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 SC630828 Mrs E Logan Mr A Logan Mr R W Patrick iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC630828 2023-05-31 SC630828 2024-05-31 SC630828 2023-06-01 2024-05-31 SC630828 frs-core:CurrentFinancialInstruments 2024-05-31 SC630828 frs-core:ComputerEquipment 2024-05-31 SC630828 frs-core:ComputerEquipment 2023-06-01 2024-05-31 SC630828 frs-core:ComputerEquipment 2023-05-31 SC630828 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-01 2024-05-31 SC630828 frs-core:FurnitureFittings 2024-05-31 SC630828 frs-core:FurnitureFittings 2023-06-01 2024-05-31 SC630828 frs-core:FurnitureFittings 2023-05-31 SC630828 frs-core:MotorVehicles 2024-05-31 SC630828 frs-core:MotorVehicles 2023-06-01 2024-05-31 SC630828 frs-core:MotorVehicles 2023-05-31 SC630828 frs-core:OtherResidualIntangibleAssets 2024-05-31 SC630828 frs-core:OtherResidualIntangibleAssets 2023-06-01 2024-05-31 SC630828 frs-core:OtherResidualIntangibleAssets 2023-05-31 SC630828 frs-core:PlantMachinery 2024-05-31 SC630828 frs-core:PlantMachinery 2023-06-01 2024-05-31 SC630828 frs-core:PlantMachinery 2023-05-31 SC630828 frs-core:ShareCapital 2024-05-31 SC630828 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 SC630828 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC630828 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 SC630828 frs-bus:SmallEntities 2023-06-01 2024-05-31 SC630828 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 SC630828 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 SC630828 frs-bus:Director1 2023-06-01 2024-05-31 SC630828 frs-bus:Director2 2023-06-01 2024-05-31 SC630828 frs-bus:Director3 2023-06-01 2024-05-31 SC630828 frs-countries:Scotland 2023-06-01 2024-05-31 SC630828 2022-05-31 SC630828 2023-05-31 SC630828 2022-06-01 2023-05-31 SC630828 frs-core:CurrentFinancialInstruments 2023-05-31 SC630828 frs-core:ShareCapital 2023-05-31 SC630828 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Registered number: SC630828
Magflo Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
Sense Accounting Limited
36 Bruntsfield Place
Edinburgh
EH10 4HJ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: SC630828
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 12,499 14,999
Tangible Assets 5 24,613 34,049
37,112 49,048
CURRENT ASSETS
Stock 6 505,649 319,362
Debtors 7 123,202 15,700
Cash at bank and in hand 837,785 1,028,766
1,466,636 1,363,828
Creditors: Amounts Falling Due Within One Year 8 (114,164 ) (159,385 )
NET CURRENT ASSETS (LIABILITIES) 1,352,472 1,204,443
TOTAL ASSETS LESS CURRENT LIABILITIES 1,389,584 1,253,491
NET ASSETS 1,389,584 1,253,491
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 1,389,583 1,253,490
SHAREHOLDERS' FUNDS 1,389,584 1,253,491
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 A Logan
Director
27 February 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
Magflo Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC630828 . The registered office is 11 Cairnsden Gardens, St Andrews, KY16 8SQ.
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 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. 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. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are Goodwill and intangibles. It is amortised to profit and loss account over its estimated economic life of 10 years.
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% straight line
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% straight line
Computer Equipment 33.33% straight line
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. 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.
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2.7. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2023: 9)
9 9
4. Intangible Assets
Goodwill
£
Cost
As at 1 June 2023 24,998
As at 31 May 2024 24,998
Amortisation
As at 1 June 2023 9,999
Provided during the period 2,500
As at 31 May 2024 12,499
Net Book Value
As at 31 May 2024 12,499
As at 1 June 2023 14,999
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 June 2023 2,500 29,719 6,615 6,930 45,764
Additions - - - 1,723 1,723
As at 31 May 2024 2,500 29,719 6,615 8,653 47,487
Depreciation
As at 1 June 2023 1,500 3,096 4,380 2,739 11,715
Provided during the period 375 6,656 1,610 2,518 11,159
As at 31 May 2024 1,875 9,752 5,990 5,257 22,874
Net Book Value
As at 31 May 2024 625 19,967 625 3,396 24,613
As at 1 June 2023 1,000 26,623 2,235 4,191 34,049
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6. Stock
2024 2023
£ £
Stock 505,649 319,362
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 77,930 8,953
Prepayments and accrued income 1,641 6,747
Other debtors 43,631 -
123,202 15,700
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 11,061 8,790
Corporation tax 65,719 63,233
Other taxes and social security 1,278 8,551
VAT 16,816 27,475
Other creditors 9,384 43,254
Accruals and deferred income 850 850
Directors' loan accounts 9,056 7,232
114,164 159,385
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
10. Related Party Transactions
As at 31 May 2024, the company owed the director, Mrs Emma Logan £9,056 (2023: £7,232).
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