Acorah Software Products - Accounts Production 16.1.300 false true 31 July 2023 1 August 2022 false 1 August 2023 31 July 2024 31 July 2024 NI632528 Mr Christopher Adam Hunniford iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure NI632528 2023-07-31 NI632528 2024-07-31 NI632528 2023-08-01 2024-07-31 NI632528 frs-core:CurrentFinancialInstruments 2024-07-31 NI632528 frs-core:Non-currentFinancialInstruments 2024-07-31 NI632528 frs-core:NetGoodwill 2024-07-31 NI632528 frs-core:NetGoodwill 2023-08-01 2024-07-31 NI632528 frs-core:NetGoodwill 2023-07-31 NI632528 frs-core:MotorVehicles 2024-07-31 NI632528 frs-core:MotorVehicles 2023-08-01 2024-07-31 NI632528 frs-core:MotorVehicles 2023-07-31 NI632528 frs-core:PlantMachinery 2024-07-31 NI632528 frs-core:PlantMachinery 2023-08-01 2024-07-31 NI632528 frs-core:PlantMachinery 2023-07-31 NI632528 frs-core:ShareCapital 2024-07-31 NI632528 frs-core:RetainedEarningsAccumulatedLosses 2024-07-31 NI632528 frs-bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 NI632528 frs-bus:FilletedAccounts 2023-08-01 2024-07-31 NI632528 frs-bus:SmallEntities 2023-08-01 2024-07-31 NI632528 frs-bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 NI632528 frs-bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 NI632528 frs-bus:Director1 2023-08-01 2024-07-31 NI632528 frs-core:CurrentFinancialInstruments 1 2024-07-31 NI632528 frs-countries:NorthernIreland 2023-08-01 2024-07-31 NI632528 2022-07-31 NI632528 2023-07-31 NI632528 2022-08-01 2023-07-31 NI632528 frs-core:CurrentFinancialInstruments 2023-07-31 NI632528 frs-core:Non-currentFinancialInstruments 2023-07-31 NI632528 frs-core:BetweenOneFiveYears 2023-07-31 NI632528 frs-core:WithinOneYear 2023-07-31 NI632528 frs-core:ShareCapital 2023-07-31 NI632528 frs-core:RetainedEarningsAccumulatedLosses 2023-07-31 NI632528 frs-core:CurrentFinancialInstruments 1 2023-07-31
Registered number: NI632528
PIP Chemicals Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: NI632528
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 4,000 4,000
Tangible Assets 5 271,715 201,815
275,715 205,815
CURRENT ASSETS
Stocks 6 286,729 250,476
Debtors 7 183,419 111,750
Cash at bank and in hand 123,715 41,657
593,863 403,883
Creditors: Amounts Falling Due Within One Year 8 (285,238 ) (214,082 )
NET CURRENT ASSETS (LIABILITIES) 308,625 189,801
TOTAL ASSETS LESS CURRENT LIABILITIES 584,340 395,616
Creditors: Amounts Falling Due After More Than One Year 9 (17,280 ) (17,170 )
NET ASSETS 567,060 378,446
CAPITAL AND RESERVES
Called up share capital 11 20 20
Profit and Loss Account 567,040 378,426
SHAREHOLDERS' FUNDS 567,060 378,446
Page 1
Page 2
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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Christopher Adam Hunniford
Director
28th November 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
PIP Chemicals Ltd is a private company, limited by shares, incorporated in Northern Ireland, registered number NI632528 . The registered office is Unit 9 Kiltonga Industrial Estate, Belfast Road, Newtownards, BT23 4TJ.
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. 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% reducing balance
Motor Vehicles 25% reducing balance
2.5. 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 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.
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2.6. 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.
2.7. 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 year 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 asset reflects 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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also 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 as follows: 2 6 (2023: 6)
6 6
4. Intangible Assets
Goodwill
£
Cost
As at 1 August 2023 100,000
As at 31 July 2024 100,000
Amortisation
As at 1 August 2023 96,000
As at 31 July 2024 96,000
Net Book Value
As at 31 July 2024 4,000
As at 1 August 2023 4,000
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5. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 August 2023 421,425 66,559 487,984
Additions 69,900 - 69,900
As at 31 July 2024 491,325 66,559 557,884
Depreciation
As at 1 August 2023 264,467 21,702 286,169
As at 31 July 2024 264,467 21,702 286,169
Net Book Value
As at 31 July 2024 226,858 44,857 271,715
As at 1 August 2023 156,958 44,857 201,815
6. Stocks
2024 2023
£ £
Stock 286,729 250,476
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 165,593 107,860
Prepayments and accrued income 3,885 3,885
Corporation tax recoverable assets 5 5
VAT 13,936 -
183,419 111,750
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 1,325
Trade creditors 120,434 74,893
Corporation tax 21,282 -
Other taxes and social security 4,523 -
VAT - 383
Other creditors - 5,297
Pension contributions (Current liabilities - creditors < 1 year) 537 259
...CONTINUED
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Accruals and deferred income 22,901 16,364
Director's loan account 115,561 115,561
285,238 214,082
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 17,170
Bank loans 17,280 -
17,280 17,170
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 1,325
Later than one year and not later than five years - 17,170
- 18,495
- 18,495
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 20 20
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