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Registered number: 01926053
Solent Glass And Glazing Limited
Unaudited Financial Statements
For The Year Ended 31 January 2025
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 01926053
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 336,958 433,308
336,958 433,308
CURRENT ASSETS
Stocks 5 194,237 171,570
Debtors 6 455,956 509,178
Cash at bank and in hand 906,903 645,434
1,557,096 1,326,182
Creditors: Amounts Falling Due Within One Year 7 (369,546 ) (347,100 )
NET CURRENT ASSETS (LIABILITIES) 1,187,550 979,082
TOTAL ASSETS LESS CURRENT LIABILITIES 1,524,508 1,412,390
Creditors: Amounts Falling Due After More Than One Year 8 (8,620 ) -
PROVISIONS FOR LIABILITIES
Provisions For Charges (79,035 ) (80,235 )
Deferred Taxation (65,334 ) (38,014 )
NET ASSETS 1,371,519 1,294,141
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 1,371,419 1,294,041
SHAREHOLDERS' FUNDS 1,371,519 1,294,141
Page 1
Page 2
For the year ending 31 January 2025 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
Mrs Nicola McLees
Director
4 September 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
Solent Glass And Glazing Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01926053 . The registered office is Unit 2 Hackett Way, Newgate Lane Industrial Estate, Fareham, Hampshire, PO14 1AJ.
The presentation currency of the financial statements is the Pound Sterling (£).
Accounts are rounded to the nearest pound.
The accounts represent the company as an individual entity.
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. Significant judgements and estimations
In preparing the financial statements in accordance with FRS 102, management is required to make judgements, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
2.3. 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.
2.4. 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% RB
Motor Vehicles 25% RB
Fixtures & Fittings 33% RB
2.5. 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.
2.6. 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.
Page 3
Page 4
2.7. 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 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: 24 (2024: 26)
24 26
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 February 2024 1,195,864 131,929 14,881 1,342,674
Additions 17,165 24,490 14,226 55,881
Disposals - (17,995 ) - (17,995 )
As at 31 January 2025 1,213,029 138,424 29,107 1,380,560
Depreciation
As at 1 February 2024 802,911 98,005 8,450 909,366
Provided during the period 123,984 6,075 6,426 136,485
Disposals - (2,249 ) - (2,249 )
As at 31 January 2025 926,895 101,831 14,876 1,043,602
Net Book Value
As at 31 January 2025 286,134 36,593 14,231 336,958
As at 1 February 2024 392,953 33,924 6,431 433,308
5. Stocks
2025 2024
£ £
Materials 150,320 145,030
Work in progress 43,917 26,540
194,237 171,570
Page 4
Page 5
6. Debtors
2025 2024
£ £
Due within one year
Trade debtors 316,327 378,702
Amounts recoverable on contracts 124,711 82,304
Other debtors 14,918 48,172
455,956 509,178
7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 4,497 -
Trade creditors 159,950 222,823
Other creditors 171,506 116,776
Taxation and social security 33,593 7,501
369,546 347,100
8. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 8,620 -
9. Secured Creditors
Of the creditors the following amounts are secured.
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 13,117 -
10. Obligations Under Finance Leases and Hire Purchase
2025 2024
£ £
The future minimum finance lease payments are as follows:
Not later than one year 4,497 -
Later than one year and not later than five years 8,620 -
13,117 -
13,117 -
11. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 100 100
Page 5
Page 6
12. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans from the Directors:
As at 1 February 2024 Amounts advanced Amounts repaid Amounts written off As at 31 January 2025
£ £ £ £ £
Mr John Yeo (636 ) 4,309 4,312 - (639 )
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