Acorah Software Products - Accounts Production 16.3.350 false true 31 March 2024 1 April 2023 false 1 April 2024 31 March 2025 31 March 2025 SC419437 Mr Iain Wallace Iain Wallace true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC419437 2024-03-31 SC419437 2025-03-31 SC419437 2024-04-01 2025-03-31 SC419437 frs-core:CurrentFinancialInstruments 2025-03-31 SC419437 frs-core:Non-currentFinancialInstruments 2025-03-31 SC419437 frs-core:ComputerEquipment 2025-03-31 SC419437 frs-core:ComputerEquipment 2024-04-01 2025-03-31 SC419437 frs-core:ComputerEquipment 2024-03-31 SC419437 frs-core:MotorVehicles 2025-03-31 SC419437 frs-core:MotorVehicles 2024-04-01 2025-03-31 SC419437 frs-core:MotorVehicles 2024-03-31 SC419437 frs-core:PlantMachinery 2025-03-31 SC419437 frs-core:PlantMachinery 2024-04-01 2025-03-31 SC419437 frs-core:PlantMachinery 2024-03-31 SC419437 frs-core:WithinOneYear 2025-03-31 SC419437 frs-core:ShareCapital 2025-03-31 SC419437 frs-core:RetainedEarningsAccumulatedLosses 2025-03-31 SC419437 frs-bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 SC419437 frs-bus:FilletedAccounts 2024-04-01 2025-03-31 SC419437 frs-bus:SmallEntities 2024-04-01 2025-03-31 SC419437 frs-bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 SC419437 frs-bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 SC419437 1 2024-04-01 2025-03-31 SC419437 frs-bus:Director1 2024-04-01 2025-03-31 SC419437 frs-bus:Director1 2024-03-31 SC419437 frs-bus:Director1 2025-03-31 SC419437 frs-countries:Scotland 2024-04-01 2025-03-31 SC419437 2023-03-31 SC419437 2024-03-31 SC419437 2023-04-01 2024-03-31 SC419437 frs-core:CurrentFinancialInstruments 2024-03-31 SC419437 frs-core:Non-currentFinancialInstruments 2024-03-31 SC419437 frs-core:BetweenOneFiveYears 2024-03-31 SC419437 frs-core:WithinOneYear 2024-03-31 SC419437 frs-core:ShareCapital 2024-03-31 SC419437 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31
Registered number: SC419437
Wallace Gas Services Ltd
Financial Statements
For The Year Ended 31 March 2025
Gillespie's Fife
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Accountants' Report
Chartered Accountants' report to the director on the preparation of the unaudited statutory accounts of Wallace Gas Services Ltd for the year ended 31 March 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Wallace Gas Services Ltd for the year ended 31 March 2025 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the director of Wallace Gas Services Ltd , as a body, in accordance with the terms of our engagement letter dated 27 February 2015. Our work has been undertaken solely to prepare for your approval the accounts of Wallace Gas Services Ltd and state those matters that we have agreed to state to the director of Wallace Gas Services Ltd , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wallace Gas Services Ltd and its director, as a body, for our work or for this report.
It is your duty to ensure that Wallace Gas Services Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Wallace Gas Services Ltd . You consider that Wallace Gas Services Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Wallace Gas Services Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
3rd June 2025
Gillespie's Fife
Accountants
Fric Ajax Way
Methil
Leven
KY8 3RS
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Balance Sheet
Registered number: SC419437
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 13,805 16,489
13,805 16,489
CURRENT ASSETS
Stocks 5 1,000 1,000
Debtors 6 1,738 741
Cash at bank and in hand 6,769 6,083
9,507 7,824
Creditors: Amounts Falling Due Within One Year 7 (23,445 ) (21,714 )
NET CURRENT ASSETS (LIABILITIES) (13,938 ) (13,890 )
TOTAL ASSETS LESS CURRENT LIABILITIES (133 ) 2,599
Creditors: Amounts Falling Due After More Than One Year 8 - (1,862 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (325 ) (331 )
NET (LIABILITIES)/ASSETS (458 ) 406
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account (558 ) 306
SHAREHOLDERS' FUNDS (458) 406
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For the year ending 31 March 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 Iain Wallace
Director
3rd June 2025
The notes on pages 4 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Wallace Gas Services Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC419437 . The registered office is 96 Perth Road, Cowdenbeath, Fife, KY4 9HB.
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 15% Reducing Balance
Motor Vehicles 20% Reducing Balance
Computer Equipment 15% 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.
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2.6. Taxation
Corporation 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 year 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 asset reflects 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: 2 (2024: 2)
2 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2024 2,785 49,861 4,060 56,706
Additions - - 607 607
As at 31 March 2025 2,785 49,861 4,667 57,313
Depreciation
As at 1 April 2024 2,278 35,316 2,623 40,217
Provided during the period 76 2,909 306 3,291
As at 31 March 2025 2,354 38,225 2,929 43,508
Net Book Value
As at 31 March 2025 431 11,636 1,738 13,805
As at 1 April 2024 507 14,545 1,437 16,489
5. Stocks
2025 2024
£ £
Stock 1,000 1,000
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6. Debtors
2025 2024
£ £
Due within one year
Trade debtors 525 243
Prepayments and accrued income 336 219
Other debtors 279 279
VAT 598 -
1,738 741
7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 1,862 3,723
Trade creditors 6,020 1,125
Corporation tax - 579
VAT - 632
Other creditors 482 -
Accruals and deferred income 950 970
Director's loan account 14,131 14,685
23,445 21,714
8. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts - 1,862
9. Obligations Under Finance Leases and Hire Purchase
2025 2024
£ £
The future minimum finance lease payments are as follows:
Not later than one year 1,862 3,723
Later than one year and not later than five years - 1,862
1,862 5,585
1,862 5,585
10. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 100 100
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11. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans to the company from the director:
As at 1 April 2024 Amounts advanced Amounts repaid Amounts written off As at 31 March 2025
£ £ £ £ £
Mr Iain Wallace 14,685 9,412 9,966 - 14,131
The above loan is unsecured, interest free and repayable on demand.
12. Dividends
2025 2024
£ £
On equity shares:
Final dividend paid - 1,000
13. Ultimate Controlling Party
The company's ultimate controlling party is Iain Wallace by virtue of his ownership of 100% of the issued share capital in the company.
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