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Registered number: 08750199
Glawning Limited
Unaudited Financial Statements
For The Year Ended 31 October 2024
Annette Ferguson Scotland Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08750199
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 81,464 88,653
81,464 88,653
CURRENT ASSETS
Stocks 5 101,846 178,206
Debtors 6 16,984 11,068
Cash at bank and in hand 10,032 43,403
128,862 232,677
Creditors: Amounts Falling Due Within One Year 7 (199,412 ) (322,506 )
NET CURRENT ASSETS (LIABILITIES) (70,550 ) (89,829 )
TOTAL ASSETS LESS CURRENT LIABILITIES 10,914 (1,176 )
NET ASSETS/(LIABILITIES) 10,914 (1,176 )
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 10,913 (1,177 )
SHAREHOLDERS' FUNDS 10,914 (1,176)
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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 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 James Martin
Director
15/01/2025
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
Glawning Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08750199 . The registered office is 5 Moor Close, Killinghall, Harrogate, HG3 2DY.
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:
Freehold 25% RB
Leasehold 10% RB
Plant & Machinery 25% RB
Motor Vehicles 25% RB
Fixtures & Fittings 25%RB
Computer Equipment 25%RB
2.4. 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.
2.5. 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.
2.6. 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.
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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: 2 (2023: 1)
2 1
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 November 2023 6,377 14,455 97,097 10,037
Additions - 7,995 7,502 3,128
As at 31 October 2024 6,377 22,450 104,599 13,165
Depreciation
As at 1 November 2023 3,029 7,551 22,995 7,666
Provided during the period 334 3,724 20,401 1,374
As at 31 October 2024 3,363 11,275 43,396 9,040
Net Book Value
As at 31 October 2024 3,014 11,175 61,203 4,125
As at 1 November 2023 3,348 6,904 74,102 2,371
Computer Equipment Total
£ £
Cost
As at 1 November 2023 15,173 143,139
Additions 667 19,292
As at 31 October 2024 15,840 162,431
...CONTINUED
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Depreciation
As at 1 November 2023 13,245 54,486
Provided during the period 648 26,481
As at 31 October 2024 13,893 80,967
Net Book Value
As at 31 October 2024 1,947 81,464
As at 1 November 2023 1,928 88,653
5. Stocks
2024 2023
£ £
Stock 101,846 178,206
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 9,522 628
Amounts owed by group undertakings 7,462 7,408
Other debtors - 3,032
16,984 11,068
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 37,475 48,980
Trade creditors 1 8,790
Bank loans and overdrafts 36,667 58,667
Other loans - 46,238
Other creditors 101,399 135,871
Taxation and social security 23,870 23,960
199,412 322,506
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 37,475 48,980
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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