialInstruments 2024-08-31 00582503 frs-core:ComputerEquipment 2023-09-01 2024-08-31 00582503 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-08-31 00582503 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-09-01 2024-08-31 00582503 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-08-31 00582503 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-08-31 00582503 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 00582503 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-08-31 00582503 frs-core:MotorVehicles 2024-08-31 00582503 frs-core:MotorVehicles 2023-09-01 2024-08-31 00582503 frs-core:MotorVehicles 2023-08-31 00582503 frs-core:PlantMachinery 2024-08-31 00582503 frs-core:PlantMachinery 2023-09-01 2024-08-31 00582503 frs-core:PlantMachinery 2023-08-31 00582503 frs-core:ShareCapital 2024-08-31 00582503 frs-core:RetainedEarningsAccumulatedLosses 2023-09-01 2024-08-31 00582503 frs-core:RetainedEarningsAccumulatedLosses 2024-08-31 00582503 frs-countries:UnitedKingdom 2023-09-01 2024-08-31 00582503 frs-countries:RestWorldOutsideUK 2023-09-01 2024-08-31 00582503 frs-bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 00582503 frs-bus:FullAccounts 2023-09-01 2024-08-31 00582503 frs-bus:MediumEntities 2023-09-01 2024-08-31 00582503 frs-bus:Audited 2023-09-01 2024-08-31 00582503 frs-bus:Medium-sizedCompaniesRegimeForAccounts 2023-09-01 2024-08-31 00582503 frs-bus:Medium-sizedCompaniesRegimeForDirectorsReport 2023-09-01 2024-08-31 00582503 frs-bus:OrdinaryShareClass1 2023-09-01 2024-08-31 00582503 frs-bus:OrdinaryShareClass1 2024-08-31 00582503 frs-bus:OrdinaryShareClass2 2023-09-01 2024-08-31 00582503 frs-bus:OrdinaryShareClass2 2024-08-31 00582503 frs-bus:OrdinaryShareClass3 2023-09-01 2024-08-31 00582503 frs-bus:OrdinaryShareClass3 2024-08-31 00582503 frs-bus:OrdinaryShareClass4 2023-09-01 2024-08-31 00582503 frs-bus:OrdinaryShareClass4 2024-08-31 00582503 frs-bus:OrdinaryShareClass5 2023-09-01 2024-08-31 00582503 frs-bus:OrdinaryShareClass5 2024-08-31 00582503 1 2023-09-01 2024-08-31 00582503 frs-core:DeferredTaxation 2023-09-01 2024-08-31 00582503 frs-core:DeferredTaxation 2023-08-31 00582503 frs-core:DeferredTaxation 2024-08-31 00582503 frs-bus:Director1 2023-09-01 2024-08-31 00582503 frs-bus:Director1 2023-08-31 00582503 frs-bus:Director1 2024-08-31 00582503 frs-bus:Director2 2023-09-01 2024-08-31 00582503 frs-bus:Director2 2023-08-31 00582503 frs-bus:Director2 2024-08-31 00582503 frs-bus:Director3 2023-09-01 2024-08-31 00582503 frs-bus:CompanySecretary1 2023-09-01 2024-08-31 00582503 1 2023-09-01 2024-08-31 00582503 frs-countries:EnglandWales 2023-09-01 2024-08-31 00582503 2022-08-31 00582503 2023-08-31 00582503 2022-09-01 2023-08-31 00582503 frs-core:CurrentFinancialInstruments 2023-08-31 00582503 frs-core:ShareCapital 2022-08-31 00582503 frs-core:ShareCapital 2023-08-31 00582503 frs-core:RetainedEarningsAccumulatedLosses 2022-09-01 2023-08-31 00582503 frs-core:RetainedEarningsAccumulatedLosses frs-core:PreviouslyStatedAmount 2022-08-31 00582503 frs-core:RetainedEarningsAccumulatedLosses 2023-08-31 00582503 frs-countries:UnitedKingdom 2022-09-01 2023-08-31 00582503 frs-countries:RestWorldOutsideUK 2022-09-01 2023-08-31 00582503 frs-bus:OrdinaryShareClass1 2022-09-01 2023-08-31 00582503 frs-bus:OrdinaryShareClass2 2022-09-01 2023-08-31 00582503 frs-bus:OrdinaryShareClass3 2022-09-01 2023-08-31 00582503 frs-bus:OrdinaryShareClass4 2022-09-01 2023-08-31 00582503 frs-bus:OrdinaryShareClass5 2022-09-01 2023-08-31 00582503 1 2022-09-01 2023-08-31
Registered number: 00582503
Neptune Shipping Agency Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 August 2024
Contents
Page
Strategic Report 1—2
Directors' Report 3—4
Independent Auditor's Report 5—7
Profit and Loss Account 8
Balance Sheet 9
Statement of Changes in Equity 10
Statement of Cash Flows 11
Notes to the Statement of Cash Flows 12
Notes to the Financial Statements 13—21
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 August 2024.
