Acorah Software Products - Accounts Production 16.3.350 false true 31 August 2023 1 September 2022 false 1 September 2023 28 February 2025 28 February 2025 SC581247 Mr Mark Fielding iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC581247 2023-08-31 SC581247 2025-02-28 SC581247 2023-09-01 2025-02-28 SC581247 frs-core:CurrentFinancialInstruments 2025-02-28 SC581247 frs-core:Non-currentFinancialInstruments 2025-02-28 SC581247 frs-core:MotorVehicles 2025-02-28 SC581247 frs-core:MotorVehicles 2023-09-01 2025-02-28 SC581247 frs-core:MotorVehicles 2023-08-31 SC581247 frs-core:ShareCapital 2025-02-28 SC581247 frs-core:RetainedEarningsAccumulatedLosses 2025-02-28 SC581247 frs-bus:PrivateLimitedCompanyLtd 2023-09-01 2025-02-28 SC581247 frs-bus:FilletedAccounts 2023-09-01 2025-02-28 SC581247 frs-bus:SmallEntities 2023-09-01 2025-02-28 SC581247 frs-bus:AuditExempt-NoAccountantsReport 2023-09-01 2025-02-28 SC581247 frs-bus:SmallCompaniesRegimeForAccounts 2023-09-01 2025-02-28 SC581247 frs-bus:Director1 2023-09-01 2025-02-28 SC581247 frs-countries:Scotland 2023-09-01 2025-02-28 SC581247 2022-08-31 SC581247 2023-08-31 SC581247 2022-09-01 2023-08-31 SC581247 frs-core:CurrentFinancialInstruments 2023-08-31 SC581247 frs-core:Non-currentFinancialInstruments 2023-08-31 SC581247 frs-core:ShareCapital 2023-08-31 SC581247 frs-core:RetainedEarningsAccumulatedLosses 2023-08-31
Registered number: SC581247
M&C Fielding Developments Ltd
Unaudited Financial Statements
For the Period 1 September 2023 to 28 February 2025
NSB Chartered Certified Accountants
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Company Information
Director Mr Mark Fielding
Company Number SC581247
Registered Office 35 Burnside
Haddington
East Lothian
EH41 4ER
Accountants NSB Chartered Certified Accountants
39 Hunter Grove
Bathgate
West Lothian
EH48 1NN
Page 1
Page 2
Balance Sheet
Registered number: SC581247
28 February 2025 31 August 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 66,072 47,828
66,072 47,828
CURRENT ASSETS
Stocks 5 503,241 915,266
Debtors 6 62,397 9,016
Cash at bank and in hand 433 937
566,071 925,219
Creditors: Amounts Falling Due Within One Year 7 (102,740 ) (525,103 )
NET CURRENT ASSETS (LIABILITIES) 463,331 400,116
TOTAL ASSETS LESS CURRENT LIABILITIES 529,403 447,944
Creditors: Amounts Falling Due After More Than One Year 8 (28,977 ) (44,212 )
NET ASSETS 500,426 403,732
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 500,326 403,632
SHAREHOLDERS' FUNDS 500,426 403,732
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For the period ending 28 February 2025 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 Mark Fielding
Director
29 April 2025
The notes on pages 4 to 7 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
M&C Fielding Developments Ltd is a private Company, limited by shares, incorporated in Scotland: registration number SC581247 . The registered office address is 35 Burnside, Haddington, East Lothian, EH41 4ER.
The financial statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
2.2. Significant judgements and estimations
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be 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 in which the estimate is revised where the revision affect is only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2.3. Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
  • the Company has transferred the significant risks and rewards of ownership to the buyer;
  • the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
  • the amount of turnover can be measured reliably;
  • it is probable that the Company will receive the consideration due under the transaction; and
  • the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
  • the amount of turnover can be measured reliably;
  • it is probable that the Company will receive the consideration due under the contract;
  • the stage of completion of the contract at the end of the reporting period can be measured reliably; and
  • the costs incurred and the costs to complete the contract can be measured reliably.
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2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis:
Motor Vehicles 25% reducing balance
2.5. Leasing and Hire Purchase Contracts
Operating leases: the Company as lessee
Rentals paid under operating leases are charged to the profit and loss account on a straight-line basis over the lease term.
Hire purchase contracts and finance leases
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets and depreciated over the shorter of the lease term and their useful lives. 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.
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.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss account.
2.7. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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2.8. Taxation
Current taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred taxation
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
  • the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
  • any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
3. Average Number of Employees
The average number of employees, including directors, during the year was as follows: NIL (2023: NIL)
- -
4. Tangible Assets
Motor Vehicles
£
Cost
As at 1 September 2023 70,695
Additions 50,090
Disposals (27,695 )
As at 28 February 2025 93,090
Depreciation
As at 1 September 2023 22,867
Provided during the period 20,163
Disposals (16,012 )
As at 28 February 2025 27,018
Net Book Value
As at 28 February 2025 66,072
As at 1 September 2023 47,828
5. Stocks
28 February 2025 31 August 2023
£ £
Work in progress 503,241 915,266
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6. Debtors
28 February 2025 31 August 2023
£ £
Due within one year
Amounts owed by participating interests 58,190 9,016
Other debtors 4,207 -
62,397 9,016
7. Creditors: Amounts Falling Due Within One Year
28 February 2025 31 August 2023
£ £
Net obligations under finance lease and hire purchase contracts 25,406 24,827
Trade creditors 40,379 -
Bank loans and overdrafts 9,200 128,943
Other creditors 2,566 318,894
Taxation and social security 25,189 52,439
102,740 525,103
Obligations under finance lease and hire purchase contracts falling due within one year are secured over the assets to which they relate.
8. Creditors: Amounts Falling Due After More Than One Year
28 February 2025 31 August 2023
£ £
Net obligations under finance lease and hire purchase contracts 22,075 23,252
Bank loans 6,902 20,960
28,977 44,212
Obligations under finance lease and hire purchase contracts falling due after one year are secured over the assets to which they relate.
9. Share Capital
28 February 2025 31 August 2023
£ £
Allotted, Called up and fully paid 100 100
10. Related Party Transactions
Included within "amounts owed by participating interests" is an amount of £58,190 (2023 - £9,016) due from M.F. Property Developments Limited, a company in which the director, Mr Mark Fielding, is also a director and shareholder. This loan is interest free with no fixed terms of repayment.
Included within "other creditors" is an amount of £166 (2023 - £316,846) due to Mr Mark Fielding, a director and shareholder. This loan is interest free with no fixed terms of repayment.
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