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Registered number: 05168576
Mclean Groundworks Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
Spicer & Co UK Limited
Chartered Accountants
Staple House
5 Eleanors Cross
Dunstable
Bedfordshire
LU6 1SU
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05168576
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 90,284 460,936
90,284 460,936
CURRENT ASSETS
Debtors 5 119,215 108,042
Cash at bank and in hand 864,833 619,920
984,048 727,962
Creditors: Amounts Falling Due Within One Year 6 (103,304 ) (218,309 )
NET CURRENT ASSETS (LIABILITIES) 880,744 509,653
TOTAL ASSETS LESS CURRENT LIABILITIES 971,028 970,589
PROVISIONS FOR LIABILITIES
Deferred Taxation 7 (11,173 ) -
NET ASSETS 959,855 970,589
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account 959,853 970,587
SHAREHOLDERS' FUNDS 959,855 970,589
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For the year ending 31 July 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 Paul McLean
Director
20/02/2025
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
Mclean Groundworks Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05168576 . The registered office is 131 Jeans Way, Dunstable , Bedfordshire, LU5 4PR.
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 existance 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. 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% reducing balance
Motor Vehicles 25% reducing balance
Computer Equipment 15% reducing balance
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6. Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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.
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2.8. Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
2.9. Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Tangible Assets
Investment Properties Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost or Valuation
As at 1 August 2023 409,927 177,032 83,947 29,855 700,761
Additions - - 80,574 391 80,965
Disposals (409,927 ) - (48,999 ) - (458,926 )
As at 31 July 2024 - 177,032 115,522 30,246 322,800
Depreciation
As at 1 August 2023 - 149,858 63,288 26,679 239,825
Provided during the period - 6,793 9,040 530 16,363
Disposals - - (23,672 ) - (23,672 )
As at 31 July 2024 - 156,651 48,656 27,209 232,516
Net Book Value
As at 31 July 2024 - 20,381 66,866 3,037 90,284
As at 1 August 2023 409,927 27,174 20,659 3,176 460,936
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 95,895 84,126
Other debtors 23,320 23,916
119,215 108,042
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 52,643 53,406
Other creditors 4,212 112,890
Taxation and social security 46,449 52,013
103,304 218,309
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7. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 11,173 -
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
9. Reserves
Profit and Loss Account
The Profit and Loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholder. This is a distributable reserve.
10. Related Party Transactions
As at balance sheet date, amounts due to directors of £341 (2023: £36,802).
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