Acorah Software Products - Accounts Production 16.1.300 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 05014596 Mr Alexander Okoli Mrs Esther Okoli Mrs Uchechukwu Ekechukwu Mrs Uchechukwu Ekechukwu iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05014596 2023-03-31 05014596 2024-03-31 05014596 2023-04-01 2024-03-31 05014596 frs-core:CurrentFinancialInstruments 2024-03-31 05014596 frs-core:Non-currentFinancialInstruments 2024-03-31 05014596 frs-core:BetweenOneFiveYears 2024-03-31 05014596 frs-core:ComputerEquipment 2024-03-31 05014596 frs-core:ComputerEquipment 2023-04-01 2024-03-31 05014596 frs-core:ComputerEquipment 2023-03-31 05014596 frs-core:FurnitureFittings 2024-03-31 05014596 frs-core:FurnitureFittings 2023-04-01 2024-03-31 05014596 frs-core:FurnitureFittings 2023-03-31 05014596 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-03-31 05014596 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 05014596 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-03-31 05014596 frs-core:MotorVehicles 2024-03-31 05014596 frs-core:MotorVehicles 2023-04-01 2024-03-31 05014596 frs-core:MotorVehicles 2023-03-31 05014596 frs-core:PlantMachinery 2024-03-31 05014596 frs-core:PlantMachinery 2023-04-01 2024-03-31 05014596 frs-core:PlantMachinery 2023-03-31 05014596 frs-core:ShareCapital 2024-03-31 05014596 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 05014596 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05014596 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 05014596 frs-bus:SmallEntities 2023-04-01 2024-03-31 05014596 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 05014596 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05014596 frs-bus:Director1 2023-04-01 2024-03-31 05014596 frs-bus:Director1 2023-03-31 05014596 frs-bus:Director1 2024-03-31 05014596 frs-bus:Director2 2023-04-01 2024-03-31 05014596 frs-bus:Director3 2023-04-01 2024-03-31 05014596 frs-bus:CompanySecretary1 2023-04-01 2024-03-31 05014596 frs-core:Non-currentFinancialInstruments 1 2024-03-31 05014596 frs-core:CurrentFinancialInstruments 2 2024-03-31 05014596 frs-countries:EnglandWales 2023-04-01 2024-03-31 05014596 2022-03-31 05014596 2023-03-31 05014596 2022-04-01 2023-03-31 05014596 frs-core:CurrentFinancialInstruments 2023-03-31 05014596 frs-core:Non-currentFinancialInstruments 2023-03-31 05014596 frs-core:BetweenOneFiveYears 2023-03-31 05014596 frs-core:ShareCapital 2023-03-31 05014596 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31 05014596 frs-core:Non-currentFinancialInstruments 1 2023-03-31 05014596 frs-core:CurrentFinancialInstruments 2 2023-03-31
Registered number: 05014596
Macphilips Foods Ltd.
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—7
Page 1
Statement of Financial Position
Registered number: 05014596
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 216,786 148,063
216,786 148,063
CURRENT ASSETS
Stocks 5 213,970 105,260
Debtors 6 637,836 383,465
Cash at bank and in hand 278,323 320,378
1,130,129 809,103
Creditors: Amounts Falling Due Within One Year 7 (472,216 ) (235,869 )
NET CURRENT ASSETS (LIABILITIES) 657,913 573,234
TOTAL ASSETS LESS CURRENT LIABILITIES 874,699 721,297
Creditors: Amounts Falling Due After More Than One Year 8 (154,199 ) (83,906 )
NET ASSETS 720,500 637,391
CAPITAL AND RESERVES
Called up share capital 10 2,000 2,000
Income Statement 718,500 635,391
SHAREHOLDERS' FUNDS 720,500 637,391
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For the year ending 31 March 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 Income Statement.
On behalf of the board
Mr Alexander Okoli
Director
11 March 2025
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Macphilips Foods Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 05014596 . The registered office is Lakeside Ironworks, 105 Wantz Road, Dagenham, London, RM10 8PS.
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. 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:
Leasehold 10% straight line
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under 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 income statement 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 income statement as incurred.
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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.
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: 5 (2023: 5)
5 5
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 April 2023 122,936 298,847 121,585 77,029
Additions - 52,833 84,313 -
As at 31 March 2024 122,936 351,680 205,898 77,029
...CONTINUED
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Depreciation
As at 1 April 2023 122,935 243,971 41,374 69,091
Provided during the period - 26,562 41,131 1,985
As at 31 March 2024 122,935 270,533 82,505 71,076
Net Book Value
As at 31 March 2024 1 81,147 123,393 5,953
As at 1 April 2023 1 54,876 80,211 7,938
Computer Equipment Total
£ £
Cost
As at 1 April 2023 18,362 638,759
Additions 3,353 140,499
As at 31 March 2024 21,715 779,258
Depreciation
As at 1 April 2023 13,325 490,696
Provided during the period 2,098 71,776
As at 31 March 2024 15,423 562,472
Net Book Value
As at 31 March 2024 6,292 216,786
As at 1 April 2023 5,037 148,063
5. Stocks
2024 2023
£ £
Stock 213,970 105,260
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 415,033 367,697
Other debtors 17,938 -
VAT 11,370 15,768
Directors' loan accounts 193,495 -
637,836 383,465
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 432,806 156,463
Corporation tax 26,196 71,737
Other taxes and social security 8,615 4,232
Other creditors 3,676 2,609
Pension payable 756 534
Accruals and deferred income 167 -
Directors' loan accounts - 294
472,216 235,869
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 130,921 50,606
Other creditors-Loan 23,278 33,300
154,199 83,906
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Later than one year and not later than five years 161,656 61,037
Less: Finance charges allocated to future periods 30,735 10,431
130,921 50,606
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2,000 2,000
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Alexander Okoli (294 ) 193,789 - - 193,495
The above loan hae been provided at the official rate of interest of 2.5% and repayable on demand
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12. Related Party Transactions
During the year, total dividend of £15,000 were paid to directors.
Company's principal place of busines and trading place Unit2, Romeo Business Centre RM15 4YD is owned by one of the Director Mr A Okoli. Company has paid rent of £24,000 p/a to the director which is accounted as an expense in the profit & loss account. 
The director together with his spouse controlled the company by virtue of controlling interest of 100% of issued ordinary share capital for the year ended 31 March 2024. 
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