Acorah Software Products - Accounts Production 16.3.350 false true 30 September 2023 1 October 2022 false 1 October 2023 30 September 2024 30 September 2024 02109635 Mr J A Barrett Mr P J Barrett iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 02109635 2023-09-30 02109635 2024-09-30 02109635 2023-10-01 2024-09-30 02109635 frs-core:CurrentFinancialInstruments 2024-09-30 02109635 frs-core:Non-currentFinancialInstruments 2024-09-30 02109635 frs-core:BetweenOneFiveYears 2024-09-30 02109635 frs-core:FurnitureFittings 2024-09-30 02109635 frs-core:FurnitureFittings 2023-10-01 2024-09-30 02109635 frs-core:FurnitureFittings 2023-09-30 02109635 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-09-30 02109635 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 02109635 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-09-30 02109635 frs-core:MotorVehicles 2024-09-30 02109635 frs-core:MotorVehicles 2023-10-01 2024-09-30 02109635 frs-core:MotorVehicles 2023-09-30 02109635 frs-core:PlantMachinery 2024-09-30 02109635 frs-core:PlantMachinery 2023-10-01 2024-09-30 02109635 frs-core:PlantMachinery 2023-09-30 02109635 frs-core:WithinOneYear 2024-09-30 02109635 frs-core:ShareCapital 2024-09-30 02109635 frs-core:RetainedEarningsAccumulatedLosses 2024-09-30 02109635 frs-bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 02109635 frs-bus:FilletedAccounts 2023-10-01 2024-09-30 02109635 frs-bus:SmallEntities 2023-10-01 2024-09-30 02109635 frs-bus:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 02109635 frs-bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 02109635 frs-bus:Director1 2023-10-01 2024-09-30 02109635 frs-bus:Director2 2023-10-01 2024-09-30 02109635 frs-countries:EnglandWales 2023-10-01 2024-09-30 02109635 2022-09-30 02109635 2023-09-30 02109635 2022-10-01 2023-09-30 02109635 frs-core:CurrentFinancialInstruments 2023-09-30 02109635 frs-core:Non-currentFinancialInstruments 2023-09-30 02109635 frs-core:BetweenOneFiveYears 2023-09-30 02109635 frs-core:WithinOneYear 2023-09-30 02109635 frs-core:ShareCapital 2023-09-30 02109635 frs-core:RetainedEarningsAccumulatedLosses 2023-09-30
Registered number: 02109635
Merseyside Shiprepairers Limited
Unaudited Financial Statements
For The Year Ended 30 September 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02109635
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 469,836 529,240
469,836 529,240
CURRENT ASSETS
Stocks 5 36,556 73,918
Debtors 6 262,471 507,053
Cash at bank and in hand 415,468 376,400
714,495 957,371
Creditors: Amounts Falling Due Within One Year 7 (155,864 ) (317,313 )
NET CURRENT ASSETS (LIABILITIES) 558,631 640,058
TOTAL ASSETS LESS CURRENT LIABILITIES 1,028,467 1,169,298
Creditors: Amounts Falling Due After More Than One Year 8 (30,145 ) (44,745 )
PROVISIONS FOR LIABILITIES
Deferred Taxation - (5,035 )
NET ASSETS 998,322 1,119,518
CAPITAL AND RESERVES
Called up share capital 10 6,100 6,100
Profit and Loss Account 992,222 1,113,418
SHAREHOLDERS' FUNDS 998,322 1,119,518
Page 1
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For the year ending 30 September 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 P J Barrett
Director
2 May 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
Merseyside Shiprepairers Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02109635 . The registered office is Syren Street, Brasenose Road, Liverpool, Merseyside, L20 8HP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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.
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 assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent 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 2% straight line
Plant and machinery 15% straight line
Motor vehicles 25% straight line
Fixtures and fittings 10% and 20% straight line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and 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.
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. Financial Instruments
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 entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
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2.7. Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 19 (2023: 21)
19 21
4. Tangible Assets
Land & Property
Freehold Plant and machinery Motor vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
As at 1 October 2023 595,690 365,793 202,455 65,236 1,229,174
Additions - 2,375 - 582 2,957
Disposals - (7,887 ) - - (7,887 )
As at 30 September 2024 595,690 360,281 202,455 65,818 1,224,244
Depreciation
As at 1 October 2023 182,946 290,660 175,455 50,873 699,934
Provided during the period 11,914 31,707 9,000 8,492 61,113
Disposals - (6,639 ) - - (6,639 )
As at 30 September 2024 194,860 315,728 184,455 59,365 754,408
Net Book Value
As at 30 September 2024 400,830 44,553 18,000 6,453 469,836
As at 1 October 2023 412,744 75,133 27,000 14,363 529,240
5. Stocks
2024 2023
£ £
Work in progress 36,556 73,918
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 229,382 462,424
Prepayments and accrued income 15,908 15,123
Other debtors 278 29,506
Deferred tax current asset 16,903 -
262,471 507,053
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 85,150 214,905
Bank loans and overdrafts 14,155 13,710
Other taxes and social security 11,748 21,550
VAT 32,494 52,724
Accruals and deferred income 10,808 12,549
Directors' loan accounts 1,509 1,875
155,864 317,313
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 30,145 44,745
9. Secured Creditors
Of the creditors the following amounts are secured against the property to which it relates.
2024 2023
£ £
Bank loans and overdrafts 44,300 58,455
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 6,100 6,100
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 579 429
Later than one year and not later than five years 1,736 -
2,315 429
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12. Related Party Transactions
The following related party transactions were undertaken during the year:
A director introduced amounts totalling £Nil and withdrew amounts totalling £366 (2023: introduced amounts totalling £Nil and withdrew amounts totalling £Nil). At the balance sheet date the amount payable was £800 (2023: £1,166).
A director introduced amounts totalling £Nil and withdrew amounts totalling £Nil (2023: introduced amounts totalling £Nil and withdrew amounts totalling £3,455). At the balance sheet date the amount payable was £709 (2023: £709).
Dividends were paid to the directors and shareholders in respect of their shareholdings totalling £Nil (2023: £Nil).
The aggregate remuneration paid to key management personnel for the year was £159,895 (2022: £189,731).
No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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