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Registered number: 14391490
Merch (NWI) Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2024
Steve Pye & Co.
Chartered Certified Accountants
3 North Lynn Bus. Village
Bergen Way, North Lynn Industrial Estate
King's Lynn
Norfolk
PE30 2JG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 14391490
31 December 2024 31 December 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 27,000
Tangible Assets 5 27,288 166,356
27,288 193,356
CURRENT ASSETS
Stocks 6 107,334 231,000
Debtors 7 154,882 798,082
Cash at bank and in hand 3,714 78
265,930 1,029,160
Creditors: Amounts Falling Due Within One Year 8 (821,949 ) (657,254 )
NET CURRENT ASSETS (LIABILITIES) (556,019 ) 371,906
TOTAL ASSETS LESS CURRENT LIABILITIES (528,731 ) 565,262
Creditors: Amounts Falling Due After More Than One Year 9 (797,228 ) (654,294 )
NET LIABILITIES (1,325,959 ) (89,032 )
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account (1,326,059 ) (89,132 )
SHAREHOLDERS' FUNDS (1,325,959) (89,032)
Page 1
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For the year ending 31 December 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 Matthew Hulett
Director
25 April 2025
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Merch (NWI) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 14391490 . The registered office is Unit 1 Reeves Corner, Great Plumstead, Norwich, NR13 5BY.  The presentation currency of the financial statements is the Pound Sterling (£).
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.  The director has assessed the position, and secured the ongoing support of key creditors as well as refinancing elements of old debt.  It is therefore the opinion of the director that the business will continue to trade as a going concern.  
2.3. Significant judgements and estimations
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources.  The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant.  Actual results may differ from these estimates.  The estimates and underlying assumptions are reviewed on an ongoing basis.  Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of revision and future periods if the revision affects both current and future periods.  The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets.
2.4. 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. 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.
2.5. 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.
2.6. 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% straight line
Motor Vehicles 20% straight line
Computer Equipment 20% straight line
2.7. 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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2.8. 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.
2.9. Financial Instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.
a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.
b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.10. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2023: 26)
12 26
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4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2024 30,000
Disposals (30,000 )
As at 31 December 2024 -
Amortisation
As at 1 January 2024 3,000
Disposals (3,000 )
As at 31 December 2024 -
Net Book Value
As at 31 December 2024 -
As at 1 January 2024 27,000
5. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2024 152,222 52,050 417 204,689
Additions - 40,000 - 40,000
Disposals (152,222 ) (50,000 ) - (202,222 )
As at 31 December 2024 - 42,050 417 42,467
Depreciation
As at 1 January 2024 30,397 7,922 14 38,333
Provided during the period 2,537 13,576 83 16,196
Disposals (32,934 ) (6,416 ) - (39,350 )
As at 31 December 2024 - 15,082 97 15,179
Net Book Value
As at 31 December 2024 - 26,968 320 27,288
As at 1 January 2024 121,825 44,128 403 166,356
6. Stocks
31 December 2024 31 December 2023
£ £
Stock 92,334 201,000
Work in progress 15,000 30,000
107,334 231,000
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7. Debtors
31 December 2024 31 December 2023
£ £
Due within one year
Trade debtors 103,505 674,603
Amounts owed by participating interests 30,505 73,355
Other debtors 20,872 50,124
154,882 798,082
8. Creditors: Amounts Falling Due Within One Year
31 December 2024 31 December 2023
£ £
Net obligations under finance lease and hire purchase contracts 9,571 59,921
Trade creditors 320,471 316,600
Other creditors 187,349 59,156
Taxation and social security 304,558 221,577
821,949 657,254
9. Creditors: Amounts Falling Due After More Than One Year
31 December 2024 31 December 2023
£ £
Net obligations under finance lease and hire purchase contracts 8,219 42,681
Other creditors 789,009 611,613
797,228 654,294
10. Obligations Under Finance Leases and Hire Purchase
31 December 2024 31 December 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 9,571 59,921
Later than one year and not later than five years 8,219 42,681
17,790 102,602
17,790 102,602
11. Share Capital
31 December 2024 31 December 2023
£ £
Allotted, Called up and fully paid 100 100
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12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2024 Amounts advanced Amounts repaid Amounts written off As at 31 December 2024
£ £ £ £ £
Mr Matthew Hulett 30,002 - 30,002 - -
The above loan is unsecured, chargeable at HMRC's approved official rate of interest and repayable on demand.
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