Acorah Software Products - Accounts Production 16.1.300 false true 30 September 2023 26 July 2022 false 1 October 2023 30 September 2024 30 September 2024 14256478 Mr Guy Roche Mrs Susan Roche iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 14256478 2023-09-30 14256478 2024-09-30 14256478 2023-10-01 2024-09-30 14256478 frs-core:CurrentFinancialInstruments 2024-09-30 14256478 frs-core:Non-currentFinancialInstruments 2024-09-30 14256478 frs-core:FurnitureFittings 2024-09-30 14256478 frs-core:FurnitureFittings 2023-10-01 2024-09-30 14256478 frs-core:FurnitureFittings 2023-09-30 14256478 frs-core:NetGoodwill 2024-09-30 14256478 frs-core:NetGoodwill 2023-10-01 2024-09-30 14256478 frs-core:NetGoodwill 2023-09-30 14256478 frs-core:ShareCapital 2024-09-30 14256478 frs-core:RetainedEarningsAccumulatedLosses 2024-09-30 14256478 frs-bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 14256478 frs-bus:FilletedAccounts 2023-10-01 2024-09-30 14256478 frs-bus:SmallEntities 2023-10-01 2024-09-30 14256478 frs-bus:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 14256478 frs-bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 14256478 frs-bus:Director1 2023-10-01 2024-09-30 14256478 frs-bus:Director2 2023-10-01 2024-09-30 14256478 frs-core:Non-currentFinancialInstruments 1 2024-09-30 14256478 frs-countries:EnglandWales 2023-10-01 2024-09-30 14256478 2022-07-25 14256478 2023-09-30 14256478 2022-07-26 2023-09-30 14256478 frs-core:CurrentFinancialInstruments 2023-09-30 14256478 frs-core:Non-currentFinancialInstruments 2023-09-30 14256478 frs-core:ShareCapital 2023-09-30 14256478 frs-core:RetainedEarningsAccumulatedLosses 2023-09-30 14256478 frs-core:Non-currentFinancialInstruments 1 2023-09-30
Registered number: 14256478
Smugglers (Milford On Sea) Ltd
Unaudited Financial Statements
For The Year Ended 30 September 2024
Beard and Co
6 Blackboy Road
Exeter
EX4 6SG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 14256478
30 September 2024 30 September 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 270,000 270,000
Tangible Assets 5 53,390 60,735
323,390 330,735
CURRENT ASSETS
Stocks 6 12,919 12,447
Debtors 7 34,635 36,872
Cash at bank and in hand 197,898 207,131
245,452 256,450
Creditors: Amounts Falling Due Within One Year 8 (223,779 ) (203,720 )
NET CURRENT ASSETS (LIABILITIES) 21,673 52,730
TOTAL ASSETS LESS CURRENT LIABILITIES 345,063 383,465
Creditors: Amounts Falling Due After More Than One Year 9 (112,191 ) (232,064 )
NET ASSETS 232,872 151,401
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 232,772 151,301
SHAREHOLDERS' FUNDS 232,872 151,401
Page 1
Page 2
For the year ending 30 September 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 Guy Roche
Director
21st February 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
Smugglers (Milford On Sea) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 14256478 . The registered office is 6 Blackboy Road, Exeter, EX4 6SG.
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 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.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets.The Directors did not feel it was reasonable to Amortise the Goodwill has the value in their opinion has not gone down due to the consistant net profits shown and the fact that there are a lot fewer Pubs/restaurants now trading in England.
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:
Fixtures & Fittings 15% Reducing balance
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
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.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 28 (2023: 27)
28 27
4. Intangible Assets
Goodwill
£
Cost
As at 1 October 2023 270,000
As at 30 September 2024 270,000
Net Book Value
As at 30 September 2024 270,000
As at 1 October 2023 270,000
5. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 October 2023 68,298
As at 30 September 2024 68,298
Depreciation
As at 1 October 2023 7,563
Provided during the period 7,345
As at 30 September 2024 14,908
Net Book Value
As at 30 September 2024 53,390
As at 1 October 2023 60,735
6. Stocks
30 September 2024 30 September 2023
£ £
Stock 12,919 12,447
Page 4
Page 5
7. Debtors
30 September 2024 30 September 2023
£ £
Due within one year
Prepayments and accrued income 3,114 5,351
Due after more than one year
Loan overpaid 4,000 4,000
Rent deposit 27,521 27,521
31,521 31,521
34,635 36,872
8. Creditors: Amounts Falling Due Within One Year
30 September 2024 30 September 2023
£ £
Trade creditors 5,360 14,347
Business Loan - current 89,988 84,990
Corporation tax 53,961 39,321
PAYE and pension creditor 5,692 5,919
VAT 68,778 59,143
223,779 203,720
9. Creditors: Amounts Falling Due After More Than One Year
30 September 2024 30 September 2023
£ £
Business Loan 55,038 150,024
Directors loan account 57,153 82,040
112,191 232,064
10. Share Capital
30 September 2024 30 September 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5