Principal Activity
The principal activity of the company is that of international freight forwarders.
Review of the Business
The company operates in four major business areas, which synergistically contribute to its overall success:
  1. Freight forwarding services for both imports and exports, including full container loads and consolidated shipments outside the EU.
  2. Freight forwarding services for both imports and exports, including full container loads within the EU.
  3. European groupage and distribution services, encompassing road haulage.
  4. Customs brokerage and port health facilities.
These activities are supported by a global network of agency partners, who provide specialist local knowledge and contacts.
Our clients are central to our business. The company’s success drives all decision-making processes, which are structured to evaluate the merit of proposed business activities and their potential consequences.
The gross profit is attributable solely to services and does not include HMRC Duty/VAT.
Our suppliers are also integral to our operations. We continually strive to enhance our processes to build stronger relationships with them.
The company's key financial and other performance indicators during the year were as follows:
Unit
2024
2023
Turnover
£
19,292,535
19,415,880
Profit before tax
£
804,122
638,847
Principal Risks and Uncertainties
The management of the firm and the execution of the company's strategy are subject to several risks which are actively monitored throughout the year.
1. Performance Management and Leadership: Continued development of performance management and leadership, with an emphasis on skills training, talent management, and employee succession planning.
2. Cash-flow risks are mitigated by effective cash management. Foreign exchange risks are managed by utilising natural hedges with our bankers. Exposure to interest rates on bank loans and overdrafts are under regular review and are deemed to be low.
3. Customer Service: The company is committed to delivering an exceptionally high standard of customer service and care, which has traditionally enabled long-term growth.
4.IT Systems Development: Ongoing development of IT systems to meet clients’ requirements, enhance security, improve productivity, and support future strategies.
5.Credit Risk: Managed through monitoring and reviewing all clients in partnership with world-renowned credit insurance companies. The company’s strategy includes strong financial reporting and cash control, which are crucial in a marginal business. Efforts are made to improve reporting procedures, maintain existing client needs, and support growth plans for 2025 and beyond.
Employees
The company is committed to being an equal opportunity employer and to offering its employees the chance to build rewarding careers with the company. Retention and recruitment of key staff, training and succession planning are all core to our strategy. 
Page 1
Page 2
Environmental matters
The company is committed to minimising the environmental impact of its activities. Throughout the year it has continued its efforts by reducing paper and fuel usage, improving recycling rates and investing in Carbon Neutral programmes. 
On behalf of the board
Mrs R L Choroszewska
Director
28 January 2025
Page 2
Page 3
Directors' Report
The directors present their report and the financial statements for the year ended 31 August 2024.
Directors
The directors who held office during the year were as follows:
Mrs R L Choroszewska
Mr R A Choroszewski
Mr S J Wyatt
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Page 3
Page 4
Independent Auditors
The auditors, Houndiscombe Consultants Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mrs R L Choroszewska
Director
28 January 2025
Page 4
Page 5
Independent Auditor's Report
Opinion
We have audited the financial statements of Neptune Shipping Agency Limited for the year ended 31 August 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its profit for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
Page 5
Page 6
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records or returns; or
  • certain disclosures of directors' remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3—4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
As part of our audit planning, through discussions with management, we obtained an understanding of the legal and regulatory framework that is applicable to the company and the sector in which it operates to identify the key laws and regulations affecting the company.
The key laws and regulations we identified were health and safety, and employment laws. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, primarily the Companies Act 2006, the reporting framework (FRS 102), and relevant tax compliance regulations in the UK.
We discussed with management how the compliance with these laws and regulations is monitored and we discussed the policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the entity complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the company’s ability to continue trading and the risk of material misstatement to the accounts.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our proceedures involved the following:
  • Discussions with management and those charged with governance including consideration of known or suspected instances of non-compliance.
