Acorah Software Products - Accounts Production 16.1.300 false true 30 June 2023 1 July 2022 false 1 July 2023 30 June 2024 30 June 2024 08620828 Mr Carl Wayland Mr Andrew Mead iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08620828 frs-core:Non-currentFinancialInstruments frs-core:MoreThanFiveYears 2024-06-30 08620828 2023-06-30 08620828 2024-06-30 08620828 2023-07-01 2024-06-30 08620828 frs-core:CurrentFinancialInstruments 2024-06-30 08620828 frs-core:Non-currentFinancialInstruments 2024-06-30 08620828 frs-core:ComputerEquipment 2024-06-30 08620828 frs-core:ComputerEquipment 2023-07-01 2024-06-30 08620828 frs-core:ComputerEquipment 2023-06-30 08620828 frs-core:FurnitureFittings 2024-06-30 08620828 frs-core:FurnitureFittings 2023-07-01 2024-06-30 08620828 frs-core:FurnitureFittings 2023-06-30 08620828 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-06-30 08620828 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 08620828 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-06-30 08620828 frs-core:MotorVehicles 2023-07-01 2024-06-30 08620828 frs-core:PlantMachinery 2024-06-30 08620828 frs-core:PlantMachinery 2023-07-01 2024-06-30 08620828 frs-core:PlantMachinery 2023-06-30 08620828 frs-core:ShareCapital 2024-06-30 08620828 frs-core:RetainedEarningsAccumulatedLosses 2024-06-30 08620828 frs-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 08620828 frs-bus:FilletedAccounts 2023-07-01 2024-06-30 08620828 frs-bus:SmallEntities 2023-07-01 2024-06-30 08620828 frs-bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 08620828 frs-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 08620828 frs-core:UnlistedNon-exchangeTraded 2024-06-30 08620828 frs-core:UnlistedNon-exchangeTraded 2023-06-30 08620828 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-06-30 08620828 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2024-06-30 08620828 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-06-30 08620828 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2024-06-30 08620828 frs-bus:Director1 2023-07-01 2024-06-30 08620828 frs-bus:Director2 2023-07-01 2024-06-30 08620828 frs-countries:EnglandWales 2023-07-01 2024-06-30 08620828 frs-core:Non-currentFinancialInstruments frs-core:MoreThanFiveYears 2023-06-30 08620828 2022-06-30 08620828 2023-06-30 08620828 2022-07-01 2023-06-30 08620828 frs-core:CurrentFinancialInstruments 2023-06-30 08620828 frs-core:Non-currentFinancialInstruments 2023-06-30 08620828 frs-core:ShareCapital 2023-06-30 08620828 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30
Registered number: 08620828
Wemec Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2024
Association of Chartered Certified Accountants (ACCA)
Key Accountants
Office 5, The Forest Rock Offices
Leicester Road, Whitwick
Leicestershire
LE67 5GQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08620828
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,021,219 1,011,072
Investments 5 100 100
1,021,319 1,011,172
CURRENT ASSETS
Debtors 6 138,225 173,615
Cash at bank and in hand 79,671 97,110
217,896 270,725
Creditors: Amounts Falling Due Within One Year 7 (134,780 ) (102,322 )
NET CURRENT ASSETS (LIABILITIES) 83,116 168,403
TOTAL ASSETS LESS CURRENT LIABILITIES 1,104,435 1,179,575
Creditors: Amounts Falling Due After More Than One Year 8 (307,178 ) (343,400 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (4,799 ) -
NET ASSETS 792,458 836,175
CAPITAL AND RESERVES
Called up share capital 10 4 4
Profit and Loss Account 792,454 836,171
SHAREHOLDERS' FUNDS 792,458 836,175
Page 1
Page 2
For the year ending 30 June 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 Carl Wayland
Director
28th 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
Wemec Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08620828 . The registered office is Unit 1 Ivel Road, Shefford, SG17 5JU.
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:
Freehold not depreciated
Plant & Machinery 15% straight line
Motor Vehicles 25% reducing balance
Fixtures & Fittings 20% reducing balance
Computer Equipment 25% reducing balance
2.4. 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 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.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 6)
7 6
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 July 2023 1,002,022 10,425 52,680 8,595 1,073,722
Additions - - 19,538 1,336 20,874
Disposals - (7,680 ) (52,680 ) (1,880 ) (62,240 )
As at 30 June 2024 1,002,022 2,745 19,538 8,051 1,032,356
Depreciation
As at 1 July 2023 - 3,785 52,562 6,303 62,650
Provided during the period - 411 4,884 888 6,183
Disposals - (3,330 ) (52,562 ) (1,804 ) (57,696 )
As at 30 June 2024 - 866 4,884 5,387 11,137
Net Book Value
As at 30 June 2024 1,002,022 1,879 14,654 2,664 1,021,219
As at 1 July 2023 1,002,022 6,640 118 2,292 1,011,072
5. Investments
Unlisted
£
Cost
As at 1 July 2023 100
As at 30 June 2024 100
Provision
As at 1 July 2023 -
As at 30 June 2024 -
Net Book Value
As at 30 June 2024 100
As at 1 July 2023 100
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 33,608 76,544
Prepayments and accrued income 7,546 -
Other debtors 97,071 97,071
138,225 173,615
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 38,908 -
Bank loans and overdrafts 37,200 37,200
Corporation tax 40,341 43,877
Other taxes and social security 392 167
VAT 9,481 13,820
Accruals and deferred income 1,200 -
Directors' loan accounts 7,258 7,258
134,780 102,322
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 307,178 343,400
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
£ £
Bank loans 158,378 195,578
9. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Bank loans and overdrafts 344,378 381,578
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 4 4
Page 5