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Registered number: 07384140
Well Hung Rigging Ltd
Unaudited Financial Statements
For The Year Ended 30 September 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07384140
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 7,369 7,369
Tangible Assets 5 19,858 32,825
27,227 40,194
CURRENT ASSETS
Debtors 6 4,068 17,835
Cash at bank and in hand 14,041 5,451
18,109 23,286
Creditors: Amounts Falling Due Within One Year 7 (55,330 ) (51,356 )
NET CURRENT ASSETS (LIABILITIES) (37,221 ) (28,070 )
TOTAL ASSETS LESS CURRENT LIABILITIES (9,994 ) 12,124
Creditors: Amounts Falling Due After More Than One Year 8 (15,835 ) (19,170 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,773 ) (6,364 )
NET LIABILITIES (29,602 ) (13,410 )
CAPITAL AND RESERVES
Called up share capital 9 10 10
Profit and Loss Account (29,612 ) (13,420 )
SHAREHOLDERS' FUNDS (29,602) (13,410)
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For the year ending 30 September 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 C J Rattray
Director
17 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
Well Hung Rigging Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07384140 . The registered office is CHP Accountants Limited Clifton House, 6 Four Elms Road, Cardiff, CF24 1LE.
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.
Going Concern
The company had an excess of liabilities over assets at the period end, but the director considers that the company remains a going concern because of the continued support provided by an associated company which means that it continues to pay it's liabilities when they fall due.
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.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 20% Straight Line
2.5. Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. 
All of the financial instruments applying to the company are basic as defied in the Accounting Standard, and as such are initially recognised at the transaction price.  Debt instruments are subsequently measured at amortised cost.
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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: 1 (2023: 1)
1 1
4. Intangible Assets
Other
£
Cost
As at 1 October 2023 7,369
As at 30 September 2024 7,369
Net Book Value
As at 30 September 2024 7,369
As at 1 October 2023 7,369
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5. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 October 2023 67,275 14,878 82,153
Disposals (28,646 ) - (28,646 )
As at 30 September 2024 38,629 14,878 53,507
Depreciation
As at 1 October 2023 34,948 14,380 49,328
Provided during the period 6,489 105 6,594
Disposals (22,273 ) - (22,273 )
As at 30 September 2024 19,164 14,485 33,649
Net Book Value
As at 30 September 2024 19,465 393 19,858
As at 1 October 2023 32,327 498 32,825
6. Debtors
2024 2023
£ £
Due within one year
Taxation and Social Security 4,068 5,509
Director's loan account - 12,326
4,068 17,835
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 3,332 3,330
Other taxes and social security 16,839 12,910
Other creditors 30,316 30,316
Accruals and deferred income 4,800 4,800
Director's loan account 43 -
55,330 51,356
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 15,835 19,170
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9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
10 Ordinary Shares of £ 1.00 each 10 10
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 October 2023 Amounts advanced Amounts repaid Amounts written off As at 30 September 2024
£ £ £ £ £
Mr Craig Rattray 12,326 488 (12,657 ) - 157
The above loan is unsecured, interest free and repayable on demand.
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