Acorah Software Products - Accounts Production 16.5.460 false true 30 November 2023 1 December 2022 false 1 December 2023 30 November 2024 30 November 2024 SC520243 Mr Craig McMillan iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC520243 2023-11-30 SC520243 2024-11-30 SC520243 2023-12-01 2024-11-30 SC520243 frs-core:CurrentFinancialInstruments 2024-11-30 SC520243 frs-core:Non-currentFinancialInstruments 2024-11-30 SC520243 frs-core:BetweenOneFiveYears 2024-11-30 SC520243 frs-core:FurnitureFittings 2024-11-30 SC520243 frs-core:FurnitureFittings 2023-12-01 2024-11-30 SC520243 frs-core:FurnitureFittings 2023-11-30 SC520243 frs-core:MotorVehicles 2024-11-30 SC520243 frs-core:MotorVehicles 2023-12-01 2024-11-30 SC520243 frs-core:MotorVehicles 2023-11-30 SC520243 frs-core:WithinOneYear 2024-11-30 SC520243 frs-core:ShareCapital 2024-11-30 SC520243 frs-core:RetainedEarningsAccumulatedLosses 2024-11-30 SC520243 frs-bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 SC520243 frs-bus:FilletedAccounts 2023-12-01 2024-11-30 SC520243 frs-bus:SmallEntities 2023-12-01 2024-11-30 SC520243 frs-bus:AuditExempt-NoAccountantsReport 2023-12-01 2024-11-30 SC520243 frs-bus:SmallCompaniesRegimeForAccounts 2023-12-01 2024-11-30 SC520243 frs-bus:Director1 2023-12-01 2024-11-30 SC520243 frs-bus:Director1 2023-11-30 SC520243 frs-bus:Director1 2024-11-30 SC520243 frs-countries:Scotland 2023-12-01 2024-11-30 SC520243 2022-11-30 SC520243 2023-11-30 SC520243 2022-12-01 2023-11-30 SC520243 frs-core:CurrentFinancialInstruments 2023-11-30 SC520243 frs-core:Non-currentFinancialInstruments 2023-11-30 SC520243 frs-core:BetweenOneFiveYears 2023-11-30 SC520243 frs-core:WithinOneYear 2023-11-30 SC520243 frs-core:ShareCapital 2023-11-30 SC520243 frs-core:RetainedEarningsAccumulatedLosses 2023-11-30
Registered number: SC520243
EIT Group Ltd
Financial Statements
For The Year Ended 30 November 2024
Henderson Kildavaig
109/14 Swanston Road
Edinburgh
EH10 7DS
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: SC520243
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 59,843 38,204
59,843 38,204
CURRENT ASSETS
Stocks 5 15,000 25,000
Debtors 6 48,001 24,325
Cash at bank and in hand 48,124 40,926
111,125 90,251
Creditors: Amounts Falling Due Within One Year 7 (119,546 ) (111,977 )
NET CURRENT ASSETS (LIABILITIES) (8,421 ) (21,726 )
TOTAL ASSETS LESS CURRENT LIABILITIES 51,422 16,478
Creditors: Amounts Falling Due After More Than One Year 8 (36,557 ) (16,256 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (11,370 ) -
NET ASSETS 3,495 222
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account 3,494 221
SHAREHOLDERS' FUNDS 3,495 222
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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 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 Craig McMillan
Director
28 August 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
EIT Group Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC520243 . The registered office is 4 Coldingham Place, Dunfermline, Fife , Scotland, KY12 7XL.
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:
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 years 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 assets reflect 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are 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: 12 (2023: 10)
12 10
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 December 2023 35,808 31,774 67,582
Additions 40,305 1,282 41,587
As at 30 November 2024 76,113 33,056 109,169
Depreciation
As at 1 December 2023 20,101 9,277 29,378
Provided during the period 14,003 5,945 19,948
As at 30 November 2024 34,104 15,222 49,326
Net Book Value
As at 30 November 2024 42,009 17,834 59,843
As at 1 December 2023 15,707 22,497 38,204
5. Stocks
2024 2023
£ £
Work in progress 15,000 25,000
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 48,001 14,437
Other debtors - 9,888
48,001 24,325
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 9,793 4,960
Trade creditors 50,130 61,342
Bank loans and overdrafts 4,500 4,500
Other creditors 1,901 1,134
Taxation and social security 53,222 40,041
119,546 111,977
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 32,807 8,006
Bank loans 3,750 8,250
36,557 16,256
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 9,793 4,960
Later than one year and not later than five years 32,807 8,006
42,600 12,966
42,600 12,966
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 December 2023 Amounts advanced Amounts repaid Amounts written off As at 30 November 2024
£ £ £ £ £
Mr Craig McMillan 9,888 23,663 (35,000 ) - (1,449 )
The above loan is unsecured, interest free and repayable on demand.
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