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Registered number: 03539521
Associated Pipework (SE) Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Ripe LLP
Chartered Accountants
9A Burroughs Gardens
London
NW4 4AU
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—8
Page 1
Company Information
Directors Mr W A Laver
Mr M Swan
Secretary Mr M Swan
Company Number 03539521
Registered Office Unit 35 Swan Centre
Rosemary Road
St Martins Way
London
SW17 0AR
Accountants Ripe LLP
Chartered Accountants
9A Burroughs Gardens
London
NW4 4AU
Page 1
Page 2
Balance Sheet
Registered number: 03539521
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 39,439 65,118
39,439 65,118
CURRENT ASSETS
Debtors 5 242,164 315,348
Cash at bank and in hand 112,634 191,021
354,798 506,369
Creditors: Amounts Falling Due Within One Year 6 (464,355 ) (542,180 )
NET CURRENT ASSETS (LIABILITIES) (109,557 ) (35,811 )
TOTAL ASSETS LESS CURRENT LIABILITIES (70,118 ) 29,307
Creditors: Amounts Falling Due After More Than One Year 7 - (10,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (9,860 ) (16,280 )
NET (LIABILITIES)/ASSETS (79,978 ) 3,027
CAPITAL AND RESERVES
Called up share capital 10 6,800 6,800
Profit and Loss Account (86,778 ) (3,773 )
SHAREHOLDERS' FUNDS (79,978) 3,027
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Page 3
For the year ending 31 December 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 W A Laver
Director
Mr M Swan
Director
03/09/2025
The notes on pages 4 to 8 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Associated Pipework (SE) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03539521 . The registered office is Unit 35 Swan Centre, Rosemary Road, St Martins Way, London, SW17 0AR.
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. Going Concern Disclosure
The financial statements have been prepared on a going concern basis on the understanding that creditors will continue to support the company for the foreseeable future.
2.3. Significant judgements and estimations
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
2.4. 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.
2.5. 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 25% on reducing balance
Motor Vehicles 25% on straight line
Fixtures & Fittings 25% on reducing balance
Computer Equipment 25% on reducing balance
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2.6. 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.
2.7. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.8. 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.
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2.9.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price.They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period,to defer settlement of the creditor for atleast twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2024 19,260 130,041 18,439 12,760 180,500
Additions - - - 749 749
As at 31 December 2024 19,260 130,041 18,439 13,509 181,249
Depreciation
As at 1 January 2024 18,948 68,213 16,666 11,555 115,382
Provided during the period 78 25,574 443 333 26,428
As at 31 December 2024 19,026 93,787 17,109 11,888 141,810
Net Book Value
As at 31 December 2024 234 36,254 1,330 1,621 39,439
As at 1 January 2024 312 61,828 1,773 1,205 65,118
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5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 108,275 242,442
Prepayments and accrued income 15,229 12,904
VAT 34,831 36,803
Directors' loan accounts 83,829 23,199
242,164 315,348
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 10,000 10,768
Trade creditors 71,355 61,036
Corporation tax 57,609 66,952
Other taxes and social security 1,073 1,411
Other creditors 260,818 334,513
Accruals and deferred income 63,500 67,500
464,355 542,180
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 10,000
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 10,000 10,768
Later than one year and not later than five years - 10,000
10,000 20,768
10,000 20,768
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9. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 9,860 16,280
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 6,800 6,800
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2024 Amounts advanced Amounts repaid Amounts written off As at 31 December 2024
£ £ £ £ £
Mr Wayne Laver 19,764 24,341 - - 44,105
Mr Mark Swan 3,435 36,290 - - 39,725
12. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 200,000 194,000
13. Related Party Disclosures
Administration expenses include rent of £20,000 (2023: £20,000) charged by Associated Pipework (SE) Pension Fund, in respect of which the directors are beneficiaries.
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