Acorah Software Products - Accounts Production 16.2.800 false true 31 March 2023 1 April 2022 false 24 March 2025 1 April 2023 31 March 2024 31 March 2024 05583744 Mr R P Browne Mr M Hesse iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05583744 2023-03-31 05583744 2024-03-31 05583744 2023-04-01 2024-03-31 05583744 frs-core:CurrentFinancialInstruments 2024-03-31 05583744 frs-core:Non-currentFinancialInstruments 2024-03-31 05583744 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 05583744 frs-core:FurnitureFittings 2023-04-01 2024-03-31 05583744 frs-core:OtherResidualIntangibleAssets 2024-03-31 05583744 frs-core:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 05583744 frs-core:OtherResidualIntangibleAssets 2023-03-31 05583744 frs-core:PlantMachinery 2024-03-31 05583744 frs-core:PlantMachinery 2023-04-01 2024-03-31 05583744 frs-core:PlantMachinery 2023-03-31 05583744 frs-core:CapitalRedemptionReserve 2024-03-31 05583744 frs-core:ShareCapital 2024-03-31 05583744 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 05583744 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05583744 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 05583744 frs-bus:SmallEntities 2023-04-01 2024-03-31 05583744 frs-bus:Audited 2023-04-01 2024-03-31 05583744 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05583744 frs-bus:Director1 2023-04-01 2024-03-31 05583744 frs-bus:Director2 2023-04-01 2024-03-31 05583744 frs-countries:EnglandWales 2023-04-01 2024-03-31 05583744 2022-03-31 05583744 2023-03-31 05583744 2022-04-01 2023-03-31 05583744 frs-core:CurrentFinancialInstruments 2023-03-31 05583744 frs-core:Non-currentFinancialInstruments 2023-03-31 05583744 frs-core:CapitalRedemptionReserve 2023-03-31 05583744 frs-core:ShareCapital 2023-03-31 05583744 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 05583744
Provincial Seals Limited
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—4
Page 1
Balance Sheet
Registered number: 05583744
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 23,375 41,147
Tangible Assets 5 9,532 14,041
32,907 55,188
CURRENT ASSETS
Stocks 6 291,065 195,113
Debtors 7 619,480 490,467
Cash at bank and in hand 16,902 43,632
927,447 729,212
Creditors: Amounts Falling Due Within One Year 8 (639,218 ) (547,669 )
NET CURRENT ASSETS (LIABILITIES) 288,229 181,543
TOTAL ASSETS LESS CURRENT LIABILITIES 321,136 236,731
Creditors: Amounts Falling Due After More Than One Year 9 (12,448 ) (35,236 )
NET ASSETS 308,688 201,495
CAPITAL AND RESERVES
Called up share capital 10 10,000 10,001
Capital redemption reserve 1 -
Profit and Loss Account 298,687 191,494
SHAREHOLDERS' FUNDS 308,688 201,495
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 R P Browne
Director
24/03/2025
The notes on pages 2 to 4 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Provincial Seals Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05583744 . The registered office is Unit 2 Ninth Avenue, Team Valley Trading Estate, Gateshead, NE11 0EH.
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 - Other Intangible
Other intangible assets are amortised their 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 33% straight line
Fixtures & Fittings 10% 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. 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.
...CONTINUED
Page 2
Page 3
2.6. Taxation - continued
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: 10 (2023: 6)
10 6
4. Intangible Assets
Other
£
Cost
As at 1 April 2023 65,460
Disposals (18,710 )
As at 31 March 2024 46,750
Amortisation
As at 1 April 2023 24,313
Provided during the period 4,675
Disposals (5,613 )
As at 31 March 2024 23,375
Net Book Value
As at 31 March 2024 23,375
As at 1 April 2023 41,147
5. Tangible Assets
Plant & Machinery
£
Cost
As at 1 April 2023 38,477
As at 31 March 2024 38,477
Depreciation
As at 1 April 2023 24,436
Provided during the period 4,509
As at 31 March 2024 28,945
Net Book Value
As at 31 March 2024 9,532
As at 1 April 2023 14,041
6. Stocks
2024 2023
£ £
Stock 291,065 195,113
Page 3
Page 4
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 528,309 434,238
Other debtors 91,171 56,229
619,480 490,467
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 469,360 246,928
Bank loans and overdrafts 10,000 -
Other creditors 62,482 256,415
Taxation and social security 97,376 44,326
639,218 547,669
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 12,448 35,236
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10,000 10,001
11. Related Party Transactions
During the year, management charges and expenses totalling £122,153 (2023 - £148,381) were charged to the company by Thrift Financial Limited, a in which Mr D B Campbell is a director. At 31 March 2024 the company owed Thrift Financial Limited £12,582 (2023 - £14,460).
12. Audit Information
The auditor's report on the accounts of Provincial Seals Limited for the year ended 31 March 2024 was unqualified.
The auditor's report was signed by T W Duffy (Senior Statutory Auditor) for and on behalf of Glen C Rodger Limited , Statutory Auditor.
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