  • Testing Journal entries which meet our criteria regarding risk, in particular journals to control accounts, and round sum amounts.
  • Testing estimates in management estimates for bias.
  • Reviewing nominal ledger accounts which meet our criteria for risk.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Page 6
Page 7
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Richard Baker (Senior Statutory Auditor)
for and on behalf of Houndiscombe Consutants Limited , Statutory Auditor
28 January 2025
Houndiscombe Consutants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH
Page 7
Page 8
Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 3 19,292,535 19,415,880
Cost of sales (16,587,864 ) (16,961,446 )
GROSS PROFIT 2,704,671 2,454,434
Administrative expenses (1,747,899 ) (1,707,676 )
Other operating income 886 1,181
OPERATING PROFIT 5 957,658 747,939
Interest payable and similar charges 9 (153,536 ) (109,092 )
PROFIT BEFORE TAXATION 804,122 638,847
Tax on Profit 10 (198,976 ) (139,455 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 605,146 499,392
The notes on pages 12 to 21 form part of these financial statements.
Page 8
Page 9
Balance Sheet
Registered number: 00582503
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 11 167,822 45,422
Tangible Assets 12 1,993,571 1,924,560
2,161,393 1,969,982
CURRENT ASSETS
Debtors 13 3,929,879 3,060,815
Cash at bank and in hand 68,223 48,842
3,998,102 3,109,657
Creditors: Amounts Falling Due Within One Year 14 (5,157,955 ) (4,174,520 )
NET CURRENT ASSETS (LIABILITIES) (1,159,853 ) (1,064,863 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,001,540 905,119
PROVISIONS FOR LIABILITIES
Deferred Taxation (75,067 ) (56,342 )
NET ASSETS 926,473 848,777
CAPITAL AND RESERVES
Called up share capital 16 177,620 177,620
Profit and Loss Account 748,853 671,157
SHAREHOLDERS' FUNDS 926,473 848,777
On behalf of the board
Mrs R L Choroszewska
Director
28 January 2025
The notes on pages 12 to 21 form part of these financial statements.
Page 9
Page 10
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 September 2022 177,620 520,505 698,125
Profit for the year and total comprehensive income - 499,392 499,392
Dividends paid - (348,740) (348,740)
As at 31 August 2023 and 1 September 2023 177,620 671,157 848,777
Profit for the year and total comprehensive income - 605,146 605,146
Dividends paid - (527,450) (527,450)
As at 31 August 2024 177,620 748,853 926,473
Page 10
Page 11
Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 283,469 1,682,001
Interest paid (153,536 ) (87,600 )
Tax paid (212,922 ) (56,006 )
Net cash (used in)/generated from operating activities (82,989 ) 1,538,395
Cash flows from investing activities
Purchase of intangible assets (122,400 ) (45,422 )
Purchase of tangible assets (166,097 ) (247,794 )
Proceeds from disposal of tangible assets 10,050 -
Net cash used in investing activities (278,447 ) (293,216 )
Cash flows from financing activities
Equity dividends paid (527,450 ) (348,740 )
Net movement of invoice discounting creditor 908,267 (893,986)
Net cash generated from/(used in) financing activities 380,817 (1,242,726 )
Increase in cash and cash equivalents 19,381 2,453
Cash and cash equivalents at beginning of year 2 48,842 46,389
Cash and cash equivalents at end of year 2 68,223 48,842
Page 11
Page 12
Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
£ £
Profit for the financial year 605,146 499,392
Adjustments for:
Tax on profit 198,976 139,455
Interest expense 153,536 87,600
Depreciation of tangible assets 87,036 58,297
Movements in working capital:
(Increase)/decrease in trade and other debtors (872,544 ) 2,063,179
Increase/(decrease) in trade and other creditors 111,319 (1,165,922 )
Net cash generated from operations 283,469 1,682,001
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 68,223 48,842
3. Analysis of changes in net funds
As at 1 September 2023 Cash flows As at 31 August 2024
£ £ £
Cash at bank and in hand 48,842 19,381 68,223
Page 12
Page 13
Notes to the Financial Statements
1. General Information
Neptune Shipping Agency Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00582503 . The registered office is Higher Sherwell, Sevenstones, Callington, Cornwall, PL17 8HU.
