Acorah Software Products - Accounts Production 16.5.460 false true true 31 December 2023 1 January 2023 false 1 January 2024 31 December 2024 31 December 2024 SC374952 Mr S M Tigar Mrs L Tigar iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC374952 2023-12-31 SC374952 2024-12-31 SC374952 2024-01-01 2024-12-31 SC374952 frs-core:CurrentFinancialInstruments 2024-12-31 SC374952 frs-core:Non-currentFinancialInstruments 2024-12-31 SC374952 frs-core:ComputerEquipment 2024-12-31 SC374952 frs-core:ComputerEquipment 2024-01-01 2024-12-31 SC374952 frs-core:ComputerEquipment 2023-12-31 SC374952 frs-core:FurnitureFittings 2024-12-31 SC374952 frs-core:FurnitureFittings 2024-01-01 2024-12-31 SC374952 frs-core:FurnitureFittings 2023-12-31 SC374952 frs-core:SharePremium 2024-12-31 SC374952 frs-core:ShareCapital 2024-12-31 SC374952 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 SC374952 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC374952 frs-bus:FilletedAccounts 2024-01-01 2024-12-31 SC374952 frs-bus:SmallEntities 2024-01-01 2024-12-31 SC374952 frs-bus:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 SC374952 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 SC374952 frs-bus:Director1 2024-01-01 2024-12-31 SC374952 frs-bus:Director2 2024-01-01 2024-12-31 SC374952 frs-countries:Scotland 2024-01-01 2024-12-31 SC374952 2022-12-31 SC374952 2023-12-31 SC374952 2023-01-01 2023-12-31 SC374952 frs-core:CurrentFinancialInstruments 2023-12-31 SC374952 frs-core:Non-currentFinancialInstruments 2023-12-31 SC374952 frs-core:SharePremium 2023-12-31 SC374952 frs-core:ShareCapital 2023-12-31 SC374952 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31
Registered number: SC374952
Love Electric Financial Services Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2024
Sense Accounting Limited
36 Bruntsfield Place
Edinburgh
EH10 4HJ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: SC374952
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 27,728 20,817
27,728 20,817
CURRENT ASSETS
Debtors 5 2,172,538 1,900,888
Cash at bank and in hand 363,309 1,556,944
2,535,847 3,457,832
Creditors: Amounts Falling Due Within One Year 6 (2,426,494 ) (3,211,851 )
NET CURRENT ASSETS (LIABILITIES) 109,353 245,981
TOTAL ASSETS LESS CURRENT LIABILITIES 137,081 266,798
Creditors: Amounts Falling Due After More Than One Year 7 (46,093 ) (23,975 )
PROVISIONS FOR LIABILITIES
Provisions For Charges (247,373 ) -
NET (LIABILITIES)/ASSETS (156,385 ) 242,823
CAPITAL AND RESERVES
Called up share capital 8 3 3
Share premium account 1,323,376 1,323,376
Profit and Loss Account (1,479,764 ) (1,080,556 )
SHAREHOLDERS' FUNDS (156,385) 242,823
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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 S M Tigar
Director
16 September 2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Love Electric Financial Services Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC374952 . The registered office is 5 South Charlotte Street, Edinburgh, Midlothian, EH2 4AN.
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 directors have carried out an assessment of the going concern position of the company, including consideration of the company's net liability position. The directors have concluded that they have a reasonable expectation that the company has adequate access to resources to continue as a going concern for a period of at least 12 months. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.
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 rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Turnover from the rendering of services is recognised by reference to the stage of completion of the client contract.  Accrued income is recognised within debtors where services have been rendered but not yet invoiced.  Revenue relating to future services is recorded as deferred income and recognised when the services are rendered.
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:
Fixtures & Fittings Straight line 25%
Computer Equipment Straight line 33.33%
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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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: 33 (2023: 20)
33 20
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2024 1,967 31,373 33,340
Additions 700 21,536 22,236
Disposals - (2,582 ) (2,582 )
As at 31 December 2024 2,667 50,327 52,994
Depreciation
As at 1 January 2024 450 12,073 12,523
Provided during the period 551 13,413 13,964
Disposals - (1,221 ) (1,221 )
As at 31 December 2024 1,001 24,265 25,266
Net Book Value
As at 31 December 2024 1,666 26,062 27,728
As at 1 January 2024 1,517 19,300 20,817
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5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 198,035 233,544
Prepayments and accrued income 1,808,064 1,637,103
Other debtors 166,391 30,241
Directors' loan accounts 48 -
2,172,538 1,900,888
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 380,479 155,637
Bank loans and overdrafts 7,510 6,241
Other taxes and social security 45,427 28,677
VAT 107,910 155,297
Other creditors 32,612 27,901
Accruals and deferred income 1,852,556 2,838,098
2,426,494 3,211,851
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 46,093 23,975
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 3 3
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