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 08266776 Mr Alex Leslie Smith Mr Ian George Smith iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08266776 2023-09-30 08266776 2024-09-30 08266776 2023-10-01 2024-09-30 08266776 frs-core:CurrentFinancialInstruments 2024-09-30 08266776 frs-core:FurnitureFittings 2024-09-30 08266776 frs-core:FurnitureFittings 2023-10-01 2024-09-30 08266776 frs-core:FurnitureFittings 2023-09-30 08266776 frs-core:MotorVehicles 2024-09-30 08266776 frs-core:MotorVehicles 2023-10-01 2024-09-30 08266776 frs-core:MotorVehicles 2023-09-30 08266776 frs-core:PlantMachinery 2024-09-30 08266776 frs-core:PlantMachinery 2023-10-01 2024-09-30 08266776 frs-core:PlantMachinery 2023-09-30 08266776 frs-core:ShareCapital 2024-09-30 08266776 frs-core:RetainedEarningsAccumulatedLosses 2024-09-30 08266776 frs-bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 08266776 frs-bus:FilletedAccounts 2023-10-01 2024-09-30 08266776 frs-bus:SmallEntities 2023-10-01 2024-09-30 08266776 frs-bus:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 08266776 frs-bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 08266776 frs-bus:Director1 2023-10-01 2024-09-30 08266776 frs-bus:Director2 2023-10-01 2024-09-30 08266776 frs-countries:EnglandWales 2023-10-01 2024-09-30 08266776 2022-09-30 08266776 2023-09-30 08266776 2022-10-01 2023-09-30 08266776 frs-core:CurrentFinancialInstruments 2023-09-30 08266776 frs-core:ShareCapital 2023-09-30 08266776 frs-core:RetainedEarningsAccumulatedLosses 2023-09-30
Registered number: 08266776
I.G. SMITH & SONS LTD
Financial Statements
For The Year Ended 30 September 2024
MSA Accountancy & Business Advisors
Business Box- Unit 49
3 Oswin Road
Leicester
Leicestershire
LE3 1HR
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—4
Page 1
Balance Sheet
Registered number: 08266776
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 79,398 85,114
79,398 85,114
CURRENT ASSETS
Stocks 5 7,385 6,450
Debtors 6 82,740 64,264
Cash at bank and in hand 805,103 802,084
895,228 872,798
Creditors: Amounts Falling Due Within One Year 7 (347,862 ) (340,632 )
NET CURRENT ASSETS (LIABILITIES) 547,366 532,166
TOTAL ASSETS LESS CURRENT LIABILITIES 626,764 617,280
NET ASSETS 626,764 617,280
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account 626,762 617,278
SHAREHOLDERS' FUNDS 626,764 617,280
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.
The financial statements were approved by the board of directors on 3 June 2025 and were signed on its behalf by:
Mr Alex Leslie Smith
Director
03/06/2025
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
I.G. SMITH & SONS LTD is a private company, limited by shares, incorporated in England & Wales, registered number 08266776 . The registered office is 37 Peveril Road, Ashby Magna, Lutterworth, Leicestershire, LE17 5NQ.
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. 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% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 20% reducing balance
2.4. 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.
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
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Page 2
Page 3
2.7. 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: 16 (2023: 14)
16 14
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 October 2023 135,212 31,750 2,400 169,362
Additions 11,149 - 1,787 12,936
As at 30 September 2024 146,361 31,750 4,187 182,298
Depreciation
As at 1 October 2023 76,111 6,332 1,805 84,248
Provided during the period 11,820 6,355 477 18,652
As at 30 September 2024 87,931 12,687 2,282 102,900
Net Book Value
As at 30 September 2024 58,430 19,063 1,905 79,398
As at 1 October 2023 59,101 25,418 595 85,114
5. Stocks
2024 2023
£ £
Materials 7,385 6,450
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 68,287 60,319
Prepayments and accrued income 14,453 3,945
82,740 64,264
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 241,034 201,504
Bank loans and overdrafts 97 -
Corporation tax 22,248 62,116
Other taxes and social security 45,373 47,932
Other creditors 36,270 28,492
Accruals and deferred income 2,840 588
347,862 340,632
Page 3
Page 4
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Page 4