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 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Going Concern Disclosure
The financial statements have been prepared on a going concern basis. As at the year end, the company's balance sheet shows net current liabilities of £1,159,853 (2023: £1,064,863). Accordingly, the directors have had to consider the basis upon which the accounts should be prepared and determine whether a going concern basis remains appropriate.
In assessing the company's going concern status, we have prepared forecasts for the company for the next 12 months. These projections indicate that the company will remain profitable and generate sufficient working capital to see it through the current period of uncertainty. As a result of this review the Directors believe the company is a going concern for the foreseeable future and, as such, the financial statements have been prepared on a going concern basis.
2.3. Significant judgements and estimations
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources.
The value of the intangible assets are based on costs incurred and management review this to ensure the value is relavant to the value of the asset. The asset included is for internally generated software and is not deemed ready for use yet. The value held in the accounts is deemed reasonable by management and will be reviewed on an ongoing basis.
2.4. Turnover
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the  Company's activities. Turnover is shown net of value added tax, rebates and discounts.
The Company recognises revenue when the amount of revenue can be relaibly measured: it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the Company's activities. 
2.5. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets include internally generated software. This is stated in the balance sheet at cost less any accumulated impairment losses. Cost includes costs directly attributable to developing the software and bringing the asset into use.
No amortisation is currently provided on the asset as the software is not deemed usable yet and is still being developed.
2.6. Tangible Fixed Assets and Depreciation
Tangible assets other than freehold property are stated in the balance sheet at cost, less any accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for intended use.
The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.
Freehold property is stated in the balance sheet at cost.
Depreciation is charged so as to write off the cost of assets, other than land over their estimated useful lives, as follows:
Freehold Not depreciated
Plant & Machinery 25% per annum, reducing balance
Motor Vehicles 25% per annum, reducing balance
Computer Equipment 20% per annum, straight line
Page 13
Page 14
No depreciation is provided on the freehold property which is a departure from the requirements of FRS102. In the opinion of the directors any depreciation charge would be immaterial because the property is well maintained. As a result the residual value and useful economic life of this asset is not quantifiable. The accounting policy adopted is therefore necessary for the accounts to show a true and fair presentation of the financial position and performance of the Company. As the property is not depreciated, an impairment review was performed at the year end. No indications of impairment were identified.
2.7. Leasing and Hire Purchase Contracts
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classfied as operating leases. Payments made under operating leases are charged to the profit or loss on a straight-line basis over the period of the lease. 
2.8. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts. 
2.9. Financial Instruments
Derivatives
The company used forward foreign currency contracts to reduce exposure to foreign exchange rates. 
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in the statement of income and retained earnings in finance costs or income as appropriate. 
The company does not currently apply hedge accounting for foreign exchange derivatives.
2.10. 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.
2.11. 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 profit and loss 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 14
Page 15
2.12. Provisions and Contingencies
Provisions
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.
Contingencies
Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company’s control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.
Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.
2.13. 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.
2.14. Government Grant
Deferred government grants in respect of capital expenditure are treated as creditors and are credited to the profit and loss account over the estimated useful life of the assets to which they relate.
2.15. Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently meausred at amortised cost using the effective interest method, less provision for impairment. A provision for impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. 
2.16. Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting perid, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. 
Page 15
Page 16
2.17.
Borrrowings
Interest-bearing borrowings are initially recorded at fair value, net of transactions costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. 
Dividends
Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared. 
Share Capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuingthe equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. 
