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Registered number: 03004901
Watermark Systems UK Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 03004901
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 89,849 110,616
89,849 110,616
CURRENT ASSETS
Stocks 5 126,601 240,106
Debtors 6 361,867 460,831
Cash at bank and in hand 195,442 408,463
683,910 1,109,400
Creditors: Amounts Falling Due Within One Year 7 (259,843 ) (477,297 )
NET CURRENT ASSETS (LIABILITIES) 424,067 632,103
TOTAL ASSETS LESS CURRENT LIABILITIES 513,916 742,719
Creditors: Amounts Falling Due After More Than One Year 8 (275,657 ) (365,687 )
NET ASSETS 238,259 377,032
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 238,159 376,932
SHAREHOLDERS' FUNDS 238,259 377,032
Page 1
Page 2
For the year ending 30 April 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. P Swindell
Director
21/01/2025
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
Watermark Systems UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03004901 . The registered office is 10 St. Andrews Street, Droitwich, Worcestershire, WR9 8DY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.




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.

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 15% p.a. reducing balance basis
Motor Vehicles 25% p.a. reducing balance basis
Fixtures & Fittings 15% p.a. reducing balance basis
2.4. 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.
2.5. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic Financial Instruments

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Clasification of Financial Liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic Financial Liabilities

...CONTINUED
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2.5. Financial Instruments - continued
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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.
2.7. 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.
2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 23 (2023: 28)
23 28
4. Tangible Assets
Plant & Machinery etc.
£
Cost
As at 1 May 2023 396,791
Additions 691
Disposals (32,370 )
As at 30 April 2024 365,112
Depreciation
As at 1 May 2023 286,175
Provided during the period 18,825
Disposals (29,737 )
As at 30 April 2024 275,263
Net Book Value
As at 30 April 2024 89,849
As at 1 May 2023 110,616
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Page 5
5. Stocks
2024 2023
£ £
Materials 30,000 30,000
Work in progress 96,601 210,106
126,601 240,106
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 355,544 409,044
Other debtors 6,323 51,787
361,867 460,831
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 110,095 325,548
Bank loans and overdrafts 43,734 39,616
Other loans 60,185 55,556
Other creditors 17,292 27,748
Taxation and social security 28,537 28,829
259,843 477,297
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 155,287 199,020
Other loans 120,370 166,667
275,657 365,687
9. Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
The bank loan is securred by the Government Recovery Loan Scheme and the loan in other creditors by a fixed and floating charge over the property and undertaking of the company.
2024 2023
£ £
Bank loans and overdrafts 199,021 238,636
Other Creditors 180,555 222,223
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 58,333 34,667
Later than one year and not later than five years 277,082 216,667
335,415 251,334
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 May 2023 Amounts advanced Amounts repaid Amounts written off As at 30 April 2024
£ £ £ £ £
Mr. Peter Swindell 2,220 1,908 (4,128 ) - -
Mr. Michael Roberts 2,521 1,487 (7,500) - -
The above loan is unsecured, interest free and repayable on demand.
13. Controlling Party
The company's controlling party is P Swindell by virtue of his ownership of 100% of the issued share capital in the company.
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