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Registered number: 05810959
Merry Meats Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Smithe & Co Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05810959
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1 1
Tangible Assets 5 6,238 8,319
6,239 8,320
CURRENT ASSETS
Stocks 6 10,407 7,046
Debtors 7 84,129 85,525
Cash at bank and in hand 9,120 21,554
103,656 114,125
Creditors: Amounts Falling Due Within One Year 8 (47,495 ) (37,950 )
NET CURRENT ASSETS (LIABILITIES) 56,161 76,175
TOTAL ASSETS LESS CURRENT LIABILITIES 62,400 84,495
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,185 ) (1,580 )
NET ASSETS 61,215 82,915
CAPITAL AND RESERVES
Called up share capital 9 101 101
Profit and Loss Account 61,114 82,814
SHAREHOLDERS' FUNDS 61,215 82,915
Page 1
Page 2
For the year ending 31 May 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 T Paine
Director
Mr M Spooner
Director
27 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
Merry Meats Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05810959 . The registered office is Chichester Enterprise Centre, Terminus Road, Chichester, West Sussex, PO19 8FY.
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. Going Concern Disclosure
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3. 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.
2.4. 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 .... years.
2.5. 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 reducing balance
Motor Vehicles 25% on reducing balance
Computer Equipment 25% on reducing balance
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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. 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
5Average number of employees, including directors, during the year was: 5 (2023: 5)
5 5
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4. Intangible Assets
Goodwill
£
Cost
As at 1 June 2023 38,000
As at 31 May 2024 38,000
Amortisation
As at 1 June 2023 37,999
As at 31 May 2024 37,999
Net Book Value
As at 31 May 2024 1
As at 1 June 2023 1
5. Tangible Assets
Plant & Machinery etc.
£
Cost
As at 1 June 2023 100,396
As at 31 May 2024 100,396
Depreciation
As at 1 June 2023 92,077
Provided during the period 2,081
As at 31 May 2024 94,158
Net Book Value
As at 31 May 2024 6,238
As at 1 June 2023 8,319
6. Stocks
2024 2023
£ £
Stock 10,407 7,046
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Page 6
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 8,249 8,925
Other debtors 75,880 76,600
84,129 85,525
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 42,243 26,029
Other creditors 2,896 3,676
Taxation and social security 2,356 8,245
47,495 37,950
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 101 101
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