Acorah Software Products - Accounts Production 16.1.300 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 SC108852 G R Montgomery I Montgomery iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC108852 2023-03-31 SC108852 2024-03-31 SC108852 2023-04-01 2024-03-31 SC108852 frs-core:CurrentFinancialInstruments 2024-03-31 SC108852 frs-core:Non-currentFinancialInstruments 2024-03-31 SC108852 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 SC108852 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 SC108852 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 SC108852 frs-core:FurnitureFittings 2024-03-31 SC108852 frs-core:FurnitureFittings 2023-04-01 2024-03-31 SC108852 frs-core:FurnitureFittings 2023-03-31 SC108852 frs-core:MotorVehicles 2024-03-31 SC108852 frs-core:MotorVehicles 2023-04-01 2024-03-31 SC108852 frs-core:MotorVehicles 2023-03-31 SC108852 frs-core:PlantMachinery 2024-03-31 SC108852 frs-core:PlantMachinery 2023-04-01 2024-03-31 SC108852 frs-core:PlantMachinery 2023-03-31 SC108852 frs-core:WithinOneYear 2024-03-31 SC108852 frs-core:ShareCapital 2024-03-31 SC108852 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 SC108852 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC108852 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 SC108852 frs-bus:SmallEntities 2023-04-01 2024-03-31 SC108852 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 SC108852 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC108852 frs-bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC108852 frs-bus:OrdinaryShareClass1 2024-03-31 SC108852 frs-bus:Director1 2023-04-01 2024-03-31 SC108852 frs-bus:Director1 2023-03-31 SC108852 frs-bus:Director1 2024-03-31 SC108852 frs-bus:CompanySecretary1 2023-04-01 2024-03-31 SC108852 frs-countries:Scotland 2023-04-01 2024-03-31 SC108852 2022-03-31 SC108852 2023-03-31 SC108852 2022-04-01 2023-03-31 SC108852 frs-core:CurrentFinancialInstruments 2023-03-31 SC108852 frs-core:Non-currentFinancialInstruments 2023-03-31 SC108852 frs-core:BetweenOneFiveYears 2023-03-31 SC108852 frs-core:MotorVehicles 2022-04-01 2023-03-31 SC108852 frs-core:WithinOneYear 2023-03-31 SC108852 frs-core:ShareCapital 2023-03-31 SC108852 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31 SC108852 frs-bus:OrdinaryShareClass1 2022-04-01 2023-03-31
Registered number: SC108852
Westmont Systems Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: SC108852
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 216,800 -
Tangible Assets 5 64,029 90,222
280,829 90,222
CURRENT ASSETS
Stocks 6 73,813 73,813
Debtors 7 656,344 922,598
Cash at bank and in hand 79,917 83,320
810,074 1,079,731
Creditors: Amounts Falling Due Within One Year 8 (517,577 ) (622,036 )
NET CURRENT ASSETS (LIABILITIES) 292,497 457,695
TOTAL ASSETS LESS CURRENT LIABILITIES 573,326 547,917
Creditors: Amounts Falling Due After More Than One Year 9 (324,430 ) (158,981 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (14,741 ) (22,555 )
NET ASSETS 234,155 366,381
CAPITAL AND RESERVES
Called up share capital 12 20 20
Profit and Loss Account 234,135 366,361
SHAREHOLDERS' FUNDS 234,155 366,381
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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
G R Montgomery
Director
31/01/2025
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Westmont Systems Limited is a private company, limited by shares, incorporated in Scotland, registered number SC108852 . The registered office is Burnside Business Court, North Road, Inverkeithing, Fife, KY11 1NZ.
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.
Functional and presentational currency
The financial statements are presented in sterling and this is the functional currency of the company.
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 rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
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. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised to the profit and loss account on a straight line basis over their expected useful economic lives of ten years.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
2.4. 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% reducing balance
Motor Vehicles 33% reducing balance
Fixtures & Fittings 20% reducing balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and 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.
2.6. 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.
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2.7. Financial Instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost thereafter at fair value with changes recognised in profit
and loss.
2.8. 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.
2.9. 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.
2.10. 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.
2.11. Employee Benefits Policy
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.12. Cash and Cash Equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2023: 15)
13 15
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4. Intangible Assets
Development Costs
£
Cost
As at 1 April 2023 -
Additions 216,800
As at 31 March 2024 216,800
Net Book Value
As at 31 March 2024 216,800
As at 1 April 2023 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 April 2023 101,010 130,177 106,700 337,887
As at 31 March 2024 101,010 130,177 106,700 337,887
Depreciation
As at 1 April 2023 97,914 67,910 81,841 247,665
Provided during the period 465 20,756 4,972 26,193
As at 31 March 2024 98,379 88,666 86,813 273,858
Net Book Value
As at 31 March 2024 2,631 41,511 19,887 64,029
As at 1 April 2023 3,096 62,267 24,859 90,222
Included above are assets held under finance leases on which depreciation of £19,638 (2023: £28,320) has been charged.  The assets held under finance leases have a net book value as follows:
2024 2023
£ £
Motor Vehicles 39,277 58,915
6. Stocks
2024 2023
£ £
Stock 73,813 73,813
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 221,618 381,434
Prepayments and accrued income 46,082 166,082
Other debtors 213,820 210,419
Director's loan account 174,824 164,663
656,344 922,598
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 29,274 29,587
Trade creditors 180,039 446,290
Bank loans and overdrafts 41,175 36,444
Other loans 72,882 -
Corporation tax 34,875 55,759
Other taxes and social security 56,564 15,539
VAT 100,939 31,145
Other creditors 1,829 2,826
Accruals and deferred income - 4,446
517,577 622,036
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 29,274
Bank loans 55,901 22,401
Other loans 268,529 107,306
324,430 158,981
10. Secured Creditors
Of the creditors the following amounts are secured.  The obligations under finance lease are secured on the assets to which they relate.  The bank loan and overdrafts are secured by a personal guarantee for £50,000 from the company director and by a bond and floating charge over the company's assets.
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 29,274 58,861
Bank loans and overdrafts 73,783 -
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11. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 29,274 29,587
Later than one year and not later than five years - 29,274
29,274 58,861
29,274 58,861
12. Share Capital
2024 2023
Allotted, called up and fully paid £ £
20 Ordinary Shares of £ 1 each 20 20
13. 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.  Contributions totalling £1,329 (2022: £2,326) were payable to the fund at the balance sheet date and are included in creditors.
14. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Gary Montgomery 164,663 64,694 54,533 - 174,824
The above loan is unsecured, interest free and repayable on demand.
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