Acorah Software Products - Accounts Production 16.1.300 false true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 3374710 Mr Mark Taylor Mr Simon Deary Mr Lee Chalmers Mr Tony World Mr Tony World iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 3374710 2023-05-31 3374710 2024-05-31 3374710 2023-06-01 2024-05-31 3374710 frs-core:CurrentFinancialInstruments 2024-05-31 3374710 frs-core:Non-currentFinancialInstruments 2024-05-31 3374710 frs-core:BetweenOneFiveYears 2024-05-31 3374710 frs-core:ComputerEquipment 2024-05-31 3374710 frs-core:ComputerEquipment 2023-06-01 2024-05-31 3374710 frs-core:ComputerEquipment 2023-05-31 3374710 frs-core:FurnitureFittings 2024-05-31 3374710 frs-core:FurnitureFittings 2023-06-01 2024-05-31 3374710 frs-core:FurnitureFittings 2023-05-31 3374710 frs-core:MotorVehicles 2024-05-31 3374710 frs-core:MotorVehicles 2023-06-01 2024-05-31 3374710 frs-core:MotorVehicles 2023-05-31 3374710 frs-core:PlantMachinery 2024-05-31 3374710 frs-core:PlantMachinery 2023-06-01 2024-05-31 3374710 frs-core:PlantMachinery 2023-05-31 3374710 frs-core:WithinOneYear 2024-05-31 3374710 frs-core:SharePremium 2024-05-31 3374710 frs-core:ShareCapital 2024-05-31 3374710 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 3374710 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 3374710 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 3374710 frs-bus:SmallEntities 2023-06-01 2024-05-31 3374710 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 3374710 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 3374710 frs-bus:OrdinaryShareClass1 2023-06-01 2024-05-31 3374710 frs-bus:OrdinaryShareClass1 2024-05-31 3374710 frs-bus:Director1 2023-06-01 2024-05-31 3374710 frs-bus:Director2 2023-06-01 2024-05-31 3374710 frs-bus:Director3 2023-06-01 2024-05-31 3374710 frs-bus:Director4 2023-06-01 2024-05-31 3374710 frs-bus:CompanySecretary1 2023-06-01 2024-05-31 3374710 frs-countries:EnglandWales 2023-06-01 2024-05-31 3374710 2022-05-31 3374710 2023-05-31 3374710 2022-06-01 2023-05-31 3374710 frs-core:CurrentFinancialInstruments 2023-05-31 3374710 frs-core:Non-currentFinancialInstruments 2023-05-31 3374710 frs-core:BetweenOneFiveYears 2023-05-31 3374710 frs-core:WithinOneYear 2023-05-31 3374710 frs-core:SharePremium 2023-05-31 3374710 frs-core:ShareCapital 2023-05-31 3374710 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31 3374710 frs-bus:OrdinaryShareClass1 2022-06-01 2023-05-31
Registered number: 3374710
Specialized Fabrications Limited
Financial Statements
For The Year Ended 31 May 2024
Field View
Peach Grove
Palestine, Andover
Hants
SP11 7EP
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 3374710
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 299,503 226,495
299,503 226,495
CURRENT ASSETS
Stocks 5 10,000 10,000
Debtors 6 1,402,861 1,370,536
1,412,861 1,380,536
Creditors: Amounts Falling Due Within One Year 7 (509,810 ) (599,428 )
NET CURRENT ASSETS (LIABILITIES) 903,051 781,108
TOTAL ASSETS LESS CURRENT LIABILITIES 1,202,554 1,007,603
Creditors: Amounts Falling Due After More Than One Year 8 (454,167 ) (159,598 )
NET ASSETS 748,387 848,005
CAPITAL AND RESERVES
Called up share capital 10 500 500
Share premium account (199,500 ) (199,500 )
Profit and Loss Account 947,387 1,047,005
SHAREHOLDERS' FUNDS 748,387 848,005
Page 1
Page 2
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
Mr Tony World
Director
25/02/2025
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
Specialized Fabrications Limited Registered number 3374710 is a limited by shares company incorporated in England & Wales. The Registered Office is Unit 4B, Heritage Business Park, Gosport , Hants, PO12 4BG.
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. 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:
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 25% on reducing balance
2.4. 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.
2.5. 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. 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.
3. Average Number of Employees
Average number of employees during the year, including directors, during the year was as follows:
2024 2023
Office and administration 15 15
Sales, marketing and distribution 3 3
Manufacturing 31 31
49 49
Page 3
Page 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 June 2023 184,457 505,605 201,899 57,357 949,318
Additions 25,758 92,881 30,789 2,742 152,170
Disposals - (102,321 ) - - (102,321 )
As at 31 May 2024 210,215 496,165 232,688 60,099 999,167
Depreciation
As at 1 June 2023 136,002 355,893 183,823 47,105 722,823
Provided during the period 18,500 34,197 10,292 3,249 66,238
Disposals - (89,397 ) - - (89,397 )
As at 31 May 2024 154,502 300,693 194,115 50,354 699,664
Net Book Value
As at 31 May 2024 55,713 195,472 38,573 9,745 299,503
As at 1 June 2023 48,455 149,712 18,076 10,252 226,495
5. Stocks
2024 2023
£ £
Materials 10,000 10,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 657,877 843,606
Amounts recoverable on contracts 522,256 418,065
Prepayments and accrued income 205,603 74,015
Other debtors 385 2,765
VAT 16,740 32,085
1,402,861 1,370,536
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 48,749 29,756
Trade creditors 385,419 515,545
Bank loans and overdrafts 97,782 75,356
Other taxes and social security 30,368 20,699
Net wages 12,657 -
Other creditors (66,039 ) (42,845 )
Accruals and deferred income 874 917
509,810 599,428
Page 4
Page 5
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 86,350 4,061
Directors loan account 367,817 155,537
454,167 159,598
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 48,749 29,756
Later than one year and not later than five years 86,350 4,061
135,099 33,817
135,099 33,817
10. Share Capital
2024 2023
Allotted, called up and fully paid £ £
500 Ordinary Shares of £ 1.000 each 500 500
11. Directors Advances, Credits and Guarantees
Dividends paid to directors
Page 5