Acorah Software Products - Accounts Production 16.2.850 false true true 31 August 2023 1 September 2022 false 1 September 2023 31 August 2024 31 August 2024 SC456135 Mr Shlomo Simmons Mrs Catherine Simmons iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC456135 2023-08-31 SC456135 2024-08-31 SC456135 2023-09-01 2024-08-31 SC456135 frs-core:CurrentFinancialInstruments 2024-08-31 SC456135 frs-core:Non-currentFinancialInstruments 2024-08-31 SC456135 frs-core:ComputerEquipment 2024-08-31 SC456135 frs-core:ComputerEquipment 2023-09-01 2024-08-31 SC456135 frs-core:ComputerEquipment 2023-08-31 SC456135 frs-core:FurnitureFittings 2024-08-31 SC456135 frs-core:FurnitureFittings 2023-09-01 2024-08-31 SC456135 frs-core:FurnitureFittings 2023-08-31 SC456135 frs-core:MotorVehicles 2024-08-31 SC456135 frs-core:MotorVehicles 2023-09-01 2024-08-31 SC456135 frs-core:MotorVehicles 2023-08-31 SC456135 frs-core:PlantMachinery 2024-08-31 SC456135 frs-core:PlantMachinery 2023-09-01 2024-08-31 SC456135 frs-core:PlantMachinery 2023-08-31 SC456135 frs-core:ShareCapital 2024-08-31 SC456135 frs-core:RetainedEarningsAccumulatedLosses 2024-08-31 SC456135 frs-bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 SC456135 frs-bus:FilletedAccounts 2023-09-01 2024-08-31 SC456135 frs-bus:SmallEntities 2023-09-01 2024-08-31 SC456135 frs-bus:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 SC456135 frs-bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 SC456135 frs-bus:Director1 2023-09-01 2024-08-31 SC456135 frs-bus:Director2 2023-09-01 2024-08-31 SC456135 frs-countries:Scotland 2023-09-01 2024-08-31 SC456135 2022-08-31 SC456135 2023-08-31 SC456135 2022-09-01 2023-08-31 SC456135 frs-core:CurrentFinancialInstruments 2023-08-31 SC456135 frs-core:Non-currentFinancialInstruments 2023-08-31 SC456135 frs-core:ShareCapital 2023-08-31 SC456135 frs-core:RetainedEarningsAccumulatedLosses 2023-08-31
Registered number: SC456135
Independent Mercedes & BMW Specialists Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2024
Sutherland Black
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: SC456135
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 - 6,744
- 6,744
CURRENT ASSETS
Stocks 5 - 675
Debtors 6 11,091 30,792
Cash at bank and in hand 10,937 81,072
22,028 112,539
Creditors: Amounts Falling Due Within One Year 7 (44,373 ) (90,000 )
NET CURRENT ASSETS (LIABILITIES) (22,345 ) 22,539
TOTAL ASSETS LESS CURRENT LIABILITIES (22,345 ) 29,283
Creditors: Amounts Falling Due After More Than One Year 8 (11,667 ) (21,669 )
NET (LIABILITIES)/ASSETS (34,012 ) 7,614
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account (34,112 ) 7,514
SHAREHOLDERS' FUNDS (34,012) 7,614
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For the year ending 31 August 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
Mrs Catherine Simmons
Director
27/03/2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Independent Mercedes & BMW Specialists Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC456135 . The registered office is 5d Grange Road, Houston Industrial Estate, Livingston, West Lothian, EH54 5DE.
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. Going Concern Disclosure
The financial statements have been prepared on a going concern basis.
On 29th July 2024, a fire occurred at the company’s premises, resulting in significant damage to its assets and disruption to its operations. As a result, the company temporarily ceased trading. The directors have undertaken a detailed assessment of the company’s financial position, forecasts, and future plans.
Following the incident, the directors are actively pursuing recovery options, including potential relocation, and restructuring of operations. Based on current projections and the availability of financial support, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
Accordingly, the financial statements have been prepared on a going concern basis.
2.3. 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.
2.4. 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 20% RBM
Motor Vehicles 20% RBM
Fixtures & Fittings 15% RBM
Computer Equipment 33% RBM
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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 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: 7 (2023: 5)
7 5
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 September 2023 30,791 22,423 - 54 53,268
Additions 7,495 - 3,271 - 10,766
Disposals (38,286 ) (22,423 ) (3,271 ) (54 ) (64,034 )
As at 31 August 2024 - - - - -
...CONTINUED
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Depreciation
As at 1 September 2023 27,046 19,424 - 54 46,524
Provided during the period 1,311 549 327 - 2,187
Disposals (28,357 ) (19,973 ) (327 ) (54 ) (48,711 )
As at 31 August 2024 - - - - -
Net Book Value
As at 31 August 2024 - - - - -
As at 1 September 2023 3,745 2,999 - - 6,744
As disclosed in the post balance sheet events note, a fire occurred on 29th July 2024, resulting in significant damage to certain tangible fixed assets. Following a review, the carrying amounts of the affected assets have been written down to nil value based on expected disposal proceeds. An impairment loss of £15,323 has been recognised in the profit and loss account.
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
- - - - -
5. Stocks
2024 2023
£ £
Stock - 675
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 26,350
Prepayments and accrued income 4,623 4,442
Corporation tax recoverable assets 6,468 -
11,091 30,792
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 12,200 30,906
Corporation tax - 6,468
VAT 7,980 10,041
Bounce Back Loan 10,000 10,000
Accruals and deferred income 3,476 3,476
Directors' loan accounts 10,717 29,109
44,373 90,000
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bounce Back Loan. 11,667 21,669
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Post Balance Sheet Events
On 29th July 2024, a fire occurred at the company’s premises, resulting in significant damage to its assets and operations. As a consequence, the company ceased trading with immediate effect.
The company submitted an insurance claim to recover the losses arising from the incident. However, the claim has subsequently been declined by the insurer. No asset has therefore been recognised in relation to this claim.
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