3. Turnover
Analysis of turnover by geographical market is as follows:
2024 2023
£ £
United Kingdom 18,919,027 18,762,799
Rest of the world 373,508 653,080
19,292,535 19,415,879
4. Other Operating Income
2024 2023
£ £
Grant income 886 1,181
886 1,181
5. Operating Profit
The operating profit is stated after charging:
2024 2023
£ £
Exchange differences (101,070 ) (79,468 )
Depreciation of tangible fixed assets 87,036 58,297
Page 16
Page 17
6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 12,150 11,300
Other Services
Other non-audit services 21,163 14,125
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 1,147,346 1,158,247
Social security costs 114,845 110,426
Other pension costs 33,144 34,011
1,295,335 1,302,684
8. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 10 10
Sales, marketing and distribution 22 23
Other departments 8 8
40 41
9. Interest Payable and Similar Charges
2024 2023
£ £
Bank loans and overdrafts 132,918 87,600
Factoring charges 20,618 21,492
153,536 109,092
Page 17
Page 18
10. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 21.5% 184,572 122,310
Prior period adjustment (4,321 ) (755 )
180,251 121,555
Deferred Tax
Deferred taxation 18,725 17,900
Total tax charge for the period 198,976 139,455
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 804,122 638,847
Tax on profit at 25% (UK standard rate) 201,031 137,352
Goodwill/depreciation not allowed for tax 21,759 12,533
Expenses not deductible for tax purposes 4,655 267
Capital allowances (42,873 ) (27,842 )
Prior period adjustment (4,321 ) (755 )
Deferred tax from unrecognised timing difference from a prior period 18,725 17,900
Total tax charge for the period 198,976 139,455
11. Intangible Assets
Software
£
Cost
As at 1 September 2023 45,422
Additions 122,400
As at 31 August 2024 167,822
Net Book Value
As at 31 August 2024 167,822
As at 1 September 2023 45,422
Page 18
Page 19
12. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 September 2023 1,684,775 340,100 34,995 2,059,870
Additions 9,349 156,748 - 166,097
Disposals (10,050 ) - - (10,050 )
As at 31 August 2024 1,684,074 496,848 34,995 2,215,917
Depreciation
As at 1 September 2023 - 117,129 18,181 135,310
Provided during the period - 81,431 5,605 87,036
As at 31 August 2024 - 198,560 23,786 222,346
Net Book Value
As at 31 August 2024 1,684,074 298,288 11,209 1,993,571
As at 1 September 2023 1,684,775 222,971 16,814 1,924,560
13. Debtors
2024 2023
£ £
Due within one year
Trade debtors 3,202,000 2,241,272
Other debtors 727,879 819,543
3,929,879 3,060,815
14. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,035,147 1,931,234
Other creditors 2,937,736 2,022,062
Corporation tax 185,072 221,224
5,157,955 4,174,520
15. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 September 2023 56,342 56,342
Additions 18,725 18,725
Balance at 31 August 2024 75,067 75,067
Page 19
Page 20
16. Share Capital
2024 2023
Allotted, called up and fully paid £ £
177,500 Ordinary Shares of £ 1.00 each 177,500 177,500
20 Ordinary A shares of £ 1.00 each 20 20
20 Ordinary B shares of £ 1.00 each 20 20
20 Ordinary C shares of £ 1.00 each 20 20
20 Ordinary D shares of £ 1.00 each 20 20
20 Ordinary E shares of £ 1.00 each 20 20
20 Ordinary F shares of £ 1.00 each 20 20
177,620 177,620
Rights, preferences and restrictions
All shares have the following rights, preferences and restrictions:
Each share is entitled to one vote in any circumstances
Each share class is entitled pari passu to dividend payments with other shares of that class
Each share is entitled pari passu to participate in a distribution arising from a winding up of the company
17. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £33,144 (2023: £34,011).
18. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 September 2023 Amounts advanced Amounts repaid Amounts written off As at 31 August 2024
£ £ £ £ £
Mrs Rhonda Choroszewska 250,989 281,641 (339,987 ) - 192,643
Mr Richard Choroszewski 137,641 178 - - 137,819
The above loans are unsecured, interest free and repayable on demand.
19. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 527,450 348,740
2024
2023
£
£
Interim dividend of £Nil (2023 - £1,250) per each Ordinary A
-
25,000
Interim dividend of £12,673 (2023 - £8,287) per each Ordinary B
253,458
165,740
Interim dividend of £3,750 (2023 - £Nil) per each Ordinary C 
75,000
-
Interim dividend of £2,250 (2023 - £Nil) per each Ordinary D
45,000
-
Interim dividend of £2,200 (2023 - £2,900) per each Ordinary E
44,000
58,000
Interim dividend of £5,500 (2023 - £5,000) per each Ordinary F
109,992
image
100,000
image
527,450
image
348,740
image
Page 20
Page 21
20. Related Party Disclosures
Key management compensation
2024
2023
£
£
Salaries and other short term employee benefits 
245,359
205,951
Post-employment benefits
9,662
image
9,336
image
255,021
image
215,287
image
Loans to related parties
Other Related Parties
Total
£
£
As at 1 September 2023
119,664
119,664
Amounts advanced
137,000
137,000
Amounts repaid
(164,000)
image
(164,000)
image
Balance at 31 August 2024
92,664
image
92,664
image
21. Controlling Parties
There is no ultimate controlling party.
Page 21