Acorah Software Products - Accounts Production 16.4.675 false true 30 November 2023 1 December 2022 false 1 December 2023 30 November 2024 30 November 2024 03367614 Andreas Michaelides Mr Damian Michaelides Andreas Michaelides iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 03367614 2023-11-30 03367614 2024-11-30 03367614 2023-12-01 2024-11-30 03367614 frs-core:CurrentFinancialInstruments 2024-11-30 03367614 frs-core:Non-currentFinancialInstruments 2024-11-30 03367614 frs-core:BetweenOneFiveYears 2024-11-30 03367614 frs-core:FurnitureFittings 2024-11-30 03367614 frs-core:FurnitureFittings 2023-12-01 2024-11-30 03367614 frs-core:FurnitureFittings 2023-11-30 03367614 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-11-30 03367614 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-12-01 2024-11-30 03367614 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-11-30 03367614 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-11-30 03367614 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 03367614 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-11-30 03367614 frs-core:MotorVehicles 2024-11-30 03367614 frs-core:MotorVehicles 2023-12-01 2024-11-30 03367614 frs-core:MotorVehicles 2023-11-30 03367614 frs-core:PlantMachinery 2024-11-30 03367614 frs-core:PlantMachinery 2023-12-01 2024-11-30 03367614 frs-core:PlantMachinery 2023-11-30 03367614 frs-core:WithinOneYear 2024-11-30 03367614 frs-core:RevaluationReserve 2023-11-30 03367614 frs-core:RevaluationReserve 2024-11-30 03367614 frs-core:ShareCapital 2024-11-30 03367614 frs-core:RetainedEarningsAccumulatedLosses 2024-11-30 03367614 frs-bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 03367614 frs-bus:FilletedAccounts 2023-12-01 2024-11-30 03367614 frs-bus:SmallEntities 2023-12-01 2024-11-30 03367614 frs-bus:AuditExempt-NoAccountantsReport 2023-12-01 2024-11-30 03367614 frs-bus:SmallCompaniesRegimeForAccounts 2023-12-01 2024-11-30 03367614 frs-bus:Director1 2023-12-01 2024-11-30 03367614 frs-bus:Director2 2023-12-01 2024-11-30 03367614 frs-bus:CompanySecretary1 2023-12-01 2024-11-30 03367614 frs-countries:EnglandWales 2023-12-01 2024-11-30 03367614 2022-11-30 03367614 2023-11-30 03367614 2022-12-01 2023-11-30 03367614 frs-core:CurrentFinancialInstruments 2023-11-30 03367614 frs-core:Non-currentFinancialInstruments 2023-11-30 03367614 frs-core:BetweenOneFiveYears 2023-11-30 03367614 frs-core:WithinOneYear 2023-11-30 03367614 frs-core:RevaluationReserve 2023-11-30 03367614 frs-core:ShareCapital 2023-11-30 03367614 frs-core:RetainedEarningsAccumulatedLosses 2023-11-30
Registered number: 03367614
Cyma Petroleum (UK) Limited
Unaudited Financial Statements
For The Year Ended 30 November 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 03367614
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,752,073 1,790,467
1,752,073 1,790,467
CURRENT ASSETS
Stocks 5 191,391 377,831
Debtors 6 1,621,004 2,086,060
Cash at bank and in hand 126,754 45,818
1,939,149 2,509,709
Creditors: Amounts Falling Due Within One Year 7 (1,289,749 ) (1,303,865 )
NET CURRENT ASSETS (LIABILITIES) 649,400 1,205,844
TOTAL ASSETS LESS CURRENT LIABILITIES 2,401,473 2,996,311
Creditors: Amounts Falling Due After More Than One Year 8 (130,694 ) (750,076 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (41,228 ) (47,022 )
NET ASSETS 2,229,551 2,199,213
CAPITAL AND RESERVES
Called up share capital 10 4 4
Revaluation reserve 11 537,736 537,736
Profit and Loss Account 1,691,811 1,661,473
SHAREHOLDERS' FUNDS 2,229,551 2,199,213
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For the year ending 30 November 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 Damian Michaelides
Director
29/08/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Cyma Petroleum (UK) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03367614 . The registered office is 242-248 High Street, Barnet, Hertfordshire, EN5 5TD.
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:
Freehold over 50 years
Leasehold over the lease term
Plant & Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 25% 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 the 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
Income 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: 6 (2023: 6)
6 6
4. Tangible Assets
Land & Property
Freehold Leasehold Plant & Machinery Motor Vehicles
£ £ £ £
Cost
As at 1 December 2023 159,957 1,371,035 439,104 505,873
Additions - - - -
Disposals - - - (82,870 )
As at 30 November 2024 159,957 1,371,035 439,104 423,003
Depreciation
As at 1 December 2023 - - 363,970 323,642
Provided during the period - - 18,885 19,602
Disposals - - - (82,870 )
As at 30 November 2024 - - 382,855 260,374
Net Book Value
As at 30 November 2024 159,957 1,371,035 56,249 162,629
As at 1 December 2023 159,957 1,371,035 75,134 182,231
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Page 5
Fixtures & Fittings Total
£ £
Cost
As at 1 December 2023 4,668 2,480,637
Additions 621 621
Disposals - (82,870 )
As at 30 November 2024 5,289 2,398,388
Depreciation
As at 1 December 2023 2,558 690,170
Provided during the period 528 39,015
Disposals - (82,870 )
As at 30 November 2024 3,086 646,315
Net Book Value
As at 30 November 2024 2,203 1,752,073
As at 1 December 2023 2,110 1,790,467
5. Stocks
2024 2023
£ £
Stock 160,000 285,000
Work in progress 31,391 92,831
191,391 377,831
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 481,799 361,635
Prepayments and accrued income 46,342 1,355
Corporation tax recoverable assets 31,751 31,751
Amounts owed by associates 1,061,112 1,691,319
1,621,004 2,086,060
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 51,009 51,009
Trade creditors 61,160 408,837
Bank loans and overdrafts 874,890 633,588
Corporation tax 24,896 16,835
Other taxes and social security 56,795 91,568
VAT 40,053 35,399
Directors' loan accounts 180,946 66,629
1,289,749 1,303,865
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 108,700 182,887
Bank loans - 545,195
Corporation tax 21,994 21,994
130,694 750,076
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 51,009 51,009
Later than one year and not later than five years 108,700 182,887
159,709 233,896
159,709 233,896
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 4 4
11. Reserves
Revaluation Reserve
£
As at 1 December 2023 537,736
As at 30 November 2024 537,736
12. Related Party Transactions
At the balance sheet date, the amount owed by associated companies was £1,061,112 (2023 - £1,691,319). These loans are interest free and repayable on demand.
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