Acorah Software Products - Accounts Production 16.1.300 false true true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 SC505324 Mrs Tracey McGarvie true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC505324 2023-05-31 SC505324 2024-05-31 SC505324 2023-06-01 2024-05-31 SC505324 frs-core:CurrentFinancialInstruments 2024-05-31 SC505324 frs-core:Non-currentFinancialInstruments 2024-05-31 SC505324 frs-core:BetweenOneFiveYears 2024-05-31 SC505324 frs-core:ComputerEquipment 2024-05-31 SC505324 frs-core:ComputerEquipment 2023-06-01 2024-05-31 SC505324 frs-core:ComputerEquipment 2023-05-31 SC505324 frs-core:MotorVehicles 2024-05-31 SC505324 frs-core:MotorVehicles 2023-06-01 2024-05-31 SC505324 frs-core:MotorVehicles 2023-05-31 SC505324 frs-core:WithinOneYear 2024-05-31 SC505324 frs-core:ShareCapital 2024-05-31 SC505324 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 SC505324 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC505324 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 SC505324 frs-bus:SmallEntities 2023-06-01 2024-05-31 SC505324 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 SC505324 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 SC505324 1 2023-06-01 2024-05-31 SC505324 frs-core:DeferredTaxation 2023-06-01 2024-05-31 SC505324 frs-core:DeferredTaxation 2023-05-31 SC505324 frs-core:DeferredTaxation 2024-05-31 SC505324 frs-bus:Director1 2023-06-01 2024-05-31 SC505324 frs-countries:Scotland 2023-06-01 2024-05-31 SC505324 2022-05-31 SC505324 2023-05-31 SC505324 2022-06-01 2023-05-31 SC505324 frs-core:CurrentFinancialInstruments 2023-05-31 SC505324 frs-core:Non-currentFinancialInstruments 2023-05-31 SC505324 frs-core:BetweenOneFiveYears 2023-05-31 SC505324 frs-core:MotorVehicles 2022-06-01 2023-05-31 SC505324 frs-core:WithinOneYear 2023-05-31 SC505324 frs-core:ShareCapital 2023-05-31 SC505324 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Registered number: SC505324
Tractom Distribution Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Calculus Accountants (Scotland) Ltd
10 Avonhead Road
Condorrat
Glasgow
G67 4RA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: SC505324
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 16,874 22,462
16,874 22,462
CURRENT ASSETS
Debtors 5 15,836 27,037
Cash at bank and in hand 1,965 4,241
17,801 31,278
Creditors: Amounts Falling Due Within One Year 6 (40,131 ) (36,997 )
NET CURRENT ASSETS (LIABILITIES) (22,330 ) (5,719 )
TOTAL ASSETS LESS CURRENT LIABILITIES (5,456 ) 16,743
Creditors: Amounts Falling Due After More Than One Year 7 (14,398 ) (19,947 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (4,218 ) (4,268 )
NET LIABILITIES (24,072 ) (7,472 )
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account (24,172 ) (7,572 )
SHAREHOLDERS' FUNDS (24,072) (7,472)
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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
Mrs Tracey McGarvie
Director
19/02/2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Tractom Distribution Limited Registered number SC505324 is a limited by shares company incorporated in Scotland. The Registered Office is 10 Constarry Road, Croy, Kilsyth, Glasgow, G65 9HF.
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 Financial Reporting Standard for Smaller Entities (effective January 2015).
2.2. Going Concern Disclosure
Notwithstanding the net liabilities position, the directors had not identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern with their continued financial support, however following the death of the director Thomas McGarvie on 3rd January 2025 the company effectively ceased trading on that date and therefore the going concern basis is no longer applicable.
2.3. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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:
Motor Vehicles 25% - reducing balance basis
Computer Equipment 20% - reducing balance basis
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.
2.7. Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
2.8. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
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4. Tangible Assets
Motor Vehicles Computer Equipment Total
£ £ £
Cost
As at 1 June 2023 40,760 1,312 42,072
As at 31 May 2024 40,760 1,312 42,072
Depreciation
As at 1 June 2023 18,845 765 19,610
Provided during the period 5,479 109 5,588
As at 31 May 2024 24,324 874 25,198
Net Book Value
As at 31 May 2024 16,436 438 16,874
As at 1 June 2023 21,915 547 22,462
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Motor Vehicles 16,436 21,915
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 6,204 9,552
Directors' loan accounts 9,632 17,485
15,836 27,037
The directors loan account is unsecured, interest free and is to be repaid post year end.
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 5,212 7,045
Trade creditors 17,978 17,257
Bank loans and overdrafts 3,400 3,400
PAYE and NI 1,661 1,149
VAT 10,991 7,261
Accrued charges 889 885
40,131 36,997
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7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 6,802 12,014
Bank loans 7,596 7,933
14,398 19,947
The bank loan was obtained in May 2020 in terms of the Bounce Back Loan Scheme following the Covid19 pandemic and is accordance with the terms thereof. The loan was re-financed in early 2023 and a capital repayment holiday taken, following which repayments re-commenced, but then further extended during the year.
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 5,212 7,045
Later than one year and not later than five years 6,802 12,014
12,014 19,059
12,014 19,059
9. Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances.
2024 2023
£ £
Other timing differences 4,218 4,268
10. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 June 2023 4,268 4,268
Utilised (50 ) (50)
Balance at 31 May 2024 4,218 4,218
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
12. Dividends
13. Ultimate Controlling Party
The company has no ultimate controlling party by virtue of the split of ownership of the issued share capital in the